Oil price, Halliburton, Chariot, Sundry and finally…

WTI $104.59 +$1.46, Brent $107.68 +44c, Diff $3.09 -$1.02, NG $3.85 -10c

Oil price

Oil prices were resilient yesterday but WTI got the better of Brent and you can see that the differential is down to just over three bucks. This is partly because the inventory stats tonight are expected to show another draw and partly as the contract expires today leaving the existing contract trading on thin volume. Brent was also quite strong, traders report that three times during the day it fell below the crucial $107 level and each time it rallied.

Most important though was the news that I had been waiting for and expecting, the figures report that by the end of last week the amount of speculative money in oil had fallen dramatically, proving that these punters, as I reported, sold out of the market right at the bottom having got in right at the top…………..

Halliburton

A good set of figures as expected from Halliburton but ironically being dead on the whisper the shares actually went up, to a new high. The company reported that the North American business was very strong, echoing what we have heard from Hunting in recent months. I am talking about Hunting on TipTV later so will add that to tomorrows blog if you cant catch it.

Chariot

So the mystery of the why Chariot share price has weakened is revealedĀ as the company report that they are to do a placing to raise money. I will go into more detail later, I hope to speak to the company about the ‘venture’ that is so important it needs to raise money at such a low price. I have been very positive on Chariot as I had thought that the management was on the ball and doing the right thing but this move rings a lot of alarm bells for me and accordingly until I speak to them I must suspend that recommendation. My fears that the IR situation at Chariot in recent months has been in a bad place are rather confirmed and the retail market is going to be rightly very angry, more later…

Sundry

Lots of stuff in the press recently about GKP as the Telegraph reveal that they nearly lost the Shaikan operatorship due to the incessant rowing on the board. Now whether you believe that is neither here nor there, it will be debated long and hard but as I said many times that shareholders should be wary about what they wish for…

A good piece by Gary Parkinson in The Times confirms my worries about Salamander and the share price is likely to continue to drift after yesterdays news.

And was there an MP more aptly named as Nick Herbert MP is opposing drilling in Sussex, I guess its ok up North but NIMBY……………

And finally…

Stevie Gerrard hangs up his international boots after the disaster that was the world cup………

Will Captain Cook do the same, unlikely as he isn’t the walking kind if you know what I mean…………Meanwhile James Prior has succumbed to an injury and left the squad… Yesterday England lost the test match and whilst not the only appalling act, Ali not taking a hit for the team in the last ball before lunch yesterday rather symptomized the whole summer…

And quelle horreur………Sky buys the Great British Bake off, whatever next….!

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