Opinion

Oil Price, Empyrean Energy, and Finally…


WTI $56.46 +21c, Brent $66.62 +50c, Diff -$10.16 +29c, NG $4.04 -80c

Oil Price

Hardly a word to say this morning after eight companies in the blog yesterday, the and finally might be the longest part!

Interestingly the oil price was up yesterday in spite of what looked like awful EIA inventory stats. A build of 10.3m barrels of crude was higher than the API number by 2 1/2 m barrels and actually pushed crude inventories above the magic 5 year average much toted by Opec+. The fact that oil ended up on the day was primarily due to the product numbers, gasoline drew 1.4m b's and distillates 3.6m and with the addition of the other products category total stocks actually drew. This morning both WTI and Brent are up around a dollar, let's see how it ends up.

Empyrean Energy

Empyrean has raised £1m at 10p, a premium of 3.7% to the 20 day VWAP and 4.9% to yesterday's prices a commendable achievement. The reason for the raise is for ‘general working capital purposes' which normally hides all manner of things but at EME it seems fair. For choice I would have thought they might have raised a bit more but if they only need the money to run the business then fair dinkum as they say in all the best Aussie bars. I will update further after my next chat with Tom Kelly which must be coming up soon.

And Finally...

The autumn internationals continue, England host Japan at Twickenham, Tonga go to Wales, the Springboks are at Murrayfield and Ireland welcome the All Blacks.

In the cricket England have persevered and at the early close due to rain are 324-9, ahead by 278 runs which might be enough. A century by skipper Joe Root and 50's from the Surrey pair of Burns and Foakes got England out of a tricky situation.

With three days of fantastic racing starting today at Cheltenham jumps fans will be well looked after this weekend.

With the international break rather ruining the football fans will probably watch England play Croatia at Wembley on Sunday. The prize to the winner is group success and maybe a bye to the Euros, to the losers relegation, what a pullava….

And after 19 years of very well paid work as Chairman of the Premier League ( he reportedly earns £2.5m pa) Richard Scudamore is leaving and the clubs are being told to chip in for a £5m leaving bonus. Except that he's not even leaving but staying on ‘in an advisory capacity', I bet he is….


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