Falklands : Hydrocarbons Daily Record (07/05/07)
Submitted by Falkland Islands News Network (Nathan Prince) 08.05.2007 (Article Archived on 22.05.2007)
Prices decreased today because reports have indicated that refinery output for gasoline has increased. Inventory reports are also reported to increase.
HYDROCARBONS DAILY RECORD: MONDAY, 07 MAY 2007
By J. Brock (FINN)
At 1800hrs LMT on Monday, 07 May 2007 Light Sweet Crude was trading at $61.52 down 41 Cents on the New York Mercantile Exchange and Brent Crude was trading at $64.12 down $1.19 on London’s Ice Futures Market.
ANALYSIS:
Prices decreased today because reports have indicated that refinery output for gasoline has increased. Inventory reports are also reported to increase. It is not known whether these reports are from analysts or other officials from the US Department of Energy Administration. Thanks to a survey by Bloomberg.com we now know that OPEC has increased production. And. this has also helped crude prices to decrease today.
THE MARKETS
FTSE 100: 6,03.70 up 65.93
FTSE 250: 12,210.80 up 164.69
SmallCap: 4,129.00 up 25.98
DJI: 13,312.97 up 48.35
NASDAQ: 2,570.95 down 5.70
S&P 500: 1,509.48 up 3.86
INTERNATIONAL DEVELOPMENTS
(Kenya)
Many African news agencies report that Kenya will host the 11th Africa Oil and Gas, Trade and Finance Conference. The conference is due to start in Nairobi on May 23rd at the Kenya International Conference Centre. The Ministry of Energy an the United Nations Conference on Trade and Development and National Oil Corporation of Kenya are organising the conference. Energy Minister, Mr Kiraitu Murungi said the conference will offer the oil and gas industry an opportunity to gather knowledge and network with key people from the industry. Delegates will focus on the 'interface between hydrocarbons and finance' and will provide Kenya an opportunity to demonstrate its potential to oil exploration companies.
(OPEC)
The Organisation of Petroleum Exporting Countries (OPEC) reports that crude oil production increased by 50,000 barrels per day (bpd). Several news agencies report that output now averages 30mn bpd. According to the survey of oil companies by Bloomberg, production in March was revised to 29.5mn bpd from 29.88mn estimated last month. The 10 members of OPEC with production quotas, all except Angola and Iraq, raised output by 30,000 barrels to 26.41million bpd.
REGIONAL DEVELOPMENTS:
Colombia’s Minister of Foreign Affairs Fernando Araújo and his Venezuelan counterpart Nicolás Maduro met today in Bogotá to discuss bilateral issues about energy, security and trade. During their meeting, the ministers discussed the undertaking of Presidents Álvaro Uribe of Colombia and Hugo Chávez of Venezuela during the first South American energy summit held recently in Margarita island.
RELEVANT SHARE PRICES:
TLW: 364.00 unchanged
DES: 25.00 unchanged
FOGL: 88.00 unchanged
RKH: 39.00 unchanged
BOR: 25.00 unchanged
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