Oil recovered last week's fall and was picked up on Mexican production loss and of course Hurricane Ida. Today I look at JOG on electrification, UJO and Reabold with exciting news from West Newton and Sound who have completed the Schlumberger deal. Also Hurricane announce an offer for the bonds, Lamprell update on recapitalisation and Eco Atlantic spud the Sapote-1 well and Zenith sign an agreement in Nigeria.
Oil had a Monday fall after concerns from China and a surge in Covid cases hits the US, albeit as in Britain there are many fewer hospitalisations. Good results from Genel and a confidence boosting increase in the divvi helped and IOG have spudded the Blythe development well. Lisa Mitchell is moving on from San Leon as CFO but staying to ensure current deals progress. Europa have started the farm-out process in Morocco and Lamprell were slightly disappointing. Finally i was saddened to hear from Trinity that Bruce Dingwall is seriously ill.
Oil is quiet ahead of the period end, Opec+ and Independence Day. Challenger update on trading and corporate while Genel announce receipts from KRI oil sales. San Leon cover everything in their finals and Hunting update on trading. Lamprell seem ok then announce they are short of dosh while SDX cover Morocco and Egypt. GKP also announce KRG payments.
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.