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Falklands : Hydrocarbons Daily Record (16/11/06)
Submitted by Falkland Islands News Network (Juanita Brock) 19.11.2006 (Article Archived on 03.12.2006)

Some analysts say crude price declines were significant for both Brent and Light Sweet Crude today resulting in the largest per day drop since August 2005. Overall crude shed 4% and has hit a new low price for 2006. The debate over whether OPEC will or will not cut production still continues with FINN reporting last month that in the weeks preceding November 1st that OPEC actually increased production to nullify cuts in production agreed at 1.2 million bpd.

 HYDROCARBONS DAILY RECORD: THURSDAY, 16 NOVEMBER 2006


 


By J. Brock (FINN)


 


At 1800 LMT on Thursday, 16 November 2006 Light Sweet Crude lost $2.50 Cents on the New York Mercantile Exchange to stand at $56.26 and Brent Crude lost $3.07 Cents to stand at $58.54 on London’s ICE Futures Exchange.


TRENDS


 


Some analysts say crude price declines were significant for both Brent and Light Sweet Crude today resulting in the largest per day drop since August 2005.  Overall crude shed 4% and has hit a new low price for 2006.  The debate over whether OPEC will or will not cut production still continues with FINN reporting last month that in the weeks preceding November 1st that OPEC actually increased production to nullify cuts in production agreed at 1.2 million bpd.


 


THE MARKETS


 


FTSE


At the close of play today, the FTSE 100 was up 25.11 points to settle at 6254.90 and the FTSE 250 increased 32.8 points to end at 10,830.00.  FTSE Small Cap gained 15.24 points to settle at 3,749.60


DOW JONES AND NASDAQ


At the end of play today the Dow Jones Index gained 54.11 points or 0.44% to settle at 12,305.82 and the NASDAQ gained 6.31 points or 0.26% to settle at 2.449.06.  The S&P 500 gained 3.19 points or 0.23% to settle at 1,399.76 and the NYSE lost -7.07 points or -0.08% to settle at 8,894.48.


DEVELOPING FACTORS


(Alternative Energy)


US Energy Secretary, Samuel Bodman, has said that countries must expand the range and availability of alternative sources of energy to reduce global dependence on oil and to help meet growing energy demand. Mr Bodman echoed statements made by U. S. President Bush that oil and other hydrocarbons alone cannot meet rising demand, much of it coming from fast growing economies.


 


What Mr. Bodman said could have been in response to Venezuelan President Chavez seeking alternative markets for his country’s crude and threatening to reduce or cut completely his country’s supply to the US.  What is more likely concerns pain at the pump felt by US road users when they filled up during the summer drive season as well as the pollutants fossil fuels pump into the air.  He may well have meant that high demand and rising prices have a stranglehold on US citizens and it would be in their best interest to break it.


 


Using alternative energy has a calming influence on any rising crude prices as demand for hydrocarbons products can be an indicator for more expensive fuel.  When there is pain at the pump it is too late to consider the benefits of alternative energy.  Those concerns need to be addressed when prices are relatively low.  Now that prices are lower, people who have learned their lesson will seek alternatives.


          


DEVELOPING REGIONAL FACTORS


 


(Falkland Islands)


 


The focus in part one of an interview with Director of Mineral Resources, Mrs Phyl Rendell, about her recent trip to the International Conference of the American Association of Petroleum Geologists (AAPG) is on the value of attending the conference in Perth, Australia.  According to Mrs Rendell, the contacts made with other oil producers were valuable in that increased exposure.  FIG set up a stand at the venue and it was a busy place, with representatives from all over the world visiting and picking up useful information about the North and South Falkland Basins.


 


The theme of this convention was Gondwana Land, of which the Falklands are a part, being attached to Africa at approximately the Port Elizabeth area.  One of the fringe papers, presented by Borders & Southern, was well received and an important event for helping to market the Falklands oil province.  It is difficult to get a paper accepted for presentation at AAPG conventions and this was seen as a boost to marketing and a bonus for making contacts with people who could possibly help to find an oil rig for the North Falkland Basin and a drilling ship for the South Falkland Basin.


 


 


Share prices at the close of play on Thursday, 16 November 2006


Desire Petroleum Plc ended up 0.75 points or 2.10% on the day to settle at 36.50.


Falkland Oil and Gas Limited (FOGL) ended down 2.50 or 2.94% on the day to stand at 82.50.


Rockhopper Exploration ended unchanged on the day to settle at 40.00.


Borders & Southern ended unchanged on the day to stand at 37.50


Tullow Oil ended up 4.50 points or 1.08% on the day to stand at 421.00


 


 

 

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