Opinion

Oil Price, BP, Tullow, Links, and Finally…


WTI $74.14 +20c, Brent $77.76 +46c, Diff -$3.62 +26c, NG $2.87 +1c

Oil Price

With the US markets closed for Independence Day today the chance for traders to have a mash up was too good an opportunity to miss and according to my spy, WTI in particular was all over the place. Up before a crash and followed by a very decent rally saw the bulls eventually win the day.

The Saudis said that they ‘will use spare capacity to deal with any future changes in oil supply and demand rates' which translated says that they will do as they feel. Inventory stats are split by the holiday, the API came out last night with a 4.5m draw in crude and a 3m draw in gasoline and unless the EIA numbers, out on Thursday this week are much different then we will remain on the strong side.

BP

BP has announced that it has bought a 16.5% stake in the Clair field West of Shetland from ConocoPhillips and as part of the transaction sold it some Alaska production. BP now has 45.1% of the giant Clair complex and tenuous as it is just shows how hot the West of Shetlands is right now…

Tullow Oil

Tullow has announced that it has lost its case to Seadrill re the termination of a rig contract in December 2016 in which it declared Force Majeure.  Tullow retain the right to appeal but if it doesnt the sums are now relatively speaking quite small. The net amount Tullow will have to pay is $140m of which $128m was already provisioned in the end 2017 accounts. The Kosmos part of the litigation is expected to be handed down soon.

Links

It is time for the interim look at the bucket list and ahead of my speaking at the London South East Oil & Gas investor evening on July 17th here is at least a sneak preview as to how the numbers look and maybe a change or two…

London Sout East interview: Rockhopper tops Malcy's 2018 Interims Bucket List gains

And details of the event are here…

https://www.eventbrite.com/e/oil-gas-investor-evening-with-malcolm-graham-wood-malcy-and-aim-listed-ceos-tickets-46763627268?aff=Malcy

And relegated to Tuesday again my VoxMarkets Podcast finally aired yesterday. For a look at one or two companies in the news here is the link.

VOX Markets podcast: Sound Energy, Echo Energy, Victoria Oil & Gas, Faroe Petroleum, Diversified Gas & Oil and Rockrose Energy

And Finally...

Well I never, after the rather boring Sweden 1-0 v Switzerland the evening match was as about as full of drama as one could get with England finally prevailing 4-3 on penalties. We now have two footy free days, it will feel a bit strange and now til Saturday isnt long to prepare for a Q/F with Sweden.

England's cricketers came up against quality opposition last night in the form of the Indian touring team who demolished the home side, fortunately everyone was watching the footy but I think the bowling machine in the nets has to be set to wrist spin for a while…



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