Falklands : Hydrocarbons Daily Record (19/06/07)
Submitted by Falkland Islands News Network (Juanita Brock) 20.06.2007 (Article Archived on 10.07.2007)
An oil industry strike over a rise in oil taxes in Nigeria on the horizon has caused a mixed result in the price of crude today, with NYMEX Crude trading up one cent and Brent Crude trading down 34 Cents.
HYDROCARBONS DAILY RECORD: TUESDAY, 19 JUNE 2007
By J. Brock (FINN)
At 1800LMT on Tuesday, 19 June 2007 Light Sweet Crude was trading at $69.0910 up 10 Cents on the New York Mercantile Exchange and Brent Crude was trading at $71.84 down 34 Cents on London’s Ice Futures Market.
ANALYSIS:
An oil industry strike over a rise in oil taxes in Nigeria on the horizon has caused a mixed result in the price of crude today, with NYMEX Crude trading up one cent and Brent Crude trading down 34 Cents. What should be dictating the price is calm prudence instead of fears about supply and nervousness about geopolitics. The bottleneck is refinery capacity, and until we get that right there will still be concerns about the supply of gasoline in the United States.
THE MARKETS:
FTSE 100: 6,650.20 down 53.30
FTSE 250: 11,817.20 down 130.27
SmallCap: 4,108.50 down 11.43
DJI: 13,635.42 up 22.44
NASDAQ: 2,626.76 up 0.16
S&P: 1,533.70 up 2.65
REGIONAL DEVELOPMENTS
(Bolivia)
Guillermo Aruquipa, the president of YPFB, announced on Tuesday that Bolivia’s government has put off the acquisition of two refineries run by the Brazilian firm Petrobras, due to the lack of insurance cover. The new state-owned company, set up to administer the refineries, Cochabamba, and Guillermo Elder Bell, in Santa Cruz, cannot operate without insurance cover.
(Falkland Islands and Uruguay)
Desire Plc has announced that Wavefiels InSeis has acquired the necessary high resolution data needed to explore for hydrocarbons in the Ann Prospect in the North Falklands Basin. Prior to the Bergen Surveyor coming to the Falklands, it will shoot seismic off the coast of Uruguay. The vessel has already set sail for Montevideo.
(Ecuador)
OPEC Secretary-General Abdullah al-Badri has announced that he expected Ecuador to join the Organisation of Petroleum Exporting Countries (OPEC). Ecuador has officially requested to become a member of the organisation. The country would become the OPEC’s 13th member, with Algeria, Angola, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the UAE and Venezuela.
RELEVANT SHARE PRICES:
TLW: 447.00 down 13.25
DES: 30.25 unchanged
FOGL: 81.50 down 0.50
RKH: 44.00 unchanged
BOR: 24.00 down 0.75
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