WTI $48.08 -33c, Brent $48.35 -37c, Diff $0.27 -4c, NG $2.06 -1c

Oil price

Another quiet day in the market, the greenback remains firm exerting downward pressure on crude and I suspect that the inventory stats may provide most of the excitement for the week. Reuters findings are for a draw of 2.5m barrels in crude, 1.3m in gasoline and 1m in distillates, we shall see.

North Yorkshire CC finally approved fraccing for Third Energy and whilst drilling isn’t imminent it will set a precedent…

Sound Energy

Results today from Sound which like others are insignificant, the news on the Tendrara well is of more excitement. The company announce that it is now drilled to the 3rd and final casing point and is now in the shale formation 50m away from the target TAGI reservoir.

Sundry

Faroe has spudded its Brasse exploration well near the Brage field in the Norwegian North Sea.

Xcite Energy has said that it remains in discussions with its bondholders ahead of the June 30th maturity…

And finally…

All eyes on Roland Garros today as Muzza fights back from two set down against Stepanek although he has clawed back a set and a break…

And Louis van Who?