WTI $81.84 -$3.90, Brent $85.04 -$3.85, Diff $3.20 +5c, NG $3.82 -10c
Oil price- Brent expires…
It must have felt like expiry as Brent and WTI took the biggest hit yesterday after the IEA report came out. Cutting 2014 demand forecast growth by 250/- b/d to 650/- was more than expected but they also concurred with other forecasters that Opec September production was up 415/- b/d at 30.66m b/d.
Nothing new here but as I have been saying for ages this will continue in the short term and the Saudis are rather enjoying it even though I don’t think it was a pre-ordained policy. As you know I don’t believe in the conspiracy theories about trying to force non-Opec crude off the market, it was tried before and didn’t work, but now a little sheikh of the tree, as it were isn’t so bad. We are through all support levels so it’s not worth trying to think about $80 or $75, let’s just see how it goes.
BG
Great news at last for shareholders at BG as the new CEO is announced, Helge Lund is currently CEO at Statoil and has done a fine job there, it should be very interesting at BG in the next few months, now is no time to be short I suspect, even if there are to be big decisions made. More later.
Finally, apologies for those who have been waiting patiently for company reports, I have seen so many companies lately that they are coming out more slowly than I had hoped but I will catch up. Below is the interview I did with Rory Scott Russell, CEO of Range Resources yesterday and I am now off to see Madagascar Oil…
And finally…
Top set of results last night for all the home nations, including England under 21’s who qualified for next years finals…
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