Oil will probably be nicely up on the week despite the IEA comments which I commented on yesterday, they remain mega bearish and are yet to acknowledge either the Asian growth I mentioned yesterday or indeed the vaccine situation. The EIA inventory stats were mixed with a 4.3m build in crude stocks but products drew. Touchstone results are meaningless, its all about the drill bit at Ortoire and I wish Mark Hughes the very best in retirement.
Oil rose yesterday but ended up off the best of the day, today after a flat start crude is up around 50 cents. I talk about Victoria Oil & Gas where the new CEO and CFO are really getting to grips with the legacy issues very well indeed. I also mention an old favourite, Enteq Upstream with interims and who announce that the CEO and Founder Martin Perry is going to a NED role.
Oil continues to rise, Brent is $45 this afternoon as the vaccine, Opec+, Asian demand data and even the inventory stats are creating a perfect storm, even G Sachs are helping by cutting their oil price forecasts...I look at Far who have sold Senegal WI today and Jadestone who are looking good after an encounter with Inpex in arbitration. Finally we mourn the early loss of our friend Graham Cowdrey at the age of 56. RIP
The vaccine news yesterday boosted markets and the oil price alike, oil has continued to rise today following comments from the Saudi Energy Minister about Opec+ output. I talk about Union Jack and Egdon who are applying for planning at Biscathorpe where potential upside is significant. And finally, Andrew Austin is back, with company Kistos he is raising money to restart his assault on the energy sector.
Oil is now drifting after a hitherto strong week. Virus numbers are continuing to rise which trumps the US election result. I have interviewed Andrew Hockey, CEO of IOG and give the link, also I look at Gulf Marine Services where trading remains strong but the menace of Seafox lives on.
Oil has now gained nearly $3.50 on the week, the election result has taken risk off and whatever result occurs it looks like extreme policies are off limits. Helium One have solved their unquoted problem and will merge with tiny Attis and raise £5m, Scirocco comment on the process. And Deltic say that Shell remain committed to Pensacola and despite an extension still plan to drill 4Q 2021.
Oil has rallied for the last couple of days and is higher again today, this is down to attributed comments from the KSA and Russia that some further output cuts might be needed to tighten up the oil market. IOG has updated the market with a corporate and operational update which essentially gives investors more confidence that the Core Project is well on track.
Oil rallied with good economic data from China and the USA but COVID cases still rise and US elections create uncertainty. Genel update in a very positive manner across the board. IOG have awarded the rig contract for the Core Project to Noble and BPC update on Trinidad and Tobago and Suriname. Finally Touchstone easily raised its £23m yesterday at a modest discount to the price, onwards and upwards.
After a bad week oil has turned slightly but is still jittery with so many COVID cases hitting economic demand numbers. I look at Scirocco with a name change and a identification of strategy in Tanzania and beyond. Coro is moving into clean energy development and Lamprell has won a 'medium size' contract from partner IMI. Finally I provide, thanks to Andy Pancholi of Cycles Analysis who has given us some guidance to trading around the US election tomorrow.
Oil fell sharply again with the increase in virus numbers to blame. Today I look at VOG with results and update, and note a hopefully short delay at Barryroe....I also had a great opportunity to interview Simon Potter and Eytan Uliel at Bahamas Petroleum yesterday, the link is here.