WTI $49.37 +$1.39, Brent $50.65 +$1.48, Diff -$1.28 +9c, NG $2.75 +12c

Oil price

Oil continued to rally yesterday as potential disruption from Brexit was priced down by equity markets although with only two days to go it seems all is still to play for in the UK. July WTI expires tonight and although crude is off around 30 cents this morning the August contract remains quite well bid. Watch natural gas creeping up towards three bucks, spies, including the PANR partners have all been saying that upwards momentum will hold…

Petrofac

I’m off to the Oil & Gas Council Africa Assembly today and will listen to the conference call and add more later following the company’s trading statement this morning. At first blush it seems to be pretty much in line, net profit guidance hasn’t changed and is still looking at consensus of around $445m before IES and Laggan-Tormore charges and will be evenly split between first and second half. The backlog is a creditable $18.9bn showing ‘excellent revenue visibility’ although order intake in the first half is less than expected as the market remains ‘challenging’. The debt figure is higher than I was expecting at $1.1bn thanks to the divvi, GSA costs and spending on the JSD 6000 which I can already hear people complaining about…As I said more after the conference call.

And finally… 

So, Wales win the group after a fine 3-0 win over Russia last night and England B could only draw with Slovakia after Woy went with some of his unfit mates because he felt sorry for them not having a game so far. The bloke who set up the just giving page to fund a flight home for Raheem Sterling should start one for Wilshere.