WTI (Aug) $68.69 +11c, Brent (Sep) $71.80 +23c, Diff -$3.11 +12c.

USNG (Aug) $3.20 -2c, UKNG (Aug) 105.04p +1.29p, TTF €44.115 + €0.435.

Oil price

Oil was very quiet yesterday as traders ensure they have a flat book over the Independence Day holiday weekend. I wish all my American friends a very Happy 250th Birthday and hope that it is a joyous occasion.

With US markets shut today oil is flat this morning and will remain so, progress was reported from Doha but given the Iranians weren’t even there it is hardly a fair reading of the situation, markets still way too sanguine in my view…

Touchstone Exploration

Touchstone has reported that Mr. Paul R. Baay purchased 183,800 Company common shares on July 2, 2026.

Always useful and appreciated by shareholders when directors add to their holdings. I remain happy with my long term positive stance on Touchstone. 

United Oil & Gas

United has announced a placing of 250,000,000 new ordinary shares of 0.001p each at a price of 0.20p per share, raising gross proceeds of £500,000 before expenses, by two long term institutional shareholders arranged by Tennyson Securities. The Issue Price represents a modest discount to the closing mid-market price of 0.23p on 2 July 2026 being the last day prior to the publication of this announcement.

Net proceeds will be applied to strengthen the Company’s working capital position as it continues to advance the farm-out of the Walton-Morant Licence. Each placee will receive one warrant for every three Placing Shares subscribed, exercisable at 0.28p per share for 6 months from the date of issue.

Brian Larkin, CEO, commented:

“This Placing, by existing two long term institutional shareholders who know this Company and its assets well, strengthens our working capital at a point when the technical work is complete and the farm-out process is active and progressing. Securing additional working capital under current more favourable market conditions is in our view the prudent course, both for the Company and for shareholders.

We remain focused on progressing the farm-out and will update the market as and when appropriate.”

Obviously no surprise that UOG needs a top-up in the cash department today so a couple of existing shareholders have stepped in and coughed up half a bar at a 15% ‘modest’ discount. The raise is for working capital while the company continues its search for a wealthy partner for the Walton-Morant licence in Jamaica…

And finally…

Could this be the biggest weekend of sport in the annual calendar?

Start with the British Grand Prix weekend at Silverstone where Lewis says that the new cars will be totally different at the venue. The sprint starts at 1200 tomorrow with quali at 1600 and the race starts at 1500 hrs on Sunday.

The T20 series against India continues tomorrow, 1430 hrs at Old Trafford and whilst it is expected to be the start of another heatwave in the south rain in Manchester can never be ruled out…

The World Cup continues, overnight wins for Spain, Portugal and Switzerland. Next up are Australia v Egypt, Argentina v Cape Verde, Columbia v Ghana, Canada v Morocco Brazil v Norway and Paraguay v France. England v Mexico is at 0100 hrs on Monday morning.

Horse racing sees the Coral Eclipse at Sandown Park tomorrow, I’m there today but the fields are awful, no wonder British racing is in such a sorry state…

And to be frank who needs the Rugby Nations Cup? It really is just another opportunity to make money for the national bodies as we still have the autumn internationals, the southern series and the 6 Nations. Having said that there are somme amazing fixtures tomorrow, get up sharpish and watch the All Blacks v France at 08:10, Japan v Italy follows at 09:40 then Australia v Ireland at 11:10, the Springboks take on England at 16:40 and finally the Pumas meet Scotland at 20:10, phew….