Slap bang in the middle of the current range, oil is limited to a large extent by the vaccine roll-out and also Opec+ production policy. DGOC's bankers have reaffirmed the existing terms of their credit facilities, here's hoping they use it. And after Hurricane's RNS yesterday I didn't see much that the market wasn't already aware of.
No prizes for guessing that the oil market will be somewhat cautious ahead of Thursday's Opec+ meeting but I'm not for panicking. Today more good news for Chariot who have signed an MOU with the Moroccan Ministry of Energy who will support the Anchois Gas Development. Meanwhile in a brief statement Hurricane has said that a side-track will be complicated and therefore not for this year...
Oil drifted yesterday and is down around 40 cents today. Wentworth is looking very strong and worth a look, Zephyrs State 16-2 well looks like it has come in and Hurricane updates the market. Lamprell has announced good numbers and a strategic reorganisation. Pantheon has spudded an appraisal well chasing a billion barrels and Tower has raised £1.25m to pay off the Shard facility..
Oil will end up on the week, again as general good long term news is around including approval for the Moderna vaccine in the US. Zephyr has spudded the State 16-2 well in the Paradox Basin and Premier are only steps away from becoming Harbour Energy. Touchstone has signed a GSA with NGC in Trinidad and Hurricane warn that whilst 12/- b/d is fcf positive the financing of the company might be terminal.
Oil drifted yesterday, Trump vacillated, Norway struck and the EIA stats were fairly good. Hurricane update today on 3Q production, Petro Matad still wait for their licence approval and Getech had H1 results yesterday with a change of direction on the cards.
Oil is drifting, yesterday with positive inventory numbers the price should have risen but the virus and physical exports from Libya put the bear side eloquently. Today Block Energy has responded to a shareholder group by having an operational and corporate update. Yesterday Angus set in play a debt facility raise and a modest equity funding to stand alongside it, also Reabold had interims. Finally the Kerogen representatives on the Hurricane board have left, what that may mean is anybody's guess but not being on the board gives them more scope than otherwise....
Oil has drifted again today, the delayed EIA inventory stats were hit by Laura, although crude built 2m barrels products drew as refinery utilisation fell with some refineries still closed. Genel announces that they may raise up to $300m to replace existing facilities, wise move from a position of strength. Sound's interim statement is short, nothing new but we know the new management are flat to the boards right now. Pharos has received permission for the full field development plan at TGT and Hurricane have taken a sharp knife to the CPR under new management..
Oil continued to rally yesterday after a bumper draw in inventories. Genel announce 1H numbers today showing the strength of the company while Sound seem to have done well in its Badile disposal. Hurricane shock the market as the Technical Committee warn about writing down the company's assets.
WTI $41.29 +22c, Brent $43.34 +3c, Diff -$2.05 -19c, NG $1.81 +2c Oil price Nothing to add M'lud, its a bit same old, same old today. The virus is still ...
Oil was subdues and remains so, newsflow is thin and the virus continues to refuse to die down. Hurricane has announced an operational and corporate update this morning.