A big day for oil as the forecasts all moved to a big second half demand increase that will draw stocks down. Good figures from Serica show just how well it is doing at the moment. Finally the Remus/Far/Woodside drama continues and todays Far meeting has been postponed yet again, but will Remus bid?
Oil is up again today, the Opec report pushed back the demand rises but they are still overall positive for H2. The API stats showed a decent draw in crude but mixed in products. Genel has announced a useful bunch of payments from the KRG and Kistos has launched a PrimaryBid offer along with a placing and subscription. Far has received news that Remus Horizons has returned for a potential bid, the day before the deadline. Sound has done a crucial bondholders deal very important for operational development going forward. And UOG has announced 'material' upgrade to its Abu Sennan field reserves in Egypt.
Oil is still in the doldrums, trading in a narrow range whilst the vaccine rolls out but Covid is still rampant in some areas of the world. JOG has made an inspired call in their new NED, Les Thomas former CEO of Ithaca Energy with his detailed knowledge of the North Sea. And Coro have given an updated operational update following the recent acquisition of the Global Energy Partnership.
Oil is very quiet still, IOG have started the drilling on Phase 1 in the SNS and Petro Matad are continuing their licence for exploitation application. President update on drilling, Touchstone have a success at Ortoire and Empyrean up the chances of success in China.
Oil doing nothing as the virus takes a small lead against the vaccines.. San Leon look good as Decklar announces an operations update on the Oza-1 Well Re-entry. And Block's announcements this week seems to complicate a series of operational and share dealing comings and goings...
Slap bang in the middle of the current range, oil is limited to a large extent by the vaccine roll-out and also Opec+ production policy. DGOC's bankers have reaffirmed the existing terms of their credit facilities, here's hoping they use it. And after Hurricane's RNS yesterday I didn't see much that the market wasn't already aware of.
Oil is quiet, the IMF brought out upbeat GDP figures which seem to support the Opec+ view on the 2nd half economic growth and the API showed crude inventories drawing by 2.6m barrels. PetroTal have had an upbeat statement and JOG has completed the last of the GBA asset deals. IGas have performed well in the conventional assets and Pharos have got a lot of good news to look forward to.