Oil is up around a dollar this morning despite some indifferent economic news from China. More importantly the natural gas price continues to run, in the UK it was nearly 200p this morning. A great result for PetroTal at BN-8H gives them a better than expected 7.6m b/d making 15.4m b/d, also Pharos farm-out in Egypt, another very smart deal. Longboat update, things are starting to happen with the drill bit and Petro Matad have interims and are preparing for Heron production next year. Finally Trinity have first result post the tragic loss of Bruce Dingwall.
Oil should be modestly up on the week not something you might have thought on Wednesday. Touchstone has 2Q results and an operational update. Prospex have found a legal technicality as a number of shareholders attempt to unseat the board and Block, in a similar situation have appointed Jeremy Asher to the board...Finally, after the tragic death of Chairman Bruce Dingwall Trinity reshuffles, no surprises in these appointments.
Oil is closing the week on a more positive tack, during the week the Covid Delta deviant concerned traders but the market is better again today. Sound has received a 'deal' from the Moroccan tax authorities which looks eminently turn downable. I may look more at Gran Tierra, I'm getting Colombia withdrawal. Far are looking for permission to return money to shareholders and Cairn announced earlier in the week a find offshore Mexico.
Oil is quiet and probably dependent on the EIA inventory stats this afternoon. IOG has committed to Scope 1 & 2 Net Zero status as of 2021 and President update regarding Argentina and Paraguay. Finally Trinity announce the death of Executive Chairman Bruce Dingwall.
Oil had a Monday fall after concerns from China and a surge in Covid cases hits the US, albeit as in Britain there are many fewer hospitalisations. Good results from Genel and a confidence boosting increase in the divvi helped and IOG have spudded the Blythe development well. Lisa Mitchell is moving on from San Leon as CFO but staying to ensure current deals progress. Europa have started the farm-out process in Morocco and Lamprell were slightly disappointing. Finally i was saddened to hear from Trinity that Bruce Dingwall is seriously ill.
Oil has drifted back to the lower end of its current trading range, but now with the Opec+ meeting wrapped up there is no reason to think it will fall much further. IOG report on their Elgood development well and whilst it had some difficulties it has done the job and now moves on to Blythe. Union Jack and Egdon have good news from Biscathorpe and UOG report from Abu Sennan. Finally Trinity have unveiled changes to the Galeota Block and its development.
Opec is sorted but the different agencies have different views on supply and demand. Petro Matad raises money after success in getting its exploitation licence and Trinity update for the 2nd quarter. finally Serinus announce that the Sancrai - 1 well has discovered gas.
Oil held up modestly last week and is a touch better this morning, the Iranian election brought in a hardliner with a big majority in very low turnout. Predator has spudded the MOU-1 well in Morocco and Echo has good operational news from Argentina whilst Helium 1 has spotted helium in the drilling mud. Reabold has an extension at Parta and Trinity complete their share consolidation.
Oil remains strong as the Opec+ meeting gave promising indications for the market place. JOG have updated on operations at the GBA development project which looks to be an enormously low carbon project. Trinity have had licence extensions and UOG update on Abu Sennan.
Oil is in good nick, Brent was over $70 late this morning. UK jobs data and word from the US are pointing to oil stocks to decline 2H this year and after last week retail gasoline prices have risen. Positive news from the Wressle partners today makes that look very good indeed whilst prelims from Trinity were good but show that the company is in a 'pretty good state' and 'delivering for growth.