WTI $58.03 -$1.69, Brent $63.72 -$1.65, Diff $5.69 +4c, NG $2.82 -7c
The oil price reacted downwards yesterday again primarily on technicals, the better economic stats from the US causing further dollar strength which seeped into the oil price. On the upside it is only three days until the deadline for an Iranian nuclear deal is meant to be signed and at the moment there are few white puffs of smoke appearing from Geneva. Also gasoline demand in the states and elsewhere is still robust, retail prices in the US rose again in the run up to Memorial weekend and are now $2.77 a gallon. Finally the API stats tonight are expected to show another draw, this time of around 2m barrels.
Victoria Oil & Gas
Another piece of good news from VOG as they buy the Logbaba gas processing plant from Expro for $2.578m. The money will come from cash generated from GDC operations and they will now operate the plant with significant cost savings and on long term contracts with Expro and other potential customers. Good news because this will enable VOG to grow the business, expand the plant and increase profitability and if it meant more demand for their gas then all the better. Still a big fan.
A short blog today as I am in town doing TipTV, IGTV and have two other company meetings including a first with Rose Petroleum for those with an interest. However even if there had been no other news there would have been a flash blog about FIFA. Those of you who have followed for a long time know my views on the organisation and its ‘leader’ $epp Blatter and if there was any realistic chance of this being the death knell for FIFA, bells would ring out all over the sporting world, go with Dignity I say…
And the Hammers have made it into the Boropa Cup on fair play rules, bet they were wishing they had been a bit more naughty now eh?
And Watford, having achieved promotion appear to have sacked manager no4 and are looking for someone who might be more successful……?