Oil has rallied again and should end up on the week after the malarkey of recent falls. Today is the virtual Jackson Hole symposium where the taper will be discussed. Tropical storm IDA might become a Cat 3 hurricane as it skirts Mexico and China is boosting the economy. Good solid results from PetroTal, a very good long term outlook, IOG are getting closer to first gas just when prices are at their highs and Helium One drills a duster and cancels well three in this programme. Finally a solid recovery from Hunting as one would expect and a good update from Echo who are increasing liquids production.
Oil held up modestly last week and is a touch better this morning, the Iranian election brought in a hardliner with a big majority in very low turnout. Predator has spudded the MOU-1 well in Morocco and Echo has good operational news from Argentina whilst Helium 1 has spotted helium in the drilling mud. Reabold has an extension at Parta and Trinity complete their share consolidation.
Oil remains in reasonably good nick with the inventory stats showing a decent enough draw this week. Results from JOG are in line ahead of the real excitement expected from the GBA, the big prize for Jersey going forward whilst Genel remain full of confidence in its financial strength. Predator has announced that drilling in Morocco is imminent and BPC have also got their wells in Trinidad starting soon. Also results from Echo Energy.
Oil is unchanged today after a big week last week when the vaccine trade advanced although even though the economic data is good in the US and China the rest of the world is still in a bad way. Hurricane issue a Lancaster production update, Echo also updates on operations and commercial matters whilst there are finals from Coro and an update from Trinity. Finally it's first day of dealing in 'New Advance Energy' today.
Oil fell yesterday again on the back of further vaccine worries but also as Petro-logistics note Iran are exporting more and more oil to China and maybe India as well. This morning the price is better as the Suez canal has been closed as a container ship is blocked in the canal. BPC announce news on high-impact exploration in the Bahamas and Uruguay and Echo Energy announces significant increases in new gas contract prices.
After a booming start to the week oil was quiet yesterday, it started well but after I published Wall Street panicked about Fed Chairman Powell and all started to fall. After the close the API stats were a mixed bag and not as good as forecast but with concerns that some oil production shut-in in Texas might never return rallied the market today. PetroTal has announced a useful set of reserves numbers with a decent upward revision. I look at Savannah where i saw an article about the Calabar power station helpful for SAVE long term. Echo has upgraded facilities in Argentina and Lamprell has won a contract from Saudi Aramco as part of the LTAP.
After all the Hullabaloo oil was even last week, today however it has tipped upwards again. I look at Chariot who have signed a collaboration Agreement with Subsea Integration Alliance for Anchois. Angus Energy are positive after news that their loan has seen substantial subscription. President update on 2020 and give guidance for 2021 whilst Echo publish their bond restructuring details.
Oil continues to perform strongly, WTI is over $51 and Brent over $55. Far updates on the Remus proposal and the possible Woodside sale, keep your eyes on Remus, they are hot to trot as they say. Echo has signed a cooperation agreement in Bolivia.
Another good day for oil yesterday and is still modestly ahead today, all a follow up to the KSA actions at the Opec+ JMMC. Today BPC announce a look at portfolio operations and a funding update showing much activity across the board. PetroTal are showing an impressive set of heels as they announce increased production from Bretana following on from the Brazilian export success. Echo yesterday announced further gas sales contract success in Argentina.
Oil remains steady after a positive set of inventory stats yesterday. Today the first major winter storms have hit the North East of the US with three feet of snow in places. I have upgraded my 2021 oil price forecasts in line with the bucket list yesterday, I'm now at $55. Hunting have a trading update today, everything is in line with expectations. Cairn has announced a 32p special divvi and Echo have secured a new contract in Argentina. Far has received a potential 2.1c bid from Remus who appeared on the Petrotal shareholder list this week. Trinity has signed an MOU with the Trinidad & Tobago NGC and I report on yesterday's PFC statement. Finally I interviewed Brian Durrant of Unite Oil & Gas yesterday.