WTI $101.67 -42c, Brent $107.57 -82c, Diff $5.90 -40c, NG $3.75 -3c
It may be a two blog day today, a rare occurrence but with the BP figures this morning its been hectic and I am off to start my new series of CEO interviews on TipTV at 1030. Later I will address the 14th round announced yesterday as well and don’t thin k Tangiers is going to get away with it either…
Oil prices drifted yesterday as production from Iraq actually rose and despite Buzzard closing for 25 days of maintenance and Forties out too Brent wasn’t well supported. There is also masses of particularly US economic news this week including the Fed policy statement, GDP and labour data.
2Q figs from BP which I will probably add to later but overall they are ok but some mixed fortunes in there. Upstream was good with production up and at better margin projects but there was a worrying increase in costs. Downstream showed better margin from Whiting coming on but the rest was dismal with the company saying that there was a ‘significantly weaker refining environment’.
BP must be worried about the possibility of sanctions on Russia as it has been announced that they will concentrate on defence and energy….
Sound has announced first gas from Caza Tiberi onshore Italy and this is further good news for the company who have good onshore production which pays the costs plus lots of exploration upside. I will be interviewing CEO James Parsons on TipTV this morning so will have plenty to ask him.
Savannah announces its IPO this morning, a fairly bold move and I look forward to meeting the company to see what its like in Niger. I’m sure many oil company executives who have had a hard time at GLG in the past would dearly love to see Savannah CEO Andrew Knott in the firing line for some difficult questions, ah, the biter bit……………………..
At the Commonwealth games Adam Gemili won the silver in the blue riband 100 metres which was a good feat indeed.
At the cricket it was the Ballance, Bell and Buttler show as England posted a big total on what it has to be said was a great track. I was lucky enough to be there with the legend that is Billy Clegg and his new outfit, Camarco and he had a wonderful array of industry executives along for the day.
Phil ‘the power’ Taylor cannot go without a mention, an amazing display on Sunday to destroy top quality opposition…
And today marks the start of Glorious Goodwood where brilliant racing and a social whirl take place on the magnificent Sussex downs
More later I hope…..