WTI $75.23 +$1.76, Brent $75.84 +$1.22, Diff -$0.61 -54c, NG $3.66 +1c, UKNG 88.63p +0.63p
Oil actually came off its best yesterday as within minutes of an Opec+ deal the UAE hit the pause button, citing a longer term need to increase its quota by 0.7m b/d. Ironically with the deal about to sanction a 2m b/d increase in production over the rest of the year, an average increase of around 400/- b/d, a no deal would automatically revert to a no change situation and no increase in August production. The meeting convenes again today.
In the US it’s Non Farm Payroll day, the whisper is for 706/- new jobs to be added and a rate of unemployment of 5.6% up just 0.2%. Wall Street is waiting patiently, after the reaction to the numbers everyone is off for the holiday weekend, a very happy Independence Day to you.
Rockhopper has provided an update on its international arbitration against the Republic of Italy in relation to the Ombrina Mare field. Further to the Company’s announcement of 14 May 2021, the Tribunal has today provided the following update:
“The Tribunal has made significant progress and confirms that it should be in a position to complete its work in the course of July.”
Rockhopper continues to believe it has strong prospects of recovering very significant monetary damages – on the basis of lost profits – as a result of the Republic of Italy’s breaches of the Energy Charter Treaty. All costs associated with the arbitration are funded on a non-recourse (“no win – no fee”) basis from a specialist arbitration funder.
A properly big weekend of sport is on the cards, no sports fans will be without something to watch.
The final ODI against Sri Lanka is on Sunday at Bristol, yesterday England won again with Sam Curran taking 5-48 in what was a solid win.
The British Lions tour of South Africa starts with a match against the Emirates Lions in Joburg, Stuart Hogg skippers the side. England are playing the USA at Twickenham where Marcus Smith is set to gain his first cap, well due…
The Euro 2020 continues, tonight Switzerland play Spain and Belgium face Italy, tomorrow the Czech Republic play Denmark and in Rome England face the Ukraine.
It is the Austrian GP this weekend in Spielberg, the Red Bull Ring may well see young Max ahead of the Mercs again, he has blazed it in first practise today…
And for horse racing fans it is the Coral Eclipse at Sandown, in itself it is another small field but there is a great card.
And Wimbledon continues today with remaining Brits still involved…
And of course I would like to send my best wishes to IGas CEO Steve Bowler who is getting married tomorrow, heres hoping you have a great day.