WTI $38.34 +2c, Brent $39.60 +34c, Diff $1.26 +32c, NG $1.96 -4c

Oil price

So, that was the quarter that was, after all that coming and going WTI was up 3.5% and Brent 6.2% on the quarter. The first two weeks of the year did, however see over ten bucks off the prices, the lows on January 21st were $26.55 and $27.10 respectively. I guess that below $30 most concerned parties, including those who were making out with their short positions felt that enough was enough, certainly the rally was text book in its nature, exactly 50% up from that bottom.

The new quarter dawns with almost as much uncertainty, bulls are pinning their hopes on April 17 in Doha whilst bears point to stocks at record levels, even in products, which have been remarkably strong, especially gasoline. It wasnt a good quarter to be Mexican, firstly the Donald proclaims that when he is numero uno he will build a wall to keep the perishers out. Secondly the country’s oil and gas reserves took a beating, P1 is down 21% y/y and Moody’s has downgraded Pemex and puts the country outlook to negative, you know they probably dont give a …

Range Resources

Whisper it very quietly but Range appears to be making tentative steps out of the recovery ward. I have written in recent blogs that slowly but surely the patient is getting to its feet helped by meaningful funding, strong financial control and a better operational performance aided by new kit. Today sees that being followed through, the MD 250 development well reached TD ahead of schedule, 18 days rather than the expected 28-35 days and has encountered hydrocarbons and oil shows which will now be tested. The Morne Diablo field is not yet fully exploited and gives hope for upside in resources. With a big, funded drilling programme in place Range is certainly one to watch although trust will have to be rebuilt slowly.


The Times is carrying a story which concerns a Monaco based lobbying firm, Unaoil,  which is allegedly being investigated by the SFO, FBI and the US Department of Justice. Many companies are mentioned, the Thunderer leads with Rolls Royce but British and European oil service companies such as Petrofac, Weir Group and Wood Group all get a mention.

Much excitement about EnQuest in the last few days as the share price has spiked even more than usual. Up 18% yesterday led people to suspect stake-building which is probably wide of the mark, more likely an antipodean scribbler….

More bother for Nighthawk who have announced that their RBL from the Commonwealth Bank of Australia has been reduced from $23m to $13m. Given that the company has $23m outstanding on the loan and $2m of cash the situation continues to look grim, Mr Micawber would be miserable..

Herewith three short videos done by Interactive Investor, also available on III and the blog website.




And finally…

After the drought of decent sport over Easter we now get back to proper action, especially football. Spurs have a chance to catch up on the Foxes at least for a day as they travel to Anfield tomorrow late afternoon. With the Noisy Neighbours going to the seaside at Bournemouth the Gooners host the Hornets and the Hammers entertain the Eagles. There are two key games at the foot of the table as the Canaries take on the Magpies and the Baggies go to the Maccams. Sunday sees the Foxes playing catch up against the Saints and Man Who host the Toffees, looks like LVG is going back to national management after this season when the Special One arrives at the Theatre of Dreams…

There are some cracking fixtures in the rugby, notably Bath v Sarries, Wasps v Saints and that cracking fixture of Leicester v Gloucester…

And of course the F1 caravan continues in Bahrain, without Alonso after that crash but with that stupid qualifying which further diminishes the excitement.

And its Aintree next week…