Australian Oil Sector Update

Submitted by Craig Strzelecki on 30 April, 2007 - 19:02

Sharemarket analyst UBS has provided an Australian Oil Sector Update. Tapis oil price rose 2.3% to US$74.90/bbl (A$90.65/bbl): The S&P/ASX 200 Energy Index rose 1.6% over the week to Thursday 26th April while the Tapis oil price rose 2.3% to US$74.90/bbl (A$90.65/bbl). Over the same period, the S&P/ASX 200 Index rose 0.8%. Of the local energy stocks, AWE (+4.6%) and Roc Oil (+2.6%) performed best. Origin Energy (-2.0%) and AED Oil (-0.6%) were the worst performers. Global Oil & LNG Market News: Global oil fundamentals are tight. Dearth of demand in global LNG markets. China products up, crude down. Saudi to raise refining capacity by 62 pct by 2012. Chevron says plans to sell Thevenard assets. Yemen LNG financing in place by year-end.