Oil continues to rise quietly as the agencies remain confident about world demand albeit skewed strongly to the second half. Another positive operational update from PetroTal which is yet to be in the share price, President also have a positive update from Argentina. Finally Petrofac have announced a contract win with BP as well as a changeover in CFO, I wish Al Cochran well in the future.
Oil fell yesterday virus numbers were up again in India and now Japan has sounded the warning as well. Inventory stocks were mixed neither helping or hindering. Today its results from PetroTal who to be honest would prefer we looked at this year not last and so would Jadestone who pushed back capex which should repay this year. Its ben a mare for Providence Resources where yet again Barryroe has hit the buffers, another spell in A&E for them. Getech update positively and Empyrean get a tax rebate from the US. I also have another look at Far/Remus carried over from yesterday which has been a real FARce as Remus appears to be a man of straw.
Oil is quiet, the IMF brought out upbeat GDP figures which seem to support the Opec+ view on the 2nd half economic growth and the API showed crude inventories drawing by 2.6m barrels. PetroTal have had an upbeat statement and JOG has completed the last of the GBA asset deals. IGas have performed well in the conventional assets and Pharos have got a lot of good news to look forward to.
Oil is flat, the market thinks it knows the result of tomorrow's Opec+ meeting and is levelling its books on the last day of the month and the quarter. Lots of news today, PetroTal update on sales and risk, Touchstone have a disappointing well and there are good figures from GKP. President remain upbeat as are Tower and Advance makes its debut in London. Finally I interview the Zephyr CEO.
Oil celebrated a huge month by starting off March where it left off after a strong February. Union Jack and Egdon announce the submission of a Planning Application at Biscathorpe where I am confident it will beat earlier expectations. PetroTal has a new presentation which catches up on 2021 spend and 2020 reserves update.
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.
After all the Hullabaloo oil was even last week, today however it has tipped upwards again. I look at Chariot who have signed a collaboration Agreement with Subsea Integration Alliance for Anchois. Angus Energy are positive after news that their loan has seen substantial subscription. President update on 2020 and give guidance for 2021 whilst Echo publish their bond restructuring details.
Oil is up another 50 odd cents today so the squeeze continues, with bad weather across the USA oil and natural gas production is still sharply down as is refining capacity. PetroTal has announced its 2021 capital budget
Oil powers on, up again today WTI is up 82 cents and Brent over a dollar up at $64.43, even Sea Lion goes at this price...!It was all about the storms in the US which now run from Dallas to Boston and are here to stay. Even the Houston Ship Canal was shut last night... PetroTal has completed its $100m bond issue which puts it in a very strong position to reorganise the debt and invest in the Bretana field growth. Far is on the receiving end of another Non-Binding offer this time from Lukoil and I look at Remus Petroleum who have been involved in both these companies recently.
Oil continues to take a breather and is 40 odd cents off this morning but that still leaves the price nearly two dollars up on the week.