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.
Oil continues to rise, up over a dollar and change this morning. US and Chinese economic data is trumping virus worries now and the US is opening up. Today Zephyr have a very positive statement out with revenue already coming through, Far has announced a new CFO in July and Helium One completes 2D seismic. Trinity have made an onshore acquisition and SDX kick off the Moroccan drilling campaign.
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.
Oil remains steady after a positive set of inventory stats yesterday. Today the first major winter storms have hit the North East of the US with three feet of snow in places. I have upgraded my 2021 oil price forecasts in line with the bucket list yesterday, I'm now at $55. Hunting have a trading update today, everything is in line with expectations. Cairn has announced a 32p special divvi and Echo have secured a new contract in Argentina. Far has received a potential 2.1c bid from Remus who appeared on the Petrotal shareholder list this week. Trinity has signed an MOU with the Trinidad & Tobago NGC and I report on yesterday's PFC statement. Finally I interviewed Brian Durrant of Unite Oil & Gas yesterday.
Oil is now drifting after a hitherto strong week. Virus numbers are continuing to rise which trumps the US election result. I have interviewed Andrew Hockey, CEO of IOG and give the link, also I look at Gulf Marine Services where trading remains strong but the menace of Seafox lives on.
Back down again today as world markets dive on the increased virus numbers. I link to the JOG story of Buchan video which is very much worth watching, meanwhile I follow up on a meeting with Alan Linn, CEO of Providence Resources. Finally I cover the Trinity update where they continue to produce well from existing well stock.