WTI (Dec expiry) $40 39 -15c, Jan $41.19 +65c, Brent $44.66 +48c, Diff $3.13 -51c, NG $2.14 -13c
Oil was up a little last week but any rise was unconvincing and as we head towards Thanksgiving and the Opec meeting the one thing you can expect is volatility. The rhetoric is now beginning to be well under way although few believe much will happen next week, this weekend it was the Venezuelan Oil Minister who called for a cutback. WTI December expired down and January came in slightly better but has fallen back in early trading today.
The rig count showed another fall, overall was off 10 units at 757 and in oil was also down 10 at 564 rigs, this figure has fallen every week but one in the last quarter.
Premier, as operator has announced that 14/20-2, Isobel 2, spudded in the North Falklands Basin on Saturday. This is a re-drill of 14/20-1 which failed to reach TD for operational issues and aims to test the F3 fan systems, Isobel Deep, Elaine South, Isobel, Doreen and Irene. Based on the Operators estimates the fan system has gross mean un-risked resources of 400m barrels of oil. Expect a result from this well in early January if all goes according to plan.
For followers of Andes it is worth noting that Mauricio Macri won the Presidential run-off yesterday and he will take over from Christina Kirchner next month. Expect significant change in the country’s economic policies and whilst it wont happen overnight, a huge pro-business shift can be expected and the oil industry will be at the forefront of such change. Keep AEN on the watch-list for certain.
3Q update today from Nostra Terra where revenues are rising thanks to the JV in Egypt and some continued sales from Wyoming. Worth mentioning if only as Matt Lofgran is addressing the poor industry conditions by changing to three focus areas each one focusing on cash flow. With two down all eyes will be on what he does next and it’s good to see some thinking outside of the box in these markets.
The one item I neglected on Friday was the rematch in which Anthony ‘Million Dollar’ Crolla claimed the World Lightweight title after being cheated of it last time out, great news after all he has been though.
It was no surprise to see Muzza fall tamely to Stan the Man on Friday, bigger fish to fry as they say although with the Davis Cup Final scheduled for Belgium much is up in the area.
The English cricketers seem to be firing on all cylinders and Jason Roy’s debut century was almost overshadowed by the bludgeoning unbeaten hundred by Jos Buttler, very promising indeed.
So, the Foxes are at the top of the table as they win and the HubCap Stealers overturn the Noisy Neighbours and the Baggies do the Gooners. The Red Devils snuck quietly in behind them and I am regularly reminded that they rarely play well, next weekend the top two meet and few would have predicted that at the start of the season. Chelski managed to hold on for a 1-0 v the Canaries so hard luck Rob! Eagles v the Maccams tonight…
El Clasico turned into El Routico as Barca went to the Bernebeu and won by four, it might have been more…
Rory McIlroy won the race to Dubai and his return from injury and back to form is very exciting for the months to come, and next years majors.
In the NFL;
The Cardinals handed the Bengals their second straight loss after a late field goal in Arizona. The Packers got back on track with a big win over NFC North rivals the Vikings. The Panthers move to 10-0 after putting 44 points on the Redskins and the Texans beat the Jets for their third straight win and they now move to 5-5. There were also wins for the Luck-less Colts and Manning-less Broncos. Tonight sees the Bills take on the unbeaten Patriots.