Falklands : Hydrocarbons Daily Record (02/02/07)
Submitted by Falkland Islands News Network (Juanita Brock) 03.02.2007 (Article Archived on 17.02.2007)
A cold snap in the US as well as fears of another OPEC production cut has helped to increase the price of crude today.
HYDROCARBONS DAILY RECORD: FRIDAY, 02 FEBRUARY 2007
By J. Brock (FINN)
At 1800 LMT on Friday, 02 February 2007 Light Sweet Crude gained $1.72 Cents to settle at $59.02 on the New York Mercantile Exchange and Brent Crude added $1.69 Cents to settle at $58.41 on London’s ICE Futures Market.
TRENDS:
A cold snap in the US as well as concerns about yet another OPEC production cut as well as political tensions affecting supply from Nigeria and Iran helped to increase the price of crude today.
THE MARKETS:
FTSE 100 closed at 6,310.90 up 26.67
FTSE 250 closed at 11,343.30 up 121.85
FTSE Small Cap closed at 3.996.00 up 28.09
DJI closed at 12,653.49 down -20.19
NASDAQ closed at 2,475.88 up +7.50
S&P500 closed at 1,448.39 up +2.45
WORLD-WIDE DEVELOPMENTS:
(Belarus)
The Government of Belarus wants to Charge Russia $5Million a year rent for land under pipelines transporting hydrocarbons products through that country. It has come down a step from the announcement (after Russia doubled its prices) when Belarus’ Government said it would charge duty for hydrocarbons products being transported via pipeline through the country. There is no word yet whether Russia will pay any rent.
(Russia)
President Vladimir Putin announced on Thursday that Russia would consider cooperation on sales of natural gas to Iran. Russia’s Foreign Ministry has lent its support for postponing United Nations sanctions over Iran's nuclear program. While opposed to Iran’s nuclear programme, President Putin’s remarks pointed out an increasing divide between Russia and the United States over how to deal with Iran’s insistence in the face of the mild sanctions, imposed by the UN Security Council in December to continue enriching nuclear material for energy generation. President Putin feels Iran should have access to new technologies so it can make good on its claim the enrichment is for peaceful purposes.
REGIONAL DEVELOPMENTS:
(Venezuela)
Venezuelans are looking to President Hugo Chavez to make a success of taking over key industries in that country. Telecommunications, electricity and hydrocarbons are targeted. President Chavez has a year and a half to legalise measures that would give him a right to rule without having to ask lawmakers for approval. As for hydrocarbons, the state will have a majority presence in improvement operations of extra-heavy crude oils in the Orinoco Oil Strip.
(Falkland Islands)
Relevant Share Prices for Friday, 02 February 2007:
Tullow Oil up 1.50 to stand at 405.00
Desire Petroleum up 0.50 at 32.75
FOGL Unchanged to stand at 95.00
Rockhopper Exploration unchanged to stand at 42.25
Borders & Southern unchanged at 34.00
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