WTI $97.48 +88c. Brent $110.47 +$1.64, Differential $12.99 +76c, NG $ 4.28 -7c

Oil price

Apart from the oil price its a low news day and you can tell its getting close to Christmas as the FT is getting very thin.

Brent rose yesterday as I had expected after the Libyan ports remained closed but has fallen this morning ahead of the FOMC meeting later.

The EIA released its Annual Energy Outlook, much pre-Christmas reading joy but its global demand numbers have been increased as well as its estimates for US production. They now expect the US to be producing 9.5m b/d by 2016, almost up to the previous peak of 9.6m in 1970.

The EU has also said that it will ‘suspend some sanctions’ against Iran as soon as the UN nuclear watchdog verifies that Tehran is making meaningful moves to curb work on its atomic facilities.

Tonight sees the API inventory stats which analysts expect to see a fall of 3.6m barrels of crude oil and a modest growth in distillates and a larger stockpile of gasoline ahead of the Christmas holiday.

CNPC

2 more senior employees of the company have been ‘detained’ as the investigations continue, the Chief accountant and the head of Chinaoil, Petrochina’s oil trading vehicle are answering questions.

Longreach Oil & Gas

After announcing last week that some shareholders were looking to replace some board members, the company announced yesterday that three directors, including the CEO, Andrew Benitz had departed and replaced by allies of the group who led the financing a while ago. With the crucial well in Morocco under way it seems an odd time to change the guard and longstanding holders now have a new team to assess the acreage and strategy.

And finally…

So, England succumb to the Aussies and apart from Ben Stokes were again seen off this morning, not much to add but hopefully lessons will have been learnt and when I find that 350 page book of culinary demands for our supreme athletes I will share some snippets..

Spurs on the lookout for a new manager as are the Baggies and Watford after Zola took an early bath yesterday. Glenda Hoddle has announced his availability for the role either long term or as a caretaker, not sure what ‘long term’ actually means in football management..

And back to the Clueless cup this week so more workouts for the youngsters so to rest the 1st teamers..