Opinion

Oil Price, Genel, Providence, and Finally…


WTI $69.46 +70c, Brent $72.58 -32c, Diff -$3.12 -$1.02, NG $2.77 +5c

Oil Price

More flip flopping around yesterday as a good start, prompted by the Saudi Opec Governor's comments that exports may fall back by around 100/- next month, was swiftly punctured by the end of the Norwegian strike which affected only sentiment. So Brent eased off, while as reported here yesterday, WTI enjoyed more positive feedback from the inventory draw at Cushing, seen as way more important when imports rose as they did last week. At the moment it is all sorts of small pieces of information that are determining oil price moves in the absence of big news for example, Brent is 50 cents up this morning.

Genel Energy

Genel has announced that the Tawke partners have received $62.33m from the KRG as payment for April crude deliveries, this is $15.55m net to Genel. At Taq Taq the figures are $6.53m gross, $3.59m net and the company has also received an override payment of $8.12m as per the RSA. In total Genel has received $27.26m from the KRG for April exports.

Providence Resources

Providence shares with us new data this morning on Dunquin North and South. According to the new data it shows the significant chance for a major discovery in the Dunquin South prospect which the partners are hoping to drill in 2020. The data also shows that there was a major fluid escape at Dunquin North which explains the duster but ‘no such feature is evident at Dunquin South'. Obviously a long time to wait but shows that the potential is there when investors decide to revisit…

And Finally...

It's Day two of The Open Championship at Carnoustie where I notice that it is raining this morning. With 19 players under par on day one will the weather change things at all, I doubt it! Kevin Kisner leads with a magnificent display of putting yesterday and it's all USA and RSA in top five overnight.

This weekend it is the German GP in F1 and with everything so close anything could genuinely happen. Having not won at Silverstone Lewis will be keen to make amends, particularly in Germany. He has signed a two year extension to his contract at Mercedes and Bottas a one year with another option year as well.



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