WTI $61.67 -54c, Brent $72.07 -6c, Diff -$10.04 +48c, NG $3.56 n/c
Oil prices diverged a touch yesterday, WTI was hit by a combination of higher domestic production numbers and an inventory number that showed stocks rising by 5.8m, well above expectations. Brent performed better and this morning both markers are up as the markets look forward to the Opec+ meeting in Abu Dhabi this weekend. As often discussed here the issue of production cuts for the new year are on the agenda, very much needed in 2019.
Africa Oil week
Africa Oil Week continues and yesterday was a busy day for exploration and Independent Oil Companies in particular as upstream outlook day in Africa was in focus. Cairn, Savannah and Sound Energy were featured in the Plenary sessions whilst at the Prospect Forum it was wall to wall independents with presentations from Tullow, Genel, Impact, Tower Resources, Elephant Oil, Invictus (where I met MD Scott Macmillan later) and even Brian Mitchener rushing back from his Plenary speech to talk Tendrara here.
Today Tullow are back as the grand fromages take to the stage with Vitol, Equinor, Exxon, Kosmos and Shell amongst others in the Plenary where later there is a focus on gas and I shall see Jay Bhattacherjee of Aminex on the African Gas Sales Equation and Ophir join the discussions.
Plexus has changed somewhat and they have reported results on a continuing and discontinued basis but there is only limited information one can glean on the business going forward although the company has £12.9m of cash and has won contracts in the new format. Clearly this is no time for a resumption of a dividend which may be some way away although the company is in a strong position following the disposal. The disposal has not lessened in any way the ability for CEO Ben van Bilderbeek to discuss at ever greater length the market place but it is always worth reading if you have the time.
England are 211-4 against Sri Lanka 350 runs ahead and seemingly in a strong position at tea on day three.
Last night in the Champions League the Noisy Neighbours put 6 on Shakhtar whilst the Red Devils added another night of glory to their European history book coming from behind to win 1-2 at Juve.
Tonight in the Boropa Cup the Gooners host Sporting Lisbon, Chelski are at BATE Borisor, Celtic host RP Leipzig and Rangers are at Spartak Moscow.