WTI $45.88 -$1.74, Brent $48.01 -$1.98, Diff -$2.13 -24c, NG $2.80 -1c

Oil price

The oil price was up last week but it was a  bumpy time, the inventory figures, however transient they may be, were cause for celebration but as the week wore on the bulls of ‘Opec in Algiers’,  the latest thriller wore off. The data on Friday didnt help either as the rig count added another 11 rigs to 508 and in oil another 7 to 414. Add to that the CFTC numbers showing traders cutting long positions in crude oil options and futures and the day was done. This morning the greenback has risen as apparently the Fed prepare to raise rates even with Mrs Clinton under the weather and falling on the sidewalk and in the polls.

Xcite Energy

Xcite has put out a release noting the recent rise in the share price. The company say that the restructuring of the bonds continues but will involve, if successful, a reduction in the balance of bonds in return for an equity stake in the company. Accordingly there will be a minimal residual equity stake attributed to existing shareholders. What the recent rise in the share price was all about is difficult to see but this has certainly poured cold water upon it.

New Age

The FT look at the worst kept secret in the oil sector this morning by saying that New Age is considering an IPO in London before long. Having raised a good deal of money over the years the listing would indeed create a ‘liquidity moment’ for those who have stumped up so far….

Sirius Petroleum

I noted last week that Sirius had published a CPR on the Ororo field on block OML 95 in Nigeria. The CPR reads relatively positively and the company claim that it gives reason for optimism and is ‘robust at current oil prices. This is early days for Sirius but I do get interest in the company who have just raised another £500/- by way of a convertible from existing shareholders. There is much work to be done with the need to lock in contractors and I suspect the need to raise a fair bit more money in due course. Also a bit of housekeeping by consolidating broker and NOMAD roles.

And finally…

Stan the man Wawrinka beat Djoko yesterday in New York, never a better chance for Muzza but wee Jamie brought the doubles jug home to show mummy….

In the rugby normal service is resumed with Sarries beating the Chiefs and with them at the top of the table followed by Bath, Wasps and the Saints its like normal service is resumed.

Eoin Morgan and Alex Hales have decided not to tour Bangladesh which gives Jos Buttler the armband and for the test team another new opener…

The Noisy Neighbours saw off the Red Devils on Saturday and with Chelski only drawing against the Swans are at the top of the table. The HubCap Stealers easily beat the Foxes who are not what they used to be whilst the Gooners got a last minute pen (?) to beat the Saints.

And over in Rio team GB goes from strength to strength with another 8 golds yesterday to add to the pile.

The NFL returned this weekend as we saw the Broncos defeat the Panthers in the first game on Friday in a repeat of the Super Bowl last year. Both the favourites for this year won as the Packers and Seahawks overcame the Jags and Dolphins respectively. Elsewhere, the Giants just managed to edge out the Cowboys in Dallas and the ‘Brady-less’ Patriots managed to hold on in Arizona. Tonight the Steelers take on the Redskins and the Rams face the 49ers.