A big day for oil as the forecasts all moved to a big second half demand increase that will draw stocks down. Good figures from Serica show just how well it is doing at the moment. Finally the Remus/Far/Woodside drama continues and todays Far meeting has been postponed yet again, but will Remus bid?
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.
As Joe Biden starts his reign by signing executive orders that for oil mean that the XL pipeline disappears and also that there is a moratorium in Alaska as expected. Meantime life goes on and Serica are making the most of it, also Trinity update on the 4th quarter.
The 2021 Bucket List.
The oil market has taken the Opec and IEA reports pretty well and Brent is $50.52 as I write. GKP has positively updated the market and will be producing at the top of guidance and hopefully might cut a deal with the KRG next year. Serica's operational update was also top notch, with 80% gas prices are high and production strong with upside in due course from 32nd Round licenses. San Leon announce that with regards to the Oza field in Nigeria there is a Covid-19 delay so completion is delayed until 'early in the new year'. Finally Block has hired what seems like a very smart NED...
WTI $40.83 -5c, Brent $42.62 -31c, Diff -$1.79 -26c, NG $2.80 +2c Oil price A very modest fall yesterday, today it's a small rise but no massive direction from the ...
Oil had a good week but has since lost around a dollar as the strike in Norwegian oilfields has ended and hurricane Delta moved on. A great update from Serica where the R3 Intervention project is under way as is Columbus and also the gas price is making the economics of the company very handsome. At Petrofac it is announced that CEO Ayman Asfari is stepping down at the year-end but will remain as a NED. Newcomer is Sami Iskander who has a CV that reads very well and should be perfect for this role. I wish Ayman every success in his future as a philanthropist and of course, non-exec director.
Oil rallied off Tuesday's lows but the API stats and the STEO were mainly downbeat. Serica announces results and looks in an incredibly strong position with £101m of cash and rising gas prices. Jadestone also has interims which show that despite reducing guidance for this year the outlook is more than promising.
Oil has recovered most of yesterday's fall as the US jobs number please the markets. I comment on Sound after yesterdays tax news from Morocco, I also look at a number of the companies awarded blocks in the 32nd round of UKCS round.
Very quiet on the oil front yesterday, today it is drifting with markets coming off yesterday's highs.