Oil is already making back the losses when yesterday people wrote off Opec, something to do very carefully and not by me, at the moment anyway. Petro Matad has received its exploitation licence in Block XX and Coro seems to have done a very smart deal with ion. Hurricane has completed the Lincoln obligation well and Getech is looking at Hydrogen. Finally it seems that some Block shareholders are not looking at their own board but others, not a wise move if you ask me.
The Opec+ meeting is underway and with all in their favour the outlook is bound to be good one way or another. Scirocco are happy with the way things are looking in Tanzania and Chariot have appointed a new but well known to them drilling Manager. President has detailed the spin off of Atome and Block seem to be not worrying about a 44% vote against the Chairman at their AGM.
Oil will end up on the week as the crucial stock draws continued, economic data was good and gasoline demand continued to rise. Chariot look good as they become a gas and transition company with much excitement to come. Scirocco has amended its facility as it heads to Eurpean transition itself. And DEC have appointed a head of ESG, it is getting so important nowadays.
Oil is up again today as buyers realise just how big a week it is, Iranian elections upcoming, the Putin-Biden talks, the Fed meeting and the IEA volte face. Shell consider a sale of $10bn of Permian assets and Scirocco have made moves into the sustainable area while Challenger update on Saffron-2. Sound have done a very smart deal in Morocco and Helium One Global have started the drill bit spinning.
Oil is down a touch this morning, about the same as it was up yesterday...The Suez Canal is open and the market is starting to look towards Opec+. Sound has gone a long way in the bond restructuring and UJO and Reabold are moving ahead fast at West Newton. Pharos has new fiscal terms in Egypt and may also be in a good position on its farm-out. Elsewhere, new directors at Sterling Energy are v good, Savannah has a new website, Scirocco has been written up in a good note from WHI and Cairn have heard that the Indian Government are trying to have the Dutch court of arbitration set aside.
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
The 2021 Bucket List.
Oil has now gained nearly $3.50 on the week, the election result has taken risk off and whatever result occurs it looks like extreme policies are off limits. Helium One have solved their unquoted problem and will merge with tiny Attis and raise £5m, Scirocco comment on the process. And Deltic say that Shell remain committed to Pensacola and despite an extension still plan to drill 4Q 2021.
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.