Falklands : Hydrocarbons Daily Record (24/04/07)
Submitted by Falkland Islands News Network (Juanita Brock) 25.04.2007 (Article Archived on 09.05.2007)
Statements by Nigeria's president elect about working together with the opposition party quelled speculation about un unrest in the country and helped decrease the price of crude today
HYDROCARBONS DAILY RECORD: TUESDAY, 24 APRIL 2007
By J. Brock (FINN)
At 1800hrs LMT on Tuesday, 24 April 2007 Light Sweet Crude was trading at $65.89 down $1.34 on the New York Mercantile Exchange and Brent Crude was trading at $67.16 down 99 Cents on London’s Ice Futures Market.
ANALYSIS:
Statements by Nigeria’s president- elect about working together with the opposition party have quelled speculation about unrest in the country and helped to decrease the price of crude today. The much awaited inventory report is out on Wednesday.
THE MARKETS
FTSE 100: 6,429.50 down 50.21
FTSE 250: 11,816.90 down 107.38
SmallCap: 4,066.80 down 12.25
DJI: 12,953.94 up 34.54
NASDAQ: 2,524.54 up 0.87
S&P 500: 1,480.41 down 0.52
INTERNATIONAL DEVELOPMENTS:
(Iraq)
As reported in HDR a draft Iraqi law governing its oil reserves and industry is due in parliament this week. However, there are still glitches that need to be overcome before the draft becomes law. Last week over 60 present and past Iraqi energy officials met in Dubai, for a frank discussion about the draft hydrocarbons law and why it is flawed. Nonetheless, Oil Minister Hussain al-Shahristani said ithe draft law will head to Parliament soon. The major stumbling block is who actually controls which oilfields. The Kurdistan Regional Government said it would reject the law if it stands as is.
(Russia)
From a Press Release:
Russia’s LUKOIL Net Income increased by 16.2% in 2006 while production of marketable hydrocarbons increased by 12.2%. LUKOIL’s net income was $7,484 million in 2006 - an increase of 16.2%. EBITDA was $12,299 million - 18.2% higher. Revenue from sales increased by 21.4% to $67,684million. The increase in net income is due to favourable market conditions, increase in hydrocarbon production and refinery production, cost control, and refining margins growth. Growth of the net income was thwarted by strengthening of the ruble against the dollar and an increase in taxation. The Company's tax expenses in 2006 totalled $24.4 billion, up 30.4%.
REGIONAL DEVELOPMENTS:
(Ecuador)
Ecuador’s Energy Minister Alberto Acosta has announced that his government will wait at least a year for the international compensation for not developing a major oil field in the heart of the Ecuadorian Amazon region. The rainforest shelters a unique diversity of animals and plants. According to President Rafael Correa his government says that if the international community can “compensate the country with half of the forecasted lost revenues.”
RELEVANT SHARE PRICES:
TLW: 370.50 up 0.75
DES: 27.75 down 0.25
FOGL: 88.00 Unchanged
RKH: 43.50 Unchanged
BOR: 27.00 Unchanged
|
