WTI $58.00 -$1.64, Brent $62.03 -$1.77, Diff $4.03 -13c, NG $2.63 -1c

Oil price

A very short blog today as the physical market is unsurprisingly quiet ahead of the Opec meeting and there are few if any relevant company announcements in which I include Gatwick airport…

Traders report the market moving on very low volumes yesterday which will be the case this morning as well. Although most commentators are predicting no change to its policy stance older readers will know that Opec has occasionally had the tendency to shock and surprise but unlikely here today. If there was a move from previous policy it may be to abandon the 30m b/d number which of course hasn’t been applicable lately anyway and would just be rubbing the salt into the wounds of non-Gulf Opec members. Prices also fell on oversupply, Iraq has announced that exports will be up another 5% in June, a number corroborated by information we get from the KRG and the various companies we follow their so vicarious success for Genel and GKP I suppose.

I am off to the Shore Capital Oil conference this morning where there is a really good, if slightly amended line-up and will write up any features from a wide-range of keynote speakers next week. Anything on Opec I will either flash blog or of course will be on the Twitter feed @mgrahamwood.

And finally… 

The big summer sporting events are arriving thick and fast and none is bigger than the Derby meeting at Epsom which starts with the Oaks today. For the big race the heads are turning towards Golden Horn, a worthy favourite but made shorter as Frankie is aboard, John Gosden also has Jack Hobbs and as usual the field is full of class.

The Champions League final on Saturday between Juve and Barca signals the end of the European football season but the Womens World Cup starts in Canada tomorrow and they are trying to put recent events at THIFA behind them. Domestically Richard Avocado has succumbed to the huge pay at the Maccams and will stay on next season.

And against all odds and political correctness Scotland are playing Qatar tonight in a ‘friendly’. Obviously unaware of the dreadful working conditions and with a sadistic and  cruel dictatorship, the Qatari’s are still going ahead with the game…

In Paris its Muzza v Djoko in the Semi-Final which ought to be the final, in the other SF its the battle of the cheeses.

And back to the GP circuit where we hope that Mercedes can get their act together for the Canadian GP, its all happening in Canada this weekend huh?