Falklands : Hydrocarbons Daily Record (22/02/07)
Submitted by Falkland Islands News Network (Juanita Brock) 23.02.2007 (Article Archived on 09.03.2007)
The summer drive season approaches and already it's time for nervousness to prevail.
HYDROCARBONS DAILY RECORD: THURSDAY, 22 FEBRUARY 2007
By J. Brock (FINN)
At 1800 LMT on Thursday, 22 February 2007 Light Sweet Crude up +88 Cents to settle at $60.95 on the New York Mercantile Exchange and Brent Crude gained +$1.27 Cents to settle at $60.62 on London’s ICE Futures Market.
TRENDS:
We see the lucrative summer drive season coming! Political turbulence with Iran, seasonal refinery slow downs and demands on supply all have helped the price of crude to increase today.
THE MARKETS:
FTSE 100 closed at 6,380.90 up +23.83
FTSE 250 closed at 11,543.00 up +41.42
FTSE Small Cap closed at 4,099.30 up +9.39
DJI closed at 12,686.02 down -52.39
NASDAQ closed at 2,524.94 up +6.52
S&P500 closed at 1,456.38 down -1.25
REGIONAL DEVELOPMENTS:
(Argentina and Venezuela)
On Thursday, the Governments of Argentina and Venezuela signed an agreement covering 17 areas, in energy, finances and health. These agreements go a long way in unifying the South American region. Argentina's President Nestor Kirchner's recent visit to Venezuela has strengthened bilateral links. These include the creation of bases for the development of important financial institutions. Both presidents debated the supply of fuel oil supplied to Energia Argentina S.A. Company, while that company initiated some contacts with the state Petroleos de Venezuela S.A. concerning the exploration for crude oil in the Orinoco Strip. The use of LPG powered vehicles is also included in the agreement.
(Falkland Islands)
Relevant Share Prices for Thursday, 22 February 2007:
Tullow Oil down -5.00 to stand at 384.75
Desire Petroleum up +0.25 at 29.25
FOGL unchanged at 87.00
Rockhopper Exploration unchanged at 44.50
Borders & Southern unchanged at 33.50
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