WTI $63.89 +31c, Brent $71.55 +72c, Diff -$7.66 +41c, NG $2.66 n/c

Oil price

The oil price did indeed end up on the week but quite gently, news was thin and the Baker Hughes rig count showed a fall overall of 3 units to 1022 but a rise in oil of 2 to 833.

I would say that on a bigger picture view that confidence in the oil sector is quite buoyant, firstly Aramco has been doing the rounds and is about to close the book at around $12bn from the over $100bn that has been offered. Secondly, money managers have yet again upped their positions in crude oil, NSL is now 640m bbls which is well more than twice what it was at Christmas and they keep adding to it. Thirdly, the Chevron bid for Anadarko which I mentioned on Friday is a $33bn vote of confidence in the sector overall and the Permian and LNG specifically.

The point here is that one way or another people are putting the money down in the oil and gas sector, admittedly buying the commodity differs from a bond in Saudi Arabia to equity in a corporate but either way this is a significant wall of money heading towards oil.

Jersey Oil & Gas

JOG has announced this morning that the rig has moved away from its location at Verbier after all the drilling operations had been completed. More importantly the better news for shareholders is that Equinor has confirmed that it will complete the full re-evaluation of the licence area, combining recent well results and data with the fully processed 3D seismic data which is expected to be delivered in June 2019 in order to better understand the reservoir distribution of the preliminary target.

It has been a difficult week for the company and for its shareholders but the news that Equinor is not heading for the hills indicates that there is genuinely something worth assessing here and that it would be premature to abandon the area until at least the substantial seismic package has been assessed and that deeper targets and other opportunities had been processed. CEO Andrew Benitz said that ‘the well results were disappointing but we have plenty to play for in both Verbier and the remainder of our acreage’. The fat lady has not sung yet and shareholders who remain can have hope that if Equinor is not giving up hope then neither should they.


This is actually the link to last week’s Voxmarkets Podcast which went AWOL in my computer and so many havent seen it although it was on social media. Today’s interview should be with you tomorrow…

VOX Markets podcast: Chariot Oil & Gas, Jersey Oil & Gas, Amerisur Resources, Hurricane Energy, Block Energy, Diversified Gas & Oil, Gulf Keystone Petroleum and Genel Energy

And finally…

The race for the Premiership is going down to the wire, both Liverpool and the Noisy Neighbours won at the weekend leaving four games left for the former and five for the latter. Looking at the fixtures you would say that it is Liverpool’s to lose with what seems like a much easier run-in. With Chelski losing and Spurs and the Red Devils winning the 3,4,5,6 spots look finely poised, the Gooners are at the Hornets tonight but with Spurs having more home fixtures and Utd still to play Chelski and their next door neighbours, the North London clubs are in the driving seats.

Would you believe it, Tiger Woods wins the Masters as all the oppo fade away in the final few holes.

And in the 1,000th F1 Grand Prix Mercedes had another 1-2 with Lewis leading Valtteri home this time. Ferrari, who had promised to be a tad closer this season managed to embarrass themselves by ordering new driver Charles Leclerc to pull over and let Vettel through although the embarrassment was all his as he did worse than the rookie.