WTI $66.10 +36c, Brent $76.46 n/c, Diff -$10.36 -36c, NG $2.95 +6c
The usual pre-Opec cat and mouse position taking kept oil prices virtually unchanged yesterday. The Iraqi Oil Minister reaffirmed the comments I recently published, this time saying that ‘prices need support and stability’ and fellow producers should not talk their own book ahead of the meeting, ie you Iran.
This morning’s Trump-Kim deal has been widely praised but the document ‘lacks substantive details on disarmament’ ie all gong and no dinner…so far.
Echo has announced the spud of well EMS (El Molino Sur) -1001, the third in a four well back to back campaign in Fracción C and Laguna de Los Capones assets on shore Argentina. The well is targeting a structural four way closure at the Springhill and Tobifera levels which should by now be starting to become familiar to them. Gross prospective unrisked oil initially in place for the structure on a Pmean basis is estimated at approximately 60 MMbbls as per recent CPR by Gaffney Cline.
A production update from Touchstone this morning ahead of their AGM tomorrow. May averaged 1,728 b/d and the current field estimated production is 1,821b/d. Additional volumes have been realised from three of the five wells drilled in 2018 and the two final wells are expected to come onstream in the next thirty days.
News is good from the Trinidad operators at the moment and with the TXP CEO presenting tomorrow and an analysts visit into the bargain, as well as a highly professional Annual Report published by Columbus this morning, it would not surprise me if investors took another look at all the players in country.
Two links this morning, on Friday I chatted to Doc Holiday of Total Market Solutions about a few of his favourite oil stocks and yesterday I did my usual Monday VoxMarkets Podcast with Justin Waite.
VOX Markets podcast: Echo Energy, Sound Energy, Savannah Petroleum, President Energy, Amerisur Resources, Hurricane Energy, Empyrean Energy, Frontera Resources, Zenith Energy, Rose Petroleum and Block Energy
Another two admissions of omissions, firstly I neglected to report on the Warriors demolishing the Cavs 4-0 at the weekend, it was over so quickly I hardly noticed it…
And a comment on what I also missed!
I can’t help but notice in your sports commentary at the end of your blog you failed to mention the phenomenal victory and historical franchise significance of the Washington Capital’s Stanley Cup win last week.