Oil is under pressure as China battles with Covid, so far losing the battle despite the 'magic weapon' of zero tolerance. Southern Energy has reported a good set of figures with much excitement to come. Kistos is pursuing a scheme of arrangement in order to restructure and be able to pay out to shareholders. A new CEO on the way at Petrofac and a positive update from Coro in Italy.
Oil was very quiet yesterday unchanged on the day. Ithaca is returning to the London market and Genel and GKP announce KRG payments whilst Trinity complete the buy-back programme. Finally I get to meet with the management of Southern Energy Corp and have issued an initiation Target Price of 150p.
A decent rally for oil yesterday mainly due to inventory stats and supply concerns. Southern Energy are getting a new quote and I'm seeing them next week, Coro are doing well in Italy as prices help their portfolio and Echo finally restructure their debt.
Oil mixed but the KSA warn against trying to manipulate the oil price. Southern Energy have a great set of results and Scirocco move solidly towards its new sustainable markets.
Oil fell again after Jerome Powell of the Fed admitted that they may have misjudged inflation leading to a possible recession in the US. What a surprise and those clowns at the ECB and the Bank of England are no better. I have discovered that CEG may be sitting on a windfall by way of its crafty pick up of acreage in Uruguay, Shell and Apache have turned up as new neighbours...Gulf Keystone update shows just how much cash it's throwing off and San Leon are persevering with the Nigerian paperwork which should be highly rewarding. Southern Energy have raised $31m, more than expected and Lamprell find themselves in another fine mess.
Oil rallied sharply on Chinese data and a shortage of product inventory whilst Kistos has provided a positive AGM statement. Chariot show a big oversubscription in their Open Offer and Southern Energy Corp brings in a very decent well indeed.
Oil is quiet today ahead of the long weekend in the USA for Memorial Day. It will be about 5 bucks up on the week after demand for crude and products was strong ahead of the driving season. Results from Reabold and from Southern which looks an interesting play.