Oil is continuing to rise, the US is closed today but the favourable winds are blowing. Predator are looking very strong with good news from Trinidad, drilling in Morocco looks like to be going ahead shortly and even the Irish LNG project is back on the front burner again. Pantheon have prelim results from Talitha #A which looks good and is testing. Finally UOG has initial results from ASH-3 which seems positive.
The oil market is quite placid at the moment, New York is hunkering down for the big storm on the way. San Leon is back on track with the Nigerian funding and the Wressle partners have announced free lowing oil. Jadestone updates on 2020 as does UOG with guidance as well.
WTI $47.62 -90c, Brent $51.09 -71c, Diff -$3.47 +19c, NG $2.58 +4c Oil price I am writing this late in the day and have just erased all my early comments ...
Oil continues to rise towards the year end in thin trade, but with a new vaccine today in the UK demand for 2021 looks to be potentially very sound. More good news from PetroTal with news of exports into the Atlantic via Brazil and UOG keep their promies and complete the ASH gas pipeline in Egypt.
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 steady enough after the week when Opec meetings dominated but the final output change seems to satisfy most participants. With meetings in the new year on a monthly basis that should mean that fingers will be closer to the pulse and more visibility with regard to demand led by economic growth. Predator has issued a detailed end of year update which gives great optimism for next year and President Energy has passed the 4,000 boepd mark, a very creditable achievement. Finally UOG have been given a large number by GCA for its Jamaican acreage, next year's farm-out process will be the ultimate process.
Oil remains quiet ahead of tomorrow's Opec+ meeting but good news on the virus vaccine is announced as the UK approve the Pfizer product. Genel announce that first liftings from the Sarta field have been made and Zephyr have received final approvals for the 16-2 well. I interviews Andrew Austin, Chairman of Kistos yesterday, the link is here and at Echo they have news of VAT in Argentina. Finally UOG announce a programme in Egypt.
Oil has cracked down as equity markets are worrying about Covid-19 and demand knock on effects. I have today interviewed Premier Oil CEO Tony Durrant about operational performance and the upcoming financial restructuring. I also look at United Oil & Gas after an interview with CEO Brian Larkin, it looks most interesting with defensive capabilities and plenty of upside.
Oil has recovered most of yesterday's fall as the US jobs number please the markets. I comment on Sound after yesterdays tax news from Morocco, I also look at a number of the companies awarded blocks in the 32nd round of UKCS round.
Oil is very slightly weaker today as Laura, now a Tropical Storm moves away from Texas and Louisiana. UOG has placed the Rockhopper stake with institutions and one private investor. Aminex has had to ask for another long stop date for the Ruvuma farm-out as it has yet to be signed...