Oil price, Providence Resources, Sundry-Results-BG- And finally…

WTI $33.22 +92c, Brent $33.89 +79c, Diff -67c +13c, NG $2.18 +2c

Oil price

Talk around the market place is all about the potential for talks between Opec and Russia or more accurately the Saudis and Russia. Whether or not you believe the likelihood of this actually happening probably defines your position in the market, at present the bulls have it by a whisker but only just. Russian energy Minister Alexander Novak uses his words wisely suggesting, as is always the case, that a meeting to discuss production cuts is always possible, possible being the key word. The other key word is Iran, doing any sort of deal without them cutting is pretty much off the table, your call…

With oil prices already 25% off the bottom the risks appear to be very much in the price and with a new Brent contract upcoming, temptation to take short term profits will be strong. (As mentioned earlier in the week Brent contracts as from now expire two weeks earlier, March goes off the board tonight)

Providence Resources

A technical update from Providence this morning as the assessment from the seismic data on the Porcupine Basin is released. The company has confirmed that the new prospect ‘Ruadhan’, previously identified by 2D is now clearer through more detailed imaging possible. The company say that whilst it is not in their gift,  the Spanish Point well will be drilled next year. Finally, there is still no news on Barryroe, the market lost its patience on this one a long time ago and whilst it is deemed to be of significant value the words ‘I will believe it when I see it’ come to mind. The share price shows just the faintest glimmer of hope for holders and whilst trust is a rare commodity in this one it may just be worth keeping on the radar…

Sundry

The results season started early this year as Shell and BG had to report before this weeks votes, but watch out for Chevron later today, Exxon and BP next Tuesday and Conoco on Thursday. It is worth taking a look at an interesting  article on Exxon in today’s WSJ, it points out that $1,000 invested in the company in 1970 would now be worth $33,000 four times what the money would have earned in the S&P index. Another longer term point is that Exxon buy-backs are substantial, since 2000 the company could have bought BP, Chevron and Total and still have $30bn in change…

On the subject of BG, the vote duly beat the 75% target and got through with 99.5% of the votes, full steam ahead now for Feb 15th completion.

And finally…

Even LvG would probably admit that losing at Derby tonight in the FA Cup would mean P45 time, live on prime time terrestrial TV it could get ugly even by recent standards. Elsewhere in the cup, The Gooners host Burnley, the Eagles face the tricky visit of Stoke, The happy Hammers go to Anfield and Watford have a tricky visit to Forest just to name a few hard fought ties. Easier matches include Spurs going to Colchester, the MK Dons host Chelski and the Riviera derby sees Pompey entertaining Bournemouth.

Some cracking fixtures in the rugby Premiership but the pick are probably the Saints v Wasps and Sarries v Bath.

Over to Melbourne where Muzza is having a hard time in his semi-final against Raonic, as I write he is 2-1 down in sets…

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