WTI $40.83 -5c, Brent $42.62 -31c, Diff -$1.79 -26c, NG $2.80 +2c Oil price A very modest fall yesterday, today it's a small rise but no massive direction from the ...
Back down again today as world markets dive on the increased virus numbers. I link to the JOG story of Buchan video which is very much worth watching, meanwhile I follow up on a meeting with Alan Linn, CEO of Providence Resources. Finally I cover the Trinity update where they continue to produce well from existing well stock.
Oil had a modest rally yesterday following equities up and after the dollar weakened. Tonight's US Presidential debate, at 0200 hrs UK time will be critical for markets. JOG has been very busy during the spring and summer and looks to be in a very good place with the Exciting GBA hub having moved a long way forward in all areas. At Chariot much has changed as well, the size and quality of the Lixus improves all the time and Anchois looking like a high quality play with many people very interested in partnering.
Oil has recovered most of yesterday's fall as the US jobs number please the markets. I comment on Sound after yesterdays tax news from Morocco, I also look at a number of the companies awarded blocks in the 32nd round of UKCS round.
Oil prices remain modestly strong ahead of today's EIA stats, the API equivalent last night were better than expected.Echo follows President by only barely commenting on the Argentine windfall, wise at this stage i should think. Jersey Oil & Gas look set very fair as they announce the completion of the acquisition from Equinor of the Verbier. SDX also report a good set of 1Q numbers in both Egypt and Morocco.
Another big up day for oil as big economies start to get back to work across the world thus boosting demand numbers. At the same time word from Saudi Arabia to those who listen is that right now the spigots are set to 6m b/d. I look at a great statement from JOG where the excitement of the lead in the development of the GBA is obvious and the future looks bright. Also Aminex take another step towards the formal farm-out with the completion of a loan from ARA to pay the CGT bill to the TRA. A quick word on Gulf Marine Services, not solutions, apologies where Seafox announce a purchase of shares at 10p, putting a ceiling of 10p or 9c on the potential bid as they commit to no increase in the terms. Finally, a little late I am look at the Getech announcement of last week, they appear to be handling the virus and the oil price pretty well.
While down around a dollar this morning as the Opec+ meeting is moved to Thursday there is still optimism that a deal will be done. RockRose has leapt out of the starting stalls to release 2019 results as soon as the FCA allow. DGO are looking very smart after not being badly affected by the virus or the hydrocarbon prices. JOG have hired a legend formerly of Shell to help with the GBA which is good and Petrofac have swung the axe like others in the industry.
Oil continues to fall as traders see an open door to push against, until someone draws a line in the sand it will remain uncertain. JOG has updated again with the bottom line being relatively positive as it puts its head down to develop the GBA. Genel, with figures tomorrow has a reserves update today which show that despite some reductions the way that it has built a model with resilience to low oil prices is highly creditable.
Its Black Monday with the Fed cutting rates to zero, making asset purchases of $700bn making no difference, as I write Wall Street is down 2400 points, the UK down 400, oil is off 10%.Jersey Oil & Gas is holding its own as it announces good news from the Greater Buchan area. GKP concludes the buy-back but suspends a well and may slight delay its plan for 55/- bopd.
It's Bucket List time and the February update is out today, cue trauma.....