Falklands : Hydrocarbons Weekend Record 06 and 07 January 2007
Submitted by Falkland Islands News Network (Juanita Brock) 07.01.2007 (Article Archived on 21.01.2007)
Over the weekend weather in the Eastern United States was unseasonably warm and this could help to lower the price of crude.
HYDROCARBONS WEEKEND RECORD: 06 AND 07 JANUARY 2007
By J. Brock (FINN)
CRUDE PRICES:
Friday, 05: LSC - $56.22, BRC - $55.32
Thursday, 04: LSC - $55.59, BRC - $55.11
Wednesday, 03: LSC - $58.32, BRC - $57.96
Tuesday, 02: LSC - $60.86, BRC - $60.69
TRENDS:
Over the weekend weather in the Eastern United States was unseasonably warm with temperatures reaching 20C even in New York. The Demand for heating oil is much less than it was last year at this time. This means that inventories are depleting much slower. This will help to drive the price per barrel lower. Other factors, however could help to steady the price. Things will be clearer by the end of play on Monday.
Friday, 05: Though inventories are good, cooler weather in the United States has helped to increase crude prices today. Also looming is speculation about whether or not OPEC will make good on its decision to cut production. While prices are relatively low it is hoped that stocks of hydrocarbons products will be bought to enhance inventories.
Thursday, 04: Reports about global warming and corresponding unseasonably warm weather in parts of the United States as well as good inventories helped to decrease the price of crude today.
Wednesday, 03: It seems that the undertaking by OPEC to further cut production of crude is not yet on the minds of investors who operate on a hair-trigger when there is a slight change in the news one way or the other.
Tuesday, 02: Light trading today meant that there was little fluctuation in the price of crude. We await monthly inventory reports as well as what the Federal Reserve will do about interest rates.
REGIONAL DEVELOPMENTS:
(Falkland Islands)
Survey ships continue to gather seismic data in waters around the Falklands. The industry awaits an exploration rig that will probably be shared amongst exploration companies operating in the North Falkland Basin. A drilling ship would be more appropriate for the deeper waters in the South Falkland Basin.
Relevant Share Prices for Friday, 05 January 2007:
TLW 369.00, DES 34.25, FOGL 100.00, RKH 41.00, BOR 39.00
Relevant Share Prices for Thursday, 04 January 2007:
TLW 386.75, DES 34.25, FOGL 103.00, RKH 40.50, BOR 39.00
Relevant Share Prices for Wednesday, 03 January 2007:
TLW 405.50, DES 33.50, FOGL 105.50, RKH 40.00, BOR 39.00
Relevant Share Prices for Tuesday, 02 January 2007
TLW 405.50, DES 34.00, FOGL 100.50, RKH 40.00, BOR 39.00
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