WTI $47.60 -$1.08, Brent $55.11 -$1.18, Diff $7.51 -10c, NG $2.64 n/c

Another flash blog today, as promised yesterday there will be a more detailed update tomorrow but in the meantime a few things to watch out for:

The deadline for a deal with Iran on nuclear matters has expired but those close to the process say that talks are continuing, hence the oil price remains weak, any deal will weaken it further, any delay will create a short term relief bounce.

The API stats showed yet another stock build, this week of 5.2m barrels against consensus estimates of 4.1m, EIA numbers tonight.

Amerisur Resources have released a reserves and resources update, unsurprisingly the numbers are lower, in P1 terms as their has been oil produced since the last report and in P2 terms due to the actions of the company in ensuring a responsible reaction to the current low oil price. At Platanillo wells 15 and 16 initial production rates were slightly disappointing technically and are being addressed. Again the company are ensuring that cash flow meets capex requirements. The company stress that these numbers are conservative as reserve and resource reports usually are and dont include recognition of the T and N sands or core data from Platanillo-20 which will be in the next report. I will speak to the company later but am unlikely to change my positive views on the company as a result of this report I suspect.

Aminex has announced that the pipeline to Dar es Salaam is complete and is undergoing hydrostatic testing, commercial production will begin in ‘mid-year’ with stabilised production by 3Q 2015.

And finally…I compounded my welsh error by saying that they beat Italy not Israel, in such a hurry was I, apologies! Regarding Italy, last night they drew with England 1-1 in an uninspiring match, certainly in the first half and were rescued by another Spurs player-just- Andros Townsend…