WTI $44.40 +17c, Brent $46.48 +17c, Diff -$2.48 n/c, NG $2.93 +6c

Oil price

The oil price was up admittedly but without much trade, a low grade investment bank picked up on last week’s gasoline data but not much else happened. As I said yesterday demand is without doubt good but not the headline story, retail gasoline picked up by 3.7 cents a gallon last week to $2.30 but fairly meaningless.

Cairn/FAR

Cairn as operator has announced the result of the FAN South-1 well in the offshore Senegal North exploration prospect this morning having reached TD and completed wireline logging. The well was another discovery and brought oil of 31° API to the surface from the lower Cretaceous reservoir one of two targets, the other being the upper Cretaceous. The operator says that further work will be needed to integrate this discovery with FAN-1 to ‘establish potential commerciality of the deep water, basinal resources found in these wells’.

This looks to me to be a success but with quite a lot of work needed to add to the existing data, it is highly complex and with a target of only 134m barrels and an 18% cos, a smaller prospect than the upcoming well, SNE North-1. This next well is to drill the Sirius prospect which is larger a 294 barrel prospect on a best estimate gross basis and the most northerly yet drilled. Today’s news  adds to the knowledge and is a ‘significant result’ which again verifies the quality of the oil and gas generating system offshore Senegal.

Podcast

Yesterday’s Voxmarkets Podcast included comments on Cape -1m 18s-Empyrean -5m 30s- RockRose -8m 56s- SDX -10m 38s and the link is below.

VOX Markets podcast: Cape, Empyrean, Rockrose Energy and SDX Energy

And finally…

Almost all the action yesterday was in SW19 where Muzza and JoJo won and got through to the QF’s. The late game was the thriller with Rafa going out to Muller 15-13 in the fifth set. The biggest loser, yet again was the order of play committee who continue to act against the interest of both the players and the public, after Kerbergate they had Djokogate yesterday when they refused to put his match on an empty centre court forcing him to wait until today to play.

The other piece of action but on saturday night was that Kyle Sinckler, one of the stars on the Lions tour, was arrested for a ‘minor disorder’ but then driven back to his hotel by Auckland police, bless them.