WTI $26.55 -$1.91, Brent $27.88 -88c, Diff -$1.33 +$1.03, NG $2.12 +3c

Oil price

The first thing to spot from the above is the increase in the discount of WTI to Brent and then dismiss it. February WTI went off the board last night and with the March contract closing at $28.35, the premium to Brent was reestablished. Markets led each other down, the MSCI World equity index is off 11% so far this January, not as much as crude oil but sharing some of the pain.

Todays request for an emergency Opec meeting comes from Venezuela, no surprise there, and Algeria who have also re-raised the outwith Opec share of production cuts issue. And of course Dav-oh started formally yesterday with all the usual punters spending other peoples money putting the world to rights. Bo Diddeley popped up on the Beeb, apparently he is going for an oil price of $30-40 by mid-year and high $50’s for the year-end, i’m sure many industry participants would take his arm off for those numbers…

San Leon

For those with long memories, way back in August last year San Leon had received news that an offer might be made for the company. Today it seems that the time limit has expired and the company has announced that the potential offeror has not made an offer and has terminated discussions.

Oil price interview

On Tuesday I did an oil price interview with IGTV, in case you dont watch that medium you may be interested in what I had to say to Jeremy Naylor, the link is below.

https://www.ig.com/uk/market-insight-videos?bctid=4711289009001&bclid=3671160850001

 

And finally…

In the FA Cup replays last night Spurs ko’d the Foxes and the HubCap Stealers overran Exeter 3-0.

In Melbourne Muzza had a straightforward win over Sam Groth the biggest server on the circuit whilst Johanna Konta despatched Zheng Saisai.