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 be quiet for July 4th celebrations and after the Opec meeting etc last week. Today IOG have an upbeat statement about production and Jadestone have restored production quicker than expected.
After oil took a caning last week on Fed and sundry lousy interest rate news it is important to notice that Opec+ is still missing by a distance its own quotas. The price fell sharply on Friday as the Fed said that it would be 'more aggressive' in getting inflation back to 2%. Union Jack has more good news from Wressle, Chariot has announced the Anchois FEED contract and IOG have a lengthy update on its portfolio. Rockhopper have given details of their Open Offer, Jadestone have suffered an unfortunate oil leak and Cornerstone Resources update.
Oil is all over the place but solid enough. IOG update on production where Saturn Banks is half back on, Hurricane relinquish the GWA and Tullow offer a merger with Capricorn. Jadestone is going net zero and I try again on Gulfsands...
Oil is unchanged today after a mixed week and influences varying from China to the USA. Union Jack have another positive update from Wressle where revenue has been incredible. IOG have had another teething problem but again it shouldn't hit the long term value of the field. Finally Reabold has sorted the situation in California and Daybreak is now funded to drill.
Oil is relatively strong ahead of the Opec meeting on Thursday. IOG have given a detailed update and SDX have a good result at South Disouq. Finally Trinity have 'paused' the Galeota farm-down process which is a disappointment.
Oil is off a dollar today after a couple days of tightness in the market. Savannah has increased its gas sales to the influential Sahara Group and I mention the IOG investor meeting from Wednesday.
A Flash blog today covering IOG bringing production back on at Blythe, DEC updating on its kit for reducing methane emissions and Union Jack and Egdon confirming that it has lodged the Biscathorpe appeal. Also for Empyrean it is an exciting few days as the Jade well keeps drilling ahead.
Oil is unchanged today after a big fall last week, both sides are finely balanced at the moment. IOG still have teething troubles at Blythe, VOG has lost a big part of the arbitration, i3 have record production and better than expected reserves and Arrow have spudded in Columbia. Meanwhile 6 years on Empyrean is about to spud...
After yesterday's rout its happened again today, Covid is still a problem but reports are suggesting that the peace talks in Turkey might have some legs. Union Jack say that Gaffney Cline are opening up the CPR into a wider remit. Savannah has announced a wind farm project in Niger and IOG have a had a minor teething problem at Blythe. Far have announced a change of plan, looking at offers for Gambia farm-out.