Falklands : Hydrocarbons Daily Record (27/02/07)
Submitted by Falkland Islands News Network (Juanita Brock) 28.02.2007 (Article Archived on 14.03.2007)
The severe decline in share prices today had little affect on the price of crude. What will be the leveller for Wednesday will be the inventory report. It is thought the drain on inventories is happening on those supplies bought at lower crude prices. Cold weather in the US is blamed for the decline of heating oil stocks. Soon it will be inventories of gasoline that will be monitored more closely. Also with the warmer weather the threat of warming geopolitics will kick in. As long as people keep their cool prices should not rise as high as they did last summer. FDR had it right when he said that the only thing to fear is fear itself. Antacid anyone?
HYDROCARBONS DAILY RECORD: TUESDAY, 27 FEBRUARY 2007
By J. Brock (FINN)
At 1800 LMT on Tuesday, 27 February 2007 Light Sweet Crude declined 62 Cents to settle at $60.77 on the New York Mercantile Exchange and Brent Crude gained +3 Cents to settle at $61.36 on London’s ICE Futures Market.
TRENDS:
The severe decline in share prices today had little affect on the price of crude. What will be the leveller for Wednesday will be the inventory report. It is thought the drain on inventories is happening on those supplies bought at lower crude prices. Cold weather in the US is blamed for the decline of heating oil stocks. Soon it will be inventories of gasoline that will be monitored more closely. Also with the warmer weather the threat of warming geopolitics will kick in. As long as people keep their cool prices should not rise as high as they did last summer. FDR had it right when he said that the only thing to fear is fear itself. Antacid anyone?
THE MARKETS:
FTSE 100 closed at 6,286.10 down -148.60
FTSE 250 closed at 11,180.90 down -431.51
FTSE Small Cap closed at 4,015.10 down - 88.44
DJI closed at 12,216.24 down -416.02
NASDAQ closed at 2,407.86 down -96.66
S&P500 closed at 1,399.04 down -50.33
The Chinese sell-off tsunami was the major cause of huge share price losses today.
INTERNATIONAL DEVELOPMENTS:
(North Sea)
An announcement on the EnCore Oil PLC website said it expects to plug and abandon the UK North Sea exploration well 18/5-2 because it did not find any significant hydrocarbons. According to the announcement the company said the well, operated by Apache North Sea Ltd, will be plugged and abandoned following the completion of the drilling operations, which began on Feb 13.Chief executive Alan Booth said: 'We are naturally disappointed that this was not a better result for our first offshore well.'
REGIONAL DEVELOPMENTS:
(Venezuela)
According to a ceremony televised on the Al ó Presidente program aired on Monday night, Venezuela's President Hugo Chávez signed Ca decree nationalizing four existing extra-heavy crude oil projects in the Orinoco belt. President Chávez also read the decree, which says the existing Orinoco projects have to comply with the 2004 hydrocarbons law that gives state oil firm PDVSA a majority share. According to several Latin American sources, it is not known at this time whether this was theatrics or whether the law and statement are officially in force.
(Falkland Islands)
Progress Report – Monday, 26 February 2007
2D Seismic
Falkland Oil and Gas Limited ("FOGL") reports that by 26 February 2007,
4,340kms of 2D seismic had been acquired out of a planned total of 10,000
kms.
Controlled Source ElectroMagnetic (CSEM)
Progress has been hampered by bad weather however two lines covering
four separate prospects have now been acquired.
Relevant Share Prices for Tuesday, 27 February 2007:
Tullow Oil down -20.75 to stand at 370.00
Desire Petroleum down -3.00 at 25.25
FOGL down -0.50 at 93.00
Rockhopper Exploration down -2.00 at 41.50
Borders & Southern down -0.50 at 33.50
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