Oil bounced after signs that the Iran deal isnt iminent and Europa borrowed £1m from UJO, Coro have good news from Duyung and I take a fresh look at Sound Energy after yesterday's numbers. Both IGas and Reabold laud the Government's moves on fraccing etc and Getech make a big hire.
With the US shut for Labor Day as expected markets were thin and oil rose, Opec+ didn't acknowledge that and are charting their own course. Chariot have done another JV with Total Eren, this time in Mauritius and Echo have results. Capricorn also have figures but whether the Tullow deal goes ahead is still somewhat up for debate.
Oil fell on China Covid panics and with Opec+ on Monday, when markets are shut for Labor Day might move markets somewhat. Reuters says that Shell Chief BvB is to leave at the end of this year which is certainly possible. Genel have announced KRG payments and Angus have two very interesting Director appointments.
Oil fell on China Covid worries, good figures from Wentworth and a small delay for San Leon on technical grounds. Scirocco are one step nearer the new go and Reabold say that the Corallian deal will go ahead.
Oil fell as bad economic news and no cessation of output from Iraq worried markets. Union Jack have paved the way for a payout, Scirocco are almost home and dry as are Angus. Coro move one step forwards in Vietnam and Echo get breathing space for putting results out.
Oil had a big bounce yesterday in thin volume and was also up on the week as well. The usual reasons are plain to see, Wall Street shed over 1,000 points after the hawkish comments by the Fed Chief Jerome Powell. Today results from Arrow follow good CPR news last week and Longboat spuds Copernicus. Finally Predator CEO Paul Griffiths issues a press release on Irish energy polocy.
Oil rose yesterday ahead of today's Fed symposium at Jackson Hole Wyoming, tomorrow we will hear the rate decision. The EIA inventory stats showed a big crude draw of 3.3m with a fairly quiet product market. Today PetroTal have another excellent report, IOG update after a small reduction in guidance and Zephyr have wrapped up a small parcel of acreage at the Paradox Basin. IOG deliver the first revenue and net profit and Angus are nearly over the line at Saltfleetby whilst Hunting are mega bullish about the sector, me too. Finally, under the cover of 1Q numbers Eco manage to advertise wells coming up in South Africa and Namibia....
Oil had a big day on the back of the KSA interview about Opec, elsewhere Arrow has had a very good few months in London and Coro try again to sell the Italian assets, now worth much more than when they fell through before. But most of all interest is that Rockhopper has won its arbitration case with the Republic of italy and been awarded €190m plus interest...
Oil mixed but the KSA warn against trying to manipulate the oil price. Southern Energy have a great set of results and Scirocco move solidly towards its new sustainable markets.
A mixed week for oil in thin trade. I comment on a meeting with DEC and cover debt from Gran Tierra and SDX figures from yesterday.