Falklands : Hydrocarbons Daily Record (10/04/07)
Submitted by Falkland Islands News Network (Juanita Brock) 11.04.2007 (Article Archived on 25.04.2007)
Fears abour Iran's reasons for enriching nuclear fuel and less than expected inventory reports for gasoline in the US helped crude prices to rise today.
HYDROCARBONS DAILY RECORD: TUESDAY, 10 APRIL 2007
By J. Brock (FINN)
At 1800hrs LMT on Tuesday, 10 April 2007 Light Sweet Crude was trading at$61.89 up 38 Cents on the New York Mercantile Exchange and Brent Crude was trading at $67.42 up 83 Cents on London’s Ice Futures Market.
ANALYSIS:
Fears about Iran’s reasons for enriching nuclear fuel and a less than expected inventory report for gasoline helped crude prices to rise today.
BRIEF INVENTORY REPORT:
Gasoline:
Analysts expect a decline in gasoline inventories in the US. The inventory report from the US Energy Department is due out on Wednesday.
THE MARKETS
FTSE 100: 6,417.80 up 20.46
FTSE 250: 11,991.10 up 75.22
SmallCap: 4,060.60 up 8.66
DJI: 12,573.85 up 4.71
NASDAQ: 2,477.61 up 8.43
S&P 500: 1,448.39 up 3.78
INTERNATIONAL DEVELOPMENTS:
(India)
India’s Oil and Natural Gas Corporation (ONGC) canot drill the block in the Krishna-Godavari (KG) Basin off the Andhra Pradesh coast because there is no rig available. The country made its biggest gas discovery but cannot extract the hydrocarbons.
(Russia)
Sergei Fedorov, director of the Natural Resource Ministry's state geological policy department announced on Tuesday that the building of Russia’s longest oil pipeline from Eastern Siberia to the Asian-Pacific could be postponed or suspended. He went on to say that the second phase of the Eastern Siberia-Pacific Ocean (ESPO) pipeline has slipped by three or four years due to lack of cash.
REGIONAL DEVELOPMENTS:
(Bolivia)
Bolivia is joining the proposed Organization of Gas Producing Countries (OPEGAS), according to an announcement made on Monday by Hydrocarbons and Energy Minister, Carlos Villegas. The proposed organisation hopes to work on a strategic alliance with natural gas producing countries.
(Venezuela)
Venezuela’s representatives at the Organisation of American States (OAS) have proposed energy integration and cooperation based on solidarity and reciprocity in order to “fight poverty, attain peoples' economic and social development, and build democratic societies upon social equality.” Jorge Valero, who presented the proposal, is Venezuela’s Foreign Vice-Minister for North American and Multilateral Affairs as well as permanent representative for the Organisation of American States. Valero made his country’s proposal during his first speech acting as chair of the OAS Permanent Council, during a routine meeting held in Washington D.C.
RELEVANT SHARE PRICES:
TLW: 369.25 up 0.50
DES: 26.50 down -0.75
FOGL: 88.50 up 0.50
RKH: 35.00 Unchanged
BOR: 24.00 Unchanged
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