Oil fell yesterday after the Russians said that Opec doesn't need to cut any further at next week's meeting. Touchstone has topped up its debt facility ahead of Cascadura and testing at Royston, Savannah comment on COTCo and Echo confirm sale of most of Santa Cruz Sur. And I note that EOG is having a shareholder meeting on the 8th June.
Oil continues to run, only a driving season, Opec meeting and debt agreement due... Pharos have an upbeat AGM trading statement and it's almost over for Hurricane as we know it Jim...
WTI (July) $72.91. +86c, Brent (July) $76.84 +85c, Diff -$3.93 -7c. USNG (June) $2.34 -6c, UKNG (June) 67.24p +2.19p, TTF (June) €29.78 +€0.91. Oil price Oil remains firm despite there ...
Oil is solid ahead of further default talks and Chevron have made a classic acquisition of PDC Energy. Kistos have completed the Mime deal and it looks better than ever....Southern Energy have done a deal of their own and it looks highly accretive as well. And GKP have blinked first and canceled the latest dividend.
A rare week up for oil and today sees results from Coro while Petro Matad update on operations. And Friday saw Jadestone signing up its new RBL, now it must use the money.
A good day for crude as talks at the White House progress. DEC have had their debt redetermination approved and Petrofac has won another $1bn of work in Algeria. UOG have extended the long stop date for the Quattro deal, again and I talk to the interests close to the Egdon deal yesterday.
Oil is mixed but it's all about the meeting at The White House today between Sleepy Joe and House Leaders. Arrow yesterday announced another highly successful well in Colombia and today Zephyr update on production and the Paradox Basin. PetroTal have announced details of dividend and buy-back arrangements which should be huge for shareholders and Tower have raised money again and Afentra have unimportant figures. As for Prospex it looked like good news but the market is unforgiving.
Oil was down just over a dollar last week with the short term influences winning over the long term. The election in Turkey is delaying the decision to re-open the Iraqi pipeline. Today IOG has much better news from the Blythe field, UJO has excellent results and Angus step up production at Saltfleetby.
Oil is not short of influences from the short term reopening of the Turkey pipeline to the longer term over demand in the market. This brings Genel and GKP back into play. Touchstone has Q1 results but that's not the story for this year and Predator have raised a little for Morocco activities.
Oil fell then rose on a day when all sorts of influences were exerted on the market. Union Jack have another $15m of revenue at Wressle and Afentra complete the Angola deal. And Harbour seem to be a bit more chipper.