Falklands : Hydrocarbons Daily Record (06/02/07)
Submitted by Falkland Islands News Network (Juanita Brock) 06.02.2007 (Article Archived on 20.02.2007)
A jump in demand due to extremely cold weather in the United States caused the price of crude to increase today.
HYDROCARBONS DAILY RECORD: TUESDAY, 06 FEBRUARY 2007
By J. Brock (FINN)
At 1800 LMT on Tuesday, 06 February 2007 Light Sweet Crude gained 14 Cents to settle at $58.88 on the New York Mercantile Exchange and Brent Crude added 23 Cents to settle at $58.33 on London’s ICE Futures Market.
TRENDS:
A jump in demand due to the extremely cold weather in the North-east United States caused the price of crude to increase today. It is hoped that the supplies bought were at a lower rather than a higher price.
THE MARKETS:
FTSE 100 closed at 6,346.30 up +28.40
FTSE 250 closed at 11,479.40 up +72.93
FTSE Small Cap closed at 4,020.000 up +6.06
DJI closed at 12,666.31 up +4.57
NASDAQ closed at 2,471.49 up +0.89
S&P500 closed at 1,448.00 down -1.01
INTERNATIONAL DEVELOPMENTS:
(Iraq and Syria)
Sufian Allaw, Syria's Oil Minister, says he wants to renew negotiations undertaken with Saddam Hussein to explore for oil in the frontier between Syria and Iraq. Syria is more optimistic about an agreement after a recent state visit with Iraqi President Jalal Talabani in Damascus.
(Belarus and Russia)
Russia’s Economics Minister said on Tuesday that only with Russia's consent Belarus may charge higher rates for the transit. Belarus announced February 5 it will increase rates for the transit of Russian crude through its domestic pipeline network by more than 30% on average starting February 15. Pipeline operator Gomeltransneft Druzhba of Belarus said it will raise tariffs by 35%, to $3.50 per metric ton of oil transiting the Unecha-Adamova Zastava route. Increases include increases of 31.6%, to $1.50 for transit along the Unecha-Brody pipeline. Belarus implemented a transit levy of $45 per metric tonne of crude after Russian Officials doubled the price of natural gas and introduced an additional duty on oil supplies to Belarus beginning at the new year.
REGIONAL DEVELOPMENTS:
(Falkland Islands)
Relevant Share Prices for Tuesday, 06 February 2007:
Tullow Oil up +7.50 to stand at 415.75
Desire Petroleum up +0.50 at 32.25
FOGL Unchanged to stand at 95.00
Rockhopper Exploration unchanged to stand at 44.00
Borders & Southern unchanged at 34.50
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