Falklands : Hydrocarbons Daily Record (05/12/06)
Submitted by Falkland Islands News Network (Juanita Brock) 06.12.2006 (Article Archived on 20.12.2006)
Relatively warmer weather forecasts and good inventories balanced against threatened OPEC production cuts to ease the price of crude today.
HYDROCARBONS DAILY RECORD: TUESDAY, 05 DECEMBER 2006
By J. Brock (FINN)
At 1800 LMT Tuesday, 05 December 2006 Light Sweet Crude fell 01 Cent on the New York Mercantile Exchange to stand at $62.43 and Brent Crude gained .63 Cents to stand at $63.70 on London’s ICE Futures Exchange.
TRENDS
Relatively warmer weather forecasts and good inventories balanced against threatened OPEC cuts in production to ease the price of crude today.
THE MARKETS
FTSE
At the close of play on Tuesday, the FTSE 100 was up 35.97 points to settle 6,086.40 and the FTSE 250 gained 82.33 points to end at 10,834.10. FTSE Small Cap gained 11.70 points to settle at 3,710.60.
DOW JONES AND NASDAQ
At the end of play today the Dow Jones Index gained 47.25 points or 0.39% to settle at 12,331.60 and the NASDAQ gained 3.99 points or 0.16% to settle at 2,452.38. The S&P500 was up 5.64 or 0.40% to settle at 1,414.76 and the NYSE gained 45.90 points or 0.51% to settle at 9,064.93.
DEVELOPING FACTORS:
(Canada)
Norsk Hydro, a Norwegian industrial group, has announced that it found hydrocarbons in the Jeanne d'Arc Basin, offshore Newfoundland and Labrador. Norsk Hydro, with 72.2 percent is the operator of the West Bonne Bay prospect and Canada's Husky Energy has the remaining 27.8 percent. Johan Mikkelsen, President of Norsk Hydro Canada Oil & Gas, said "We are encouraged by the result and will evaluate the find further to see if this can be developed commercially." The announcement gave no indication about how much resources is in the acreage.
DEVELOPING REGIONAL FACTORS
(Colombia)
A lecture given by Mr. Hernan Martinez Torres of Ecoptrol, Colombia’s state run oil company revealed that the Company plans to invest US$12.5bn in the next five years in order to produce 500,000b/d oil by 2011. He spoke at the Second Colombia Oil and Gas Investment Conference. Held this year in Cartangena. Currently total production in Colombia stands at roughly 530,000b/d. He added that ANH a Colombian hydrocarbons agency will launch a bidding round for the 27 hydrocarbons blocks off the country's Caribbean coast
(Falkland Islands)
Share prices at the close of play on Monday, 04 December 2006
Desire Petroleum Plc ended up 0.75 point or 2.21% on the day to settle at 34.75.
Falkland Oil and Gas Limited (FOGL) ended unchanged on the day to stand at 75.50.
Rockhopper Exploration ended up 0.50 points or 1.27% on the day to settle at 40.00.
Borders &Southern ended up 0.50 or 1.27% on the day to stand at 39.75
Tullow Oil ended up 6.00 or 1.48% to stand at 412.00
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