Oil fell sharply yesterday ending two dollars off the peak after the comments from China, probably no time to panic though. Another good statement from Amerisur who have production up, success in Platanillo and have just spudded Sol-1. IGas AGM statement is also very positive and the shares have fallen way too far, wait for Springs Road and further gas demand data. Finally Touchstone has announced good 1Q figures but its all about Ortoire in this quarter.
Oil is rallying again, mainly due to Venezuela being totally shut in due to power blackouts and with the API, despite reporting a build in crude oil showed further draws in products. An operating update from Echo is quite muted, the big stuff from Tapi Aike will come later in the year and Touchstone produce decent results with good netbacks. Finally Getech are handling tough industry conditions very well and report very creditable numbers in their pre-close update today.
The oil price is steady with positive fundamentals helping out and the chartists like the look of it too if it consolidates above these levels. Petrofac announced a big contract in Algeria yesterday which makes them even more undervalued whilst Far’s annual report is full of goodies. Finally Touchstone has an operational update with good production numbers and preparing to drill at Ortoire.
Presidents Day meant that trade was thin and so the market rose gently on lower production stories. DGO are continuing to sort out its decommissioning programme, this time in Kentucky whilst Touchstone has raised money for a well in the Ortoire property which if it came in would be very substantial.
A rally in crude as China starts to ‘stabilise’ its economy. For RBD and Upland a disappointment as the Wick exploration well was dry and from yesterday a comment on Ophir and Touchstone.
A funny week comes to an end, downward pressure on the oil price, a bit better this morning. A word about Frontera after the positive presentation and a catch up on RockRose and Touchstone. I’ve been running around interviewing and meeting people this week and there are at least three links today.
A slight fall in the oil price with a strong greenback and a better view on Opec production from the group itself. Faroe farm-in to a block in the UKCS is news itself and results from Touchstone show production still increasing.
WTI $65.06 -$1.83, Brent $73.44 -$2.50, Diff -$8.38 -67c, NG $3.02 +6c Oil price The usual pre-Opec meeting jousting is going on with a few other outside influences not helping matters into the bargain. Prices fell sharply when reports came…
WTI $66.10 +36c, Brent $76.46 n/c, Diff -$10.36 -36c, NG $2.95 +6c Oil price The usual pre-Opec cat and mouse position taking kept oil prices virtually unchanged yesterday. The Iraqi Oil Minister reaffirmed the comments I recently published, this time…
WTI $65.55 -33c, Brent $70.12 -33c, Diff -$4.57 n/c, NG $2.62 +3c Oil price The market is quiet, unsurprisingly as we come to the month and quarter end, this year also coinciding with the Easter break. Crude though is holding…