Oil price, Tullow, Sundry-BP-Wood Group-San Leon-MOIL- And finally…

WTI $37.26 -49c, Brent $39.43 -41c, Diff $2.17 +8c, NG $2.02 +11c

Oil price

With a boost from economic data from the US and Germany, crude shrugged off yesterday’s modest fall and this morning is a dollar better giving the week to the bulls barring accidents. Next week will see further jockeying for position ahead of sunday’s  big meeting, will the facts of high stock levels win against the romantic optimism of a production freeze, who knows?

Tullow Oil

A little while ago Tullow alerted the market to a potential problem at Jubilee and today they detail the problem, a damaged turret, and suggest that another two weeks of shut-in followed by a slow ramp up should see the problem solved. Only the cash flow bean counters need worry unless that is the problem turns out to be of a more critical nature.

Sundry

It is BP’s AGM next week and already journos are queuing up to have a go at Bo Diddeley who, along with the remuneration committee appears to have driven a coach and horses through common sense, let alone statutory guidance.  The numbers stack up against him, a 20% pay rise to $19.6m against a loss of $5.2bn, (and huge Macondo payouts post the settlement into the bargain) left the shares down 13.5% on the year…shareholders are wearing the brunt of the misery while the CEO’s pot is gilded…

Wood Group announce another acquisition, this time of Ingenious Inc, a supplier of software and consultancy services used by Wood. No price announced, so assume modest and will fit with Mustang I imagine.

San Leon announce that the Rawicz-15 has completed testing at 3.6 mmcf/d and is now shut in, presumably until first gas next year if pressure levels are maintained.

And not a good day for shareholders of Madagascar Oil which has ceased trading on Aim this morning. Enough has been said about this already but the lessons that should be learned are not dissimilar to those popping up elsewhere in the sector, viz large shareholders can be a double edged sword and often have had a loyalty bypass.

And finally…

It is, as they say one of the truly memorable weekends of sport whatever you like and wherever you are.

The football is probably the least exciting of the lot although the HubCap Stealers did do very well to get a draw and an away goal against B Dortmund last night and will be favourites to get through, dont forget winning it earns a CL spot…

Domestically not much can be won or lost this weekend, on Saturday the Gooners go to the Hammers and the Noisy Neighbours host the Baggies, easy on paper after PSG. At the bottom the Magpies go to the Saints and the Canaries at at the Eagles and can get clear water with a win. On Sunday the Maccams host the Foxes, so by the time that Spurs kick off against the Red Devils they might be ten points adrift…

Its back to European rugby this weekend although fixtures are exciting, Leicester host Stade Francais and Wasps take on the Chiefs but the Sarries v the Saints looks like the stand out fixture…

Jordan Spieth is cruising the Masters after only one round and according to the ‘experts’ it is his to lose although it would be nice to have some competition especially from Europe.

Day two of the Grand National meeting at Aintree and yet again Mr Mullins is out to spoil the Nicholls’ party  with his array of stars, mostly funded by Barclays Bank who paid Rich Ricci all those multi-million dollar bonuses when he was Mr Diamond’s senior Lieutenant…dont know what made me think of the word travesty…

The big race tomorrow should be one of the best in almost perfect conditions and with genuine contenders including last year’s winner. Could it be a Cloud, a Druid or a Conti or maybe even a record for a three time in a row winning jockey?

In his biggest ever fight, tomorrow night Anthony Joshua takes on ‘Prince’ Charles Martin for the vacant World title left by Mr Fury. Ironically, the date has been announced for the rematch between Tyson Fury and Wladimir Klitschko, apparently it will be on July 9th in Manchester…

And it really is crunch-time for the Golden State Warriors who last night beat the Spurs to make it 70 wins, they have to win 3/3 to beat the record set by the Chicago Bulls back in 1996…

 

 

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