Oil was down just a smidgeon last week and that won't change much as fundamentals are reasonably firm but India's virus numbers are weighing heavily on us all and the oil market. IOG are keeping up with a demanding programme for first gas at Phase 1 of the project and UOG have a solid set of figures and an exciting year ahead.
Oil is up again today, the Opec report pushed back the demand rises but they are still overall positive for H2. The API stats showed a decent draw in crude but mixed in products. Genel has announced a useful bunch of payments from the KRG and Kistos has launched a PrimaryBid offer along with a placing and subscription. Far has received news that Remus Horizons has returned for a potential bid, the day before the deadline. Sound has done a crucial bondholders deal very important for operational development going forward. And UOG has announced 'material' upgrade to its Abu Sennan field reserves in Egypt.
Oil has been up and down since even before the Opec+ meeting but it looks like the best result was keeping some sort of equilibrium with the potential economic recovery as the year unwraps.
Another huge week as WTI rose $4.59 and Brent $3.23 on Opec+ supply constraints and Virus concerns abating. DGOC have had yet more good results, Genel announce 10/- b/d from Sarta a creditable achievement with more to come. Sound has sold acreage in Italy and UOG spudded in Egypt.
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.