WTI (May) $94.69 +$3.40, Brent (June) $99.39 +$4.46, Diff -$4.70 +$1.06.

USNG (May) $2.65 +4c, UKNG (May) 105.93p, TTF (May) €41.825 +€0.225.

Oil price

With no company news this morning I hadn’t planned a blog but with the news just emerging that the Strait of Hormuz has reopened, albeit with the US blockade on Iranian ships still in place, I thought it merited a note with the oil price plunging. 

As I write WTI is $83.15 down $11.54 whilst Brent is at $87.94 off $11.95, there can be no reason to suspect that all is good yet, for example until Iran agrees to the US requirements, and that is by no means certain, then oil may not start flooding out…

Despite this it should be remembered that the market is still tight, in crude oil and of course refined products and indeed the gas market will be short, in some cases for years to come giving some feedstock logjams. 

And finally…

It is a big weekend in the Prem with a number of key fixtures at the top and the bottom of the league not to mention a couple of interesting derbies.

Tomorrow the first derby is the Cottagers travelling a few yards down the Great West Road in London to face the Bees, there is a relegation fight between Leeds and Wolves, the Cherries travel the longest distance to St James’ Park, Spurs host the Seagulls and the Red Devils travel to Stamford Bridge with most of its defence in the sin bin.

On Sunday Villa host the Black Cats, the Merseyside derby sees the Toffees host Liverpool, Burnley go to Forest in another relegation battle whilst at the very top of the table the Gooners travel to the Noisy Neighbours without Bukayo Saka .