WTI (Aug) $83.88 u/c*, Brent (Sep) $87.43 +9c, Diff -$3.55 +9c.

USNG (Aug) $2.42 u/c*, UKNG (Aug) 78.3p +1.92p, TTF (Aug) €33.695 +€1.25.

*US Markets closed for Independence Day holiday.

Oil price

Another, albeit shortened, up week for crude oil as the hurricane season started with Beryl and inventories showed significant stock draw downs across the board. Non-farm-Payrolls today will affect the Fed’s views on interest rate timings but with the dollar weak maybe September is the time…

Echo Energy

Echo has announced that pursuant to the announcement on 6 June 2024 regarding the Conditional Convertible Loan Note, the Company has received a Conversion Notice for £45,000 in respect of outstanding loan notes. Accordingly, the Company has today issued 1,666,666,666 new ordinary shares of 0.0001 pence each (“New Ordinary Shares”) at a price of 0.0027 pence per New Ordinary Share, being the lesser of: (i) 150% of the Company’s closing bid price on the trading day immediately prior to the date of draw-down of the relevant tranche; or (ii) 90% of the lowest closing bid price in the five trading days immediately preceding the date of conversion as specified in the agreement.

Application has been made to the London Stock Exchange for the New Ordinary Shares to be admitted to trading on AIM (“Admission”) and it is expected that such Admission will take place on or around 8.00 a.m. on 11 July 2024.

In accordance with the provision of the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority, the Company confirms that, following the issue of the New Ordinary Shares, its issued ordinary share capital will comprise 20,353,390,222 Ordinary Shares. All the Ordinary Shares have equal voting rights and none of the Ordinary Shares are held in Treasury. The total number of voting rights in the Company will therefore be 20,353,390,222. The above figure may be used by shareholders as the denominator for the calculations to determine if they are required to notify their interests in, or a change to their interest in, the Company.

Modest but helpful, Echo has more important fish to fry right now.

And finally…

It’s a big summer weekend of sport coming up with action across the board and sports fans will be spoilt for choice.

Starting at home the British Grand Prix at Silverstone always provides excitement and fun, with the action closer than hitherto recently the drivers, particularly Max and Lando are fighting it out, so much so that George won last week. Add to that the English weather, which is forecast to be changeable and it will be fun to watch. 

Also at home is the Coral Eclipse Stakes at Sandown Park, traditionally where the older horses meet up with the 3 year olds who have taken part in the Classics. So tomorrow we will watch City of Troy take on all comers, which of the Jekyll and Hyde characteristics will we see in the Aidan O’Brien horse?

Abroad you can go to Germany and watch the football, today the best two teams in the Championships, Spain and Germany meet and also Portugal play France. Tomorrow England play Switzerland and the Netherlands play Turkey. 

Finally rugby fans can have a TV fest tomorrow as the summer internationals get underway the timings are as follows: 0805 All Blacks v England, 1045 Australia v Wales, 1600 South Africa v Ireland, 2000 the Pumas v France and finally at 2200 Canada v Scotland.