WTI $47.98 +59c, Brent $53.30 -17c, Diff $5.32 -76c, NG $2.82 +3c
A very short blog again this morning, company news is thin on the ground and I am off to TipTV to run through a few stocks.
A bit mixed yesterday, the market sort of followed the greenback which is not surprising and the news from China seemed a little better, at least not much worse. What got WTI going a bit, but hardly followed through this morning, were the API inventory stats which showed a draw of 1.9m barrels of crude oil and was very much needed, tonight’s EIA numbers will be vital and must be a draw at this time of year.
Nothing new from Tullow in its interim statement this morning in which the numbers were in line with expectations and production guidance as previously documented. The ‘re-setting’ of Tullow continues and the $500m of cost saving over three years is on target. Tullow is in new low territory, an experience it is sharing with others in this latest oil price weakness but with its exploration portfolio and good West African production when the oil price ticks up it will surely outperform.
More about Hurricane soon as I have another meeting coming up with the company and indeed the good Dr Trice has agreed to be interviewed as my next CEO victim on TipTV. Today they announce that they have been awarded two blocks in the 28th offshore round and they are particularly significant. One is where the company has identified a new basement prospect which they have provisionally named Warwick and is analogous to Lancaster, West of Shetlands, the other is a possible extension of the company’s Lincoln prospect. The awards are on a drill or drop basis and the company, whilst continuing with the key farm-out of Lancaster, are looking ahead as the leaders in the development of the UK’s significant basement targets. Hurricane has cash enough to run the business well into next year even without any farm-out activity and looks very interesting at these levels. More after aforementioned meeting with the company.
The Edgbaston Test starts today and England are forced into a change with Steven Finn likely to replace the injured Mark Wood. The Aussies will be full of confidence after Lords where Mr Strauss unsuccessfully tried to ‘manage’ the game by fixing the pitch, a spectacular failure and if Clarke wins the toss it may be a long wait in the pavilion for the English team…
Celtic are in action again tonight in the Champions League qualifiers playing their first leg against Qarabag at home.