WTI $48.69 -12c, Brent $50.87 -2c, Diff -$2.18 +10c, NG $2.96 +4c
It was a quiet old day yesterday in crude markets with the feeling that if Brent in particular could hold above 50 bucks then we might indeed remain steady for a while despite headwinds from fundamentals. However it is never wise to expect the status quo and after the close the API inventory stats came out showing a draw of 7.6m barrels against expectations of a build. The oil price is about 50 cents above last nights close and at the moment holding those levels, only tonight’s EIA stats will tell who is right, those glory boys from Wall Street have a whisper of a 2.6m barrel build or if the API are more accurate for once. Interesting to note that private company Caelus appears to have found 2.4m barrels of recoverable oil in the Smith Bay area of Alaska.
The Clair Field remains shut-in as the company repair a leak, in a week when a certain movie is released one suspects that the words belt and braces are being used a fair bit. Also BP has apparently signed up for a 20 year off-take deal with Eni for their Mozambique gas in Area 4, this should encourage the FID and the long awaited farm-in by ExxonMobil.
Cape has announced that it has extended and expanded its Perenco contract in the UK. The contract, with no time-frame or value is for industrial and support services over Perenco assets in the Southern North Sea. I remain very happy with Cape which although being in a difficult place has amongst the best management in the sector and an attractive rating into the bargain.
Premier Oil-Tony Durrant interview
This year has been extremely active for Premier so it was well overdue asking TD back into the TipTV studio for a chat. The link below I think, gives an outstanding overview of what he has been up to and where Premier are hoping to go from here.
TipTV interview: Tony Durrant of Premier Oil
I wrote about Range on Monday so need to add no more, however for those that missed my weekly Vox Markets Podcast on the company, the link is here.
Vox Markets podcast: includes Malcy on Range Resources
Falcon Oil & Gas has announced that Anne Flynn replaces Michael Gallagher as CFO, the former leaving yesterday…
A touch quiet on the sporting front as we are in another of those dire international weeks. With a thriller against Malta at Wembley at the weekend we try to dampen things down by sacking league managers, yesterday Cardiff joined Swansea in releasing the boss and are apparently about to name Neil Warnock as the new chief……..
And it’s that time of year when all baseball fans get excited as we head towards to World Series of best North American teams, will try and keep y’all updated…