WTI $44.32 +54c, Brent $45.01 +39c, Diff $0.69 -15c, NG $2.08 -6c
Mixed pressures on oil in the last 24 hours, Canada features obviously as does the NFP number later, the strong dollar and the EIA release, this morning prices have lost most of yesterday’s gains.
So, the fires raging around Fort McMurray have led to further shut-ins, Connacher and Athabasca Oil joined others in taking workers off site and closing down production. As I said yesterday the amount of oil exported from Canada might become reasonable depending on how long this goes on for. Looking at TV pictures it seems pretty dramatic and seems to have come as a surprise which seems odd.
Later we get the 10th anniversary Non-farm-payroll number with the whisper being 202/- jobs created, more than usual hangs on this number as the shilly-shallying from the Fed testifies, the dollar will likely follow the trend after the number is out. Finally, the EIA release shows that US crude output is off 410/- b/d this year making 800/- b/d down since the mid 2015 peak, roughly in-line with expectations but worth bearing in mind.
Very little news around on the company front this morning…
SDX Energy has announced that it has raised $11m in a private placement as it adds the Aim market to its TSX listing.
Harkand, the Aberdeen and London based oilfield services company which specialises in inspection, repair and maintenance has apparently gone into administration after running short of cash and defaulting on debt repayments, Deloitte’s has been called in to handle the closure of parts of the group.
Primeline Energy has said that it intends to enter into the 2nd phase of its exploration commitments with CNOOC for block 33/07 in the East China Sea.
Finally in oil sector news I would like to wish the good Dr and Mrs Trice all the best for tomorrow, remember you’re gaining a son-in-law, not losing a daughter!!♥
With the Foxes winning the Prem on Monday night without kicking a ball attention turns to the relegation battle in the league. The Canaries host the Red Devils, the Magpies go to Villa and the Maccams host Chelski, I know which match I would rather play to avoid relegation… But Leicester will get their title after their game against the Toffees, Spurs host the Saints and the Gooners are at the Noisy Neighbours who actually need the points as the happy Hammers are snapping at their heels and host the Swans.
Boxing puts on an interesting bout in Las Vegas in the early hours of Sunday morning as Amir Khan takes on Saul ‘Canelo’ Alvarez, AKA the Cinnamon kid. A fight which even his trainer didnt want him to take, stakes all against the ‘wrecking ball’ of Mexican boxing and is two full weights above Khan’s normal level, few expect success in this one.