WTI $47.85 +$1.52, Brent $48 58 +$1.42, Diff -$0.73 -10c, NG $2.92 +20c

Oil price

I should change that header bar to oil and natural gas price as at the moment the yellow jersey is being worn by the latter. I have been told a number of times in recent months by people who really do know these things that US natural gas is the place to be right now and hope that I have passed that on. The future is over 3 bucks now and if my panel at the Oil  & Gas Council last week are to be believed then it has got $5 written all over it. Think of Pantheon with all its associated gas and other to whom gas is a meaningful part of the equation.

Meanwhile, back in oil land, risk came back on as the dollar weakened and threats of Fed tightening receded again with more outages from Norway possible  due to the impending strike and of course Venezuela disappearing in a hand basket. Finally the API stats which come out after the close, showed a draw of 4m barrels, against the whisper of 2.4m b’s.

Circle Oil

A short but sweet statement from Circle Oil today, ( I ignored the results as they were not signed off) indicating that whatever happens on the strategic review front which is still progressing, ‘no value will be attributed to equity holders’. IFC seems to be somewhat supportive but then in this state it would be, wouldnt it? The shares have been suspended on grounds of uncertainty which is a nice way of putting it and I imagine the vultures are circling for want of a better word. There are  a number of African assets in the portfolio which I would expect to see being taken from the ashes although probably at distressed prices.


Amec FW has won a contract from the MOD to supply independent nuclear propulsion, safety and technical advice to the Royal Navy’s submarine flotilla. The contract is worth around £75m over five years.

NTOG has sold its stake in the Chisholm Train prospect for $2.1m, this is partly as the other, larger holder was selling and so it made sense. It probably wiped its face and gives Matt a few bucks in the skyrocket to invest in the other things he has been buying lately.

Gulf Keystone has received another part of its monthly invoice from the KRG who are certainly stringing out this process, it’s as if they are short of the money…

And finally…

There wasnt any news yesterday so didnt do a blog and therefore was unable to congratulate Iceland on their memorable victory over the English rabble. Yesterday watching the FA press conference in which the CEO of the organisation declared ‘I am not an expert on football’ gave me enormous confidence. The idea of appointing Gareth Southgate to do anything more than put out the flagposts at St Georges Park fills me with utter dejection, you might as well go back to the wally with the brolly, come to think of it, what is Iain Dowie doing at the moment?

Today sees the start of the Henley Royal Regatta where much champagne is served and toffs in stripey jackets run down the course in pink ties.

And its the next one-dayer in the cricket and thanks to a rather strange points system England have already won the overall series, good thing to really as more rain is forecast.