InterOil surges

INTEROIL shares surged this week as investors look forward to more progress with its efforts to bring in a big player to its Gulf LNG project in Papua New Guinea.

The shares gained almost 17% for the week ,although it is hard to forecast when a possible deal might be announced.

Optimism has also returned to stock markets, with the Dow Jones Industrial Average hitting a record high this week. Various markets have responded favourably to recent data that suggests there has been a fall in US jobless claims.

A story on website ZeroHedge poured some cold water on these developments with a table showing that 13.2 million Americans were unemployed, compared to the 6.7 million during the previous DJIA high in October 2007.

The table also mentioned that 47.69 million Americans were on food stamps - a 77% increase from the 26.9 million estimate in 2007.

In any event, there wasn't much impact on key PNG commodities for the overall week.

London Metal Exchange cash copper closed at $7734 a tonne overnight, up a little under 1% since last Friday.

By the same comparison, LME spot nickel was up just 0.3% to $16,586/t.

Singapore Tapis crude was up a mere 0.5% from last Friday and closed at $117.44 a barrel overnight.

Spot gold prices were largely unchanged for the overall week and were trading at around $1577.57 an ounce in the past 30 minutes.