Falklands : Hydrocarbons Daily Record (24/10/06)
Submitted by Falkland Islands News Network (Juanita Brock) 25.10.2006 (Article Archived on 08.11.2006)
Inventory data caused nervousnes and a rise in crude prices today.
HYDROCARBONS DAILY RECORD: TUESDAY, 24 OCTOBER 2006
By J. Brock (FINN)
At 1800 LMT Tuesday, 24 October 2006 Light Sweet Crude gained .54 Cents on the New York Mercantile Exchange to stand at $59.35 and Brent Crude gained .65 Cents to stand at $59.86 on London’s ICE Futures Exchange.
TRENDS
Inventory data due out shortly has caused nervousness in the futures market and has caused gains in the price of crude today.
THE MARKETS
FTSE
At the close of play today, the FTSE 100 was up 16.37 points to settle 6,182.50 and the FTSE 250 gained 40.40 points to end at 10,401.60. FTSE Small Cap closed up 15.81 points to settle at 3,636.20.
DOW JONES AND NASDAQ
Results were mixed today due to tomorrow’s meeting of the Federal Reserve Bank, where a decision will be made about interest rates.
At the end of play today the Dow Jones Index gained 10.97 points or 0.09% to settle at 12,127.88 and the NASDAQ lost 10.72 points or 0.46% to settle at 2,344.84. The S&P500 was up 0.36 or 0.03% to settle at 1,377.38 and the NYSE gained 13.48 points or 0.15% to settle at 8,750.07.
DEVELOPING FACTORS
McMoRan Exploration Co. has announced a net loss of $18.1 million, $0.64 per share, for the third quarter of 2006. Last year at this time net income of $6.7 million, $0.21 per share, for the third quarter of 2005. McMoRan’s net loss from its continuing operations for the third quarter of 2006 totaled $15.3 million, which includes $3.2 million of start-up costs associated with MPEH™ and $22.5 million of exploration expense. During the third quarter of 2005, McMoRan’s net income from continuing operations totaled $8.8 million, including $2.7 million of MPEH™ start-up costs and $5.8 million of exploration expense.
DEVELOPING REGIONAL FACTORS
(Brazil and Bolivia)
As Saturday’s deadline looms Brazil and Bolivia are hoping to hammer out an agreement over exploration and exploitation of Bolivia’s natural gas, according to Brazilian Mines and Energy Minister Silas Rondeau. He is expected to travel to Bolivia on the weekend to finalise the agreement. If this fails it is possible that Petrobras will leave Bolivia.
(Falkland Islands)
On Saturday, 21 October 2006 Mrs. Phyl Rendell left the Falklands for Australia. She will be attending the 2006 International Association of American Petroleum Geologists Conference in Perty, Australia from 05 to 08 November 2006. Dr. Phil Richards from British Geological Survey will also be attending the conference. A presentation by Borders & Southern will feature well in the conference. More reporting will be available in due course.
Share prices at the close of play Tuesday, 24 October 2006
Desire Petroleum Plc ended down 0.25 points or 0.74% on the day to settle at 33.50.
Falkland Oil and Gas Limited (FOGL) ended down 1.00 points or 1.25% on the day to stand at 79.00.
Rockhopper Exploration ended down 1.00 points or 2.30% on the day to settle at 42.50.
Borders & Southern ended unchanged on the day to stand at 39.75
Tullow Oil ended down 2.00 points or 0.49% to stand at 406.00
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