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 will likely be up on the week as the agencies report differing views, not often that the IEA are more positive than Opec but they are restating their numbers. I look at Jadestone who have decided to stop production at Montara while they fix it and Eco Atlantic are on the move with the rig mobilised for Gazania-1. Also I look at President with Argentinian numbers, and catch up with Hurricane and Prospex from yesterday.
Oil rose on Friday but WTI was down on the week, Brent unchanged. Nothing different at the moment, Libya is back down to 100/- odd b/d if that. Today Genel announce KRG payments and Savannah start gas sales to Axxela and Touchstone updates the market on COHO and Cascadura. Arrow have another success in Colombia and Eco Atlantic have raised money in Africa to top up their stake in 3/B and 4/B. Challenger note a scoop on Friday re Uruguay and results from Petro Matad show a positive situation after a terrible year or two.
Figures from Chariot in line, Wentworth better than guidance, Savannah are continuing to deliver the goods and Eco are ahead of schedule at Gazania.
Oil still rises, Libya production falling and underlying demand still strong, retail gasoline is now over 5 bucks a gallon. Eco Atlantic has walked away from the deal with JHI after their directors wouldnt agree to a 'reasonable' lock up, nice work from the Eco board. And SDX have had an operational update in which unbelievably they have neglected to mention that they have accepted a takeover bid...
Flash blog so comments on results from Wentworth, an addition to those from IGas. Chariot have got support from the Port of Rotterdam on green hydrogen and Eco announce a raise of just under £20m.
A big rally from oil today making up for last weeks fall and with more good news from Chariot and a huge CPR from Eco Atlantic starts the week off well.
Oil is down by nearly 7 bucks today keeping up the roller coaster ride of recent days. IOG has announced first gas from Phase 1 and Eco Atlantic have done another exciting deal and could be the 'go-to' oil exploration company.
Brent is up another 3 bucks to $116 this morning after continued bombing in the Ukraine and limited signs of supply. Worth noting that UKNG is 465p this morning, good news for gas producers and why we should be encouraging more of. Eco Atlantic has hired a rig for Gazania-1 in South Africa, Hunting is loking very solid and UOG have a mixed bag of M&A news.
DEC has closed another abs and is now set for further growth, rule nothing out. Eco has announced a gain from an investment sale but shareholders will be more excited by exploration especially after Total's recent big discovery in the Orange Basin. i3 Energy and Block both update the market.