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.
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..
After a bad week oil has turned slightly but is still jittery with so many COVID cases hitting economic demand numbers. I look at Scirocco with a name change and a identification of strategy in Tanzania and beyond. Coro is moving into clean energy development and Lamprell has won a 'medium size' contract from partner IMI. Finally I provide, thanks to Andy Pancholi of Cycles Analysis who has given us some guidance to trading around the US election tomorrow.
Oil has followed markets down after Reuters report a rise of 160/- b/d in Opec output in September and of course virus numbers were increased by two after POTUS and FLOTUS got the bug. Savannah had results this week as did Lamprell and yesterday I interviewed Stephen Bowler, CEO of IGas.
Oil has drifted a touch after slightly disappointing inventory stats showed a build in crude. Gasoline continued to draw though although recent virus numbers will have dented demand. Today IGas continue to deliver the goods for shareholders, again they have acted well in difficult circumstances by bringing on waterflood at Scampton and is expected soon at Welton. Lamprell announced yesterday a good operational update and I would think that we may be at the beginning of a cyclical upturn for them.
Oil had a good day as the IEA came out with positive data, it was up this morning after a rise in equities but both are running out of steam at the moment. Petrofac reports a good deal of strength but inevitable shifting to the right of some of its E&C orders. Lamprell is a bit hit and miss, poor results as expected but I believe scope for upward growth this year and next. Finally Touchstone reported, most importantly it is hoping to drill the Chinook prospect in July of this year.
Oil, or more specifically WTI is weak, down another 25% today ahead of rollover to the June contract as even at Cushing the storage tanks are almost full. Angus Energy issues a note today, good under the current circumstances, better when you are writing Riverfort out of your balance sheet. Coro's results were no surprise, recent changes mean that it may be a while before it expands much but Duyung is still a fantastic asset. Trinity continues to cut costs, after this latest bout operating break-even should fall to $20.50/b and Lamprell who announced last week are retrenching into the Hamriyah yard.
Oil has rallied for a number of reasons but Libya is getting pretty lively. Trinity have, as usual a very positive update across the board while Echo also seems to be becoming interesting at the Santa Cruz Sur. Far has gone ahead with its FID for Senegal and is now sorting out the financing which seems nearly all done. President has tapped Trafigura who are injecting money into this well run company and Lamprell confirms the two jackup orders. Finally Touchstone testing an oil play now have a 'liquids rich' structure.
Oil is unchanged after a flurry of reports and an unforgiving inventory report which whilst showing a decent crude draw also saw products rising. Today Genel updated the market, the company looks in a very strong position enjoying the delivery of projects funded by recent strong Free Cash Flow and yet being able to guaranty more capex and higher dividends. And Lamprell also updated the market in a slightly less inspiring manner...
The President blew the froth off the oil price yesterday finding another $300bn worth of goods to tax by 10%. The markets fell and the greenback rallied. Today I rewrite my note on Far which had a small but important typo on Wednesday, apologies and write up the Lamprell update today which is a mixed bag.