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 weaker today after the storm in Texas shows signs of moderating, the US are taking the expected anti Saudi Arabian stance as well as resuming talks with Iran. The EIA inventory stats showed a big crude draw and an expected build in gasoline and draw in distillate stocks. Union Jack has announced a 200:1 share consolidation and confident statement whilst Wentworth join the United Nations Global Compact. Finally Sterling Energy have announced big changes, Waterford and Mistyvale have sold their stakes which have been placed with institutions and HNW's. This paves the way for ex Tullow team of Paul Mc Dade and Ian Cloke to come in and utilise their expertise in West Africa.
WTI $61.26 +$1.06, Brent $65.49 +61c, Diff $4.23 -45c, NG $2.70 +5c Oil price A modest rally in the crude price yesterday was mainly due to the weakening greenback as ...