Falklands : Hydrocarbons Daily Record (05/07/06)
Submitted by Falkland Islands News Network (Juanita Brock) 06.07.2006 (Article Archived on 20.07.2006)
Desire Petroleum could have a rig in the Falklands if negotiations are successful.
HYDROCARBONS DAILY RECORD: WEDNESDAY, 05 JULY 2006
By J. Brock (FINN)
At 1800 LMT on Wednesday, 05 July 2006 Light Sweet Crude was up $1.27 and settled at $75.19 on the New York Mercantile Exchange and Brent Crude gained .55 cents to $73.06 per barrel on London’s ICE Futures Exchange.
Instability in and around countries that produce hydrocarbons has lead to the rather steep rise in the price per barrel of crude today.
At the close of play, the FTSE100 was down 56.8 points at 5,826.7 with the FTSE250 off 84.2 points at 9,421.4 and the FTSE Small caps 17.3 points lower at 3,395.1. Volume was thin with just 2.8 billion shares changing hands in 270,315 deals.
DOW JONES AND NASDAQ:
The Dow Jones Index closed down .68% and settled at 11,151.82 and the NASDAQ closed down 1.69% and settled at 2,153.34.
Now that Venezuela has joined MERCOSUR, a trading block comprising Argentina, Brazil, Paraguay and Uruguay, investors will be waiting to see if their faith in the trading block is fruitful. Though the country has seven years to drop trade sanctions with the partners, this is seen as a minor detail, with vast potential of the new partnership waiting to be tapped. It has been reported that Venezuela wants free trade but with its Latin American Neighbours and not with the United States.
At the time of this writing the recount of the 41 Million votes cast in Mexico’s election on Sunday continues with both candidates appealing for calm. Supporters of Sr. Andres Manuel Lopez Obrador have vowed to take to the streets if there is not a re-count of ballots in Mexico’s Presidential Election held on Sunday, 02 July 2006. Sr. Felipe Calderon had secured a lead of less just over .01% or 400,000 votes. Both candidates have claimed victory but, at the moment, Sr. Obrador is running slightly ahead of his opponent. At stake is Mexico’s philosophy concerning their economic future, with Sr. Obrador wanting to nationalise the hydrocarbons industry and Sr. Calderon wanting free trade markets to dictate his country’s wealth.
Though it looks as if Woodside Petroleum Limited is in the final stages of negotiations with Desire Petroleum Plc, about a rig, the proof will be if we actually see a rig down here. It is hoped that this item, leaked to the press, will be genuine and not the cause of the break-down of such important negotiations. We wait and see.
Falklands Oil Stocks End of Day Price for the 5.7.06
Desire Petroleum unchanged on the day to stand at 35.75p
Falklands Oil and Gas down 0.5 or 0.4% on the day to stand at £113.50p
Rockhopper Exploration up 3p or 9 % on the day to stand at 36.5p
Border and Southern unchanged on the day to stand at 44p