WTI $47.64 -$2.47, Brent $48.41 -$2.50, Diff -$0.77 -3c, NG $2.66 -4c
The early prices for crude oil on Friday after the Brexit news came through never really got worse, maybe investors had more worrying exposure elsewhere…? Although there are worries about growth, particularly in Europe we mustn’t get too full of our own importance and the world will carry on regardless. Interestingly it may cause the Fed to ease back on the tightening policy and thus slow the rise in the dollar if they think OECD growth might be hit. With news beginning to get a bit better regarding the call on Opec in the second half of this year, and the underlying move in the oil price recently this particular shake-out may be short lived. Finally the three weeks of rising rig counts came to an end on Friday with a fall of 3 overall and 7 in oil.
More good news today from Aminex who are slowly but surely proving the pessimists wrong and building a decent business in Tanzania. They have announced a one year extension of the Mtwara licence in the Ruvuma PSC which was due to expire in December this year. Secondly, the company have, with the support of the TPDC, transferred drilling obligations in North Lindi to the southern Mtwara licence which contains the Ntorya discovery. After drilling the Ntorya-2 appraisal well and depending on success, the company plan to apply for a 25 year development licence. Finally the company has received an 18 month loan extension with no change to its terms.
Cape has announced a three year contract renewal with Dow Chemical for its plant in Barry, South Wales…
Gulf Keystone has announced that it has received $8m from the KRG and expect the rest of the invoice to be paid shortly as per Genel’s announcements.
Europa has announced that it and its partners, Egdon and Union Jack have received an extension to PEDL 143 for another 2 years. This will enable them to drill the ever increasingly hyped Holmwood well either later this year or next subject to permitting and moolah.
Michael Cheika might choose to choose his words more carefully next time, after accusing the English rugby team of being dull they then went and put 44 points on his Wallabies to conclude the white wash on Saturday night. Elsewhere The All Blacks thumped the Welsh, Ireland lost to the Springboks and Scotland just beat Japan who scored a wonder try.
In the football the derby game was very close and Northern Ireland can consider themselves unlucky to lose by one own goal but it puts Wales in with Belgium in the next round. (Friday at 8pm) The ROI also only lost by one goal to hosts France who are some peoples favourites. Tonight England play Iceland, where Sterling is being given yet another chance by Woy, winner plays France but the better game will be at 5, Italy v Spain….
And of course it’s all eyes on SW19 as the Wimbledon tennis gets under way, the next fortnight will be wall to wall tennis with a bit of footy thrown in plus some cricket oh and of course Henley starts on Wednesday…