WTI (Apr) $90.90 +$9.89, Brent (May) $92.69 +$7.28, Diff -$1.79 -$2.61.
USNG (Apr) $3.19, UKNG (Apr) 156.01p +25.01p, TTF (Apr) €60.60 +€11.85.
Oil price
Oil is up this morning, WTI is up $12.20 at $103.10 and Brent $12.70 at $105.39 and it is noticeable that the differential between the two has narrowed significantly again. I mentioned this last week and noticed that ironically that with WTI being relatively undisturbed it has seen interest where other blends such as Brent and Dubai are unavailable. Finally on this subject the market got to know that WTI had a net short position last week and this has seen a massive bear squeeze closing the gap to less than two bucks.
On the week the stats are even more revealing, WTI was up $23.88 or 36%, Brent $15.34 or 20%, UKNG up 59.88p or 62% and TTF up €21.65 or 53%. Expect commensurate rises in gasoline prices…Finally on this there are discussions about releasing G7 oil stocks and of course the SPR but Sleepy Joe managed to flog off 300m barrels of that in his tenure…
China is an interesting point as well in all this, along with other Asian nations such as Japan, India and South Korea they take around 14m b/d from the Gulf and they are Iran’s biggest client and old allies. Does this mean that China might get involved in this process, maybe by getting a ticket from their friends for safe passage through the Straits of Hormuz or even worse?
Iran has promoted Mojtaba Khamenei to succeed his father Ali Khamenei as supreme leader which is a real red rag to a bull, having lost his father and other family members in the day one attacks he will be the most fired up, hard line leader they could have chosen. With Iran continuing to fire off missiles into other Gulf nations still, the war will surely continue until this ceases which makes you think that it may take a long time.
Reabold Resources
Reabold has noted the announcement made by Beacon Energy PLC (“Beacon”) on 6 March 2026 regarding the completion of its acquisition of a significant interest in LNEnergy Limited (“LNEnergy”), its associated fundraise, and the re-commencement of trading of its shares on AIM. The Beacon announcement can be viewed here:
Reabold retains a substantial exposure to the Colle Santo Asset, a material, development-ready onshore gas field in Italy, through an entitlement to a significant portion of the project’s cash flows, as well as through its shareholding in Beacon. The completion of this acquisition, as well as the offtake and financing arrangement LNEnergy Srl has entered into with a leading Italian based wholesaler and distributer of energy products represent significant milestones in unlocking the value of the project which is expected to deliver substantial economic returns, as outlined in Beacon’s announcement.
Nothing much to add here as this is really a confirmation for Reabold shareholders that the deal with regard to Colle Santo and the Beacon involvement completed last week and so just a factual and straightforward announcement.
With the recent rise in the natural gas price, albeit hopefully of a temporary nature, it has still been a significant education process with regard to energy security. As a result it is pleasing to see that the Italian Government policy with regard to domestic energy production has moved markedly in favour of developing its home grown resources, unlike the UK who are hell bent on self destruction.
This means that Reabold are very well placed, indeed totally vindicated, by its decision to invest in Italy some years ago which was not universally understood but is now looking pretty smart. Reabold went into the Bucket List last year and that decision has been fully vindicated and stayed there last month with a new TP of 0.5p.
The shares are up 17% this morning, +110% over six months and the same over one year. Having said that my target price still offers a five fold gain on the upside which with exciting projects such as Colle Santo and West Newton in the short and medium term giving investors great opportunities going forward.
And finally…
On a massive weekend for sports fans there were some interesting pivots in the standings of previous favourites.
Firstly in F1 where the new rules are yet to be proven to be any good, constant power losses and surges like the one that took Piastri off on the warm-up lap make overtaking sometimes a short term gain. Our first pivot is in F1 where Mercedes dominated with George Russell and Kimi Antonelli taking 1st and 2nd and the Ferraris of Chas LeClerc and Lewis in 3rd and 4th spots leaving McLaren behind.
In the 6 Nations England pivoted from the team to beat before the tournament to one opposing fans want to play every week. Certainly the Azzurri always looked like winning against an England side that were a total shambles. For a team that has more and better players than most opponents it must be coaching, either that or incredible over confidence bordering on the cocky. Another pivot is that Scotland, having stuck 50 points on France at Murrayfield are genuine title contenders going to Dublin on Saturday. Wales will take the wooden spoon and even though they are improving won’t fancy Lemoncello, Canone and pals in Cardiff on Saturday afternoon.
In the FA Cup the draw tonight must surely make a few of the top Prem clubs together, so far they have suspiciously been kept apart but wins for Liverpool, Chelsea, the Gooners and the Noisy Neighbours at the weekend must surely stop that..Joining them in the draw are the Saints, Port Vale, Leeds and either the Hammers or the Bees who play tonight, all of whom would at long last like to see the big four be drawn together.
In the T20 World Cup final India soundly thrashed the Black Caps confirming their position as pre-tournament favourites and making the England display in the semi final worth appreciating.
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