Falklands : HYDROCARBONS DAILY RECORD: THURSDAY, 07 JUNE 2007
Submitted by Falkland Islands News Network (Juanita Brock) 08.06.2007 (Article Archived on 22.06.2007)
The Persian Gulf cyclone caused Oman to stop exporting oil and gas for three days. Add in worries about supply and you have two reasons why crude increased in price today. OPEC have reiterated their assessment of supplies that will meet demand but this was not enough to lower prices.
HYDROCARBONS DAILY RECORD: THURSDAY, 07 JUNE 2007
By J. Brock (FINN)
At 1800LMT on Thursday, 07 June 2007 Light Sweet Crude was trading at $67.02 up $1.06 on the New York Mercantile Exchange and Brent Crude was trading at $71.58 up 56 Cents on London’s Ice Futures Market.
ANALYSIS:
The Persian Gulf cyclone caused Oman to stop exporting oil and gas for three days. Add in worries about supply and you have two reasons why crude increased in price today. OPEC have reiterated their assessment of supplies that will meet demand but this was not enough to lower prices.
MARKETS (07/06/07)
FTSE 100: 6,505.10 down 17.59
FTSE 250: 11,626.30 down 156.10
SmallCap: 4,103.40 down 42.80
DJI: 13,266.73 down 198.94
NASDAQ: 2,541.38 down 45.80
S&P 500: 1,490.72 down 26.66
REGIONAL DEVELOPMENTS:
(Falkland Islands)
(Extract from a Company Press Release)
A press release on FOGL’s website states that Falkland Oil and Gas Ltd has announced that the first phase of controlled source electro-magnetic survey (CSEM) on its Falkland Islands exploration programme “are encouraging” and that the second phase of the survey has commenced. Tim Bushell, FOGL’s Chief Executive, said . “the results reinforce the company's view that the south and east Falkland basins are prospective for the discovery of significant volumes of oil and gas.”
The press release goes on to say that FOGL has completed the 2D seismic infill survey and plans to integrate the results of the new 2D seismic data and the CSEM with its existing work to produce a short list of the best prospects for drilling.
RELEVANT SHARE PRICES:
TLW: 372.50 down 6.50
DES: 32.75 up 0.50
FOGL: 81.50 up 4.00
RKH: 43.50 unchanged
BOR: 25.25 down 0.75
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