WTI $48.45 -$4.60, Brent $54.16 -$3.75, Diff $5.71 +85c, NG $2.66 -9c
The EIA stats sealed a bad day for crude oil and as I suggested yesterday the pressure was right back on. Inventories were 6.3m barrels, twice the whisper and the market decided to cash in some of those unexpected profits. I remain of the view that we will test the lower levels before the bottom is found.
The company just beat the earnings whisper but revenue was a bit light, the sting was in the statement with up to 5,000 jobs to go.
Cape has announced that its JV with Socar has been awarded multiple contracts in Ajerbaijan worth $65m. The contracts for the Shah Deniz fields are considered to be ‘significant’.
It is the Oil & Gas UK exploration conference today and the most interesting speaker is likely to be Dr Rob Trice CEO of Hurricane Energy who will give a speech on how fractured basement plays like Lancaster can make a difference to the sector and the economy.
Bolton nearly got away with it last night but learnt that you can never take your foot off the gas when playing top teams….In the end the HubCap Stealers nicked it 1-2.