WTI (Sep) $92.19 +$5.36, Brent (Sep) $100.69 +$6.62, Diff -$8.50 +$1.26.

USNG (Aug) $2.92 -1c, UKNG (Aug) 148.10p -5.22p, TTF (Sep) €61.31 -€1.96.

Oil price

The oil price has come back around three bucks this morning which isn’t entirely surprising ahead of a weekend in which anything might happen. After all WTI is up $14 from last friday and Brent has risen $16 so nervous traders are bound to have closed some long positions. 

Others believe that having been gung-ho all week there must be a chance of TACO, if he doesn’t, then expect a further rally on Monday especially if there is heightened military action against Iran or the Houthi rebels. 

I mentioned the weekly US retail gasoline prices on Wednesday as I always do, for last week which on average across the USA was $4.001, up 14.6c week on week, yesterday that was $4.09 so the recent step-up in fighting and the tightening in the Red Sea is having an effect.

Capricorn Energy

Whilst I don’t cover Capricorn I noted this announcement by the takeover panel this morning and given its importance to the plethora of potential bidders and their shareholders I thought it may be of interest to readers.

CAPRICORN ENERGY PLC

ALAMADIYAF AL-MASIYYAH FOR TRADING LLC

GENEL ENERGY NO.9 LIMITED

SAMOS ENERGY LTD

On 11 March 2026, Capricorn announced that it had received multiple proposals from Alamadiyaf al-Masiyyah regarding a possible cash offer for the entire issued and to be issued ordinary share capital of Capricorn.

On 2 July 2026, the boards of Genel and Capricorn announced that they had reached agreement on the terms of a recommended all cash offer pursuant to which Genel would acquire the entire issued and to be issued ordinary share capital of Capricorn (the “Genel Acquisition“).

On 21 July 2026, Capricorn published a scheme circular in relation to the Genel Acquisition, including a notice of the shareholder meetings to approve the Genel Acquisition which have been convened for 18 August 2026 (the “Shareholder Meetings“).

On 22 July 2026, Capricorn announced that it had received a proposal from Samos regarding a possible cash offer for the entire issued and to be issued ordinary share capital of Capricorn.

Pursuant to Section 4 of Appendix 7 of the Takeover Code, the Executive has ruled that, unless the Executive consents otherwise, Alamadiyaf al-Masiyyah and Samos must by 5.00pm on 11 August 2026, being the seventh day prior to the date of the Shareholder Meetings, either announce a firm intention to make an offer for Capricorn in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer for Capricorn.

Each of Capricorn, Alamadiyaf al-Masiyyah, Genel and Samos has accepted this ruling.

24 July 2026

And finally…

Its a funny weekend for sports fans coming as it does between a number of seasons for grown-up sports. No rugby, football or cricket to speak of, the Mickey Mouse Metrobank Cup has been decimated by the children’s sports day in silly clobber that is the Hundred…

By far the most important will be the last F1 fixture before the summer break, and is the Hungarian Grand Prix from the Hungaroring in Mogyorod and which is one of the best circuits around.

Talking of Mickey Mouse events there are two bouts of boxing this weekend. Tonight Tyson Fury takes on 46 year old Mariusz Wach in Pattaya, Thailand and is not being broadcast as Netflix has the rights..And tomorrow Anthony Joshua fights Kristian Prenga (No me neither…) in Jeddah, Saudi Arabia. Apparently, if both fighters win, and losing isn’t really an option, they will get in the ring together to face off and start the marketing for the rather too long-awaited bout later this year.

And for horse-racing fans it’s the King George at Ascot, look out to see if Calandagan is back to his best form after a disappointing run at Epsom where the ground didn’t suit and should dominate the three hundred runners from Coolmore…