Oil in a lull at the moment with diplomatic solutions being exercised and US Secretary of State Mike Pompeo in the Gulf. Genel has announced a share buy-back which adds to their overall return now they pay a divvi and doesnt affect overall growth potential, a wise manoeuvre which should garner support. Finally Petrofac announce their pre-close update in which all is in line with provided guidance. There is some effect of the SFO naming its clients but all clients relationships remain ‘excellent’.
The oil price is steady with positive fundamentals helping out and the chartists like the look of it too if it consolidates above these levels. Petrofac announced a big contract in Algeria yesterday which makes them even more undervalued whilst Far’s annual report is full of goodies. Finally Touchstone has an operational update with good production numbers and preparing to drill at Ortoire.
Oil may not end the week up, it’s a close call this week but as we see the end of the month February was up 6-8.5% for WTI and Brent and they are both up over 26% so far on the quarter and ytd. Pantheon and partners may not have had success at Winx-1 but for them the Alkaid well test which is next is crucial… From yesterday when both Petrofac and Hunting provided excellent figures and also good news from Genel who got KRG approval for the Chevron deal.
A round up on the move of a number of companies including Petrofac trading update, President having further well success and other news from the sector.
The oil price ends the week on a high, the first for a while. I talk about the Premier Oil meeting and the positive outlook for Sea Lion with Rockhopper, I also discuss Petrofac selling Greater Stella to Ithaca. And disappointing news from Bahamas Petroleum whose suitor has left them at the altar.
WTI $68.08 -50c, Brent $74.73 -82c, Diff -$6.65 -32c, NG $2.92 -2c Oil price A slight drift yesterday as the market considered the opec and Non-Opec meetings and fretted about a potential 1m b/d of extra oil. Now let’s be…
WTI $71.49 n/c, Brent $79.30 +2c, Diff -$7.81 +2c, NG $2.86 +4c Oil price At one stage yesterday it looked like WTI would stay above $72 and Brent above $80 but the strength of the Greenback killed that one off.…
WTI $57.04 +44c, Brent $63.31 +87c, Diff -$6.27 +43c, NG $2.68 -3c Oil price At this rate with crude up modestly this morning the week may end up being flat or even up a touch, news in the market has…
WTI $49.29 -$1.50, Brent $55.62 -$1.38, Diff -$6.33 +12c, NG $2.86 -6c Oil price Oil prices faded at the end of last week for no great reason, TS Nate worried traders who thought that it would take out refining capacity…
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, Jersey Oil and Gas
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, Victoria Oil & Gas
, Wentworth Resources
, Wood Group
WTI $48.66 +$1.37, Brent $53.38 +$1.04, Diff -$4.72 -33c, NG $2.97 -10c Oil price A handy increase in the oil price yesterday as crude caught up with products who have now had their run, at least that is until Irma…