Falklands : Hydrocarbons Record (06 and 07 Decemberr 2006)
Submitted by Falkland Islands News Network (Juanita Brock) 08.12.2006 (Article Archived on 22.12.2006)
It looks as if weather and supply caused the price of crude to rise today. Also adding to todays rise in prices were attacks on Nigerian oil facilities.
HYDROCARBONS RECORD: WEDNESDAY AND THURSDAY, 06 AND 07 DECEMBER 2006
By J. Brock (FINN)
At 1800 LMT Thursday, 07 December 2006 Light Sweet Crude gained .06 Cents on the New York Mercantile Exchange to stand at $62.25 and Brent Crude gained .30 Cents to stand at $63.37 on London’s ICE Futures Exchange.
TRENDS
One might wonder about weather and supply in the US as both are mainly responsible for the rise in crude prices today. Also adding to price rises today are attacks on oil facilities in Nigeria.
THE MARKETS
FTSE
At the close of play on Thursday, the FTSE 100 was up 41.15 points to settle 6,131.50 and the FTSE 250 gained 31.34 points to end at 10,891.30. FTSE Small Cap fell 2.63 points to settle at 3,742.40.
DOW JONES AND NASDAQ
At the end of play today the Dow Jones Index lost -30.84 points or -0.25% to settle at 12,278.41 and the NASDAQ lost -18.17 points or -0.74% to settle at 2,247.69. The S&P500 was down -5.61 or 0.40% to settle at 1,407.29 and the NYSE down -5.78 points or 0.06% to settle at 9,041.48.
DEVELOPING FACTORS:
BPTT, a subsidiary of BP in Trinidad and Tobago, is returning to the Columbus Shelf to explore the possibility of extracting oil from sand. An official announcement was made in Trinidad and Tobago today.
DEVELOPING REGIONAL FACTORS:
(Bolivia and Brazil)
Foreign energy executives have been summoned to a meeting in La Paz this month to discuss future investments in Bolivia’s country’s gas industry.
The meeting, involving the Government and energy multinationals, is the first since the signing of 44 contracts giving Bolivia control over the operations of foreign companies in the country’s energy sector, as well as a majority share of the revenue.
The ceremony on Sunday finalised the nationalisation of Bolivia’s gas reserves.
Bolivian state oil Company Yacimientos Petroliferos Fiscales (YPFB) and Bolivia’s state owned Petrobras agreed to extend the negotiations period for another four months in order to find a solution to the gas price.
An official report stated that the two companies decided to present the proposal of 120 days more for gas talks to their board of directors.
(Falkland Islands)
Share prices at the close of play on Thursday, 07 December 2006
Desire Petroleum Plc ended up 0.25 point or 0.68% on the day to settle at 36.75.
Falkland Oil and Gas Limited (FOGL) ended up 4.50 points or 5.81% on the day to stand at 82.00.
Rockhopper Exploration ended unchanged on the day to settle at 40.50.
Borders &Southern ended down -0.25 or -0.63% on the day to stand at 39.75
Tullow Oil ended down -4.50 or -1.10% to stand at 405.00
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