WTI $45.38 +18c, Brent $48.08 -23c, Diff $2.70 +5c, NG $2.39 -2c

Oil price

There were more positive tones in the oil markets yesterday but to be fair most of it was following slightly flaky data from China and the US, markets around the world have rallied sharply following the ECB decision to launch more stimulus. In China it was new homes prices data which showed a rise for the 5th consecutive month, in the US it was also housing stats and better than expected employment numbers. The earnings season continues and the numbers have been reasonable this week. Finally the oil price might have been better but for the rise in the dollar yesterday. Today’s rig count will, as usual, be important and with the EIA showing a fall in domestic production this week and likely to continue, a further fall could well signal more positive news for the oil price. With November not far off, all it needs now is some cold weather and don't forget that refinery maintenance finishes next week so a stock draw is not out of the question…

Europa / Egdon / Union Jack

Time did not permit a few words yesterday on the announcements from the Wressle partners that they were going straight to FDP after the EWT. It now appears that the Ashover Grit potential may well be higher than the 80 b/d on test, it seems that this rate was impeded by localised nearby well bore formation damage or skin factor, as explained by Mark Abbott after the last announcement. The operator suggests that if the effects of the skin can be countered then a more realistic rate might be nearer 500 b/d, a much more positive outcome from the well. Interestingly only last week when talking to Hugh Mackay at Europa he was optimistic that Wressle might perform like the Crosby Warren Field did when it started up in 1987. So, the FDP will be submitted in 1Q 2016 with expectations of production 2H next year. Good news all round for the partners who rallied yesterday but for some reason have drifted back this morning.

Nighthawk- Committing Arikaree…

It has not been a good few days for Nighthawk, the night of the long knives is followed by a set of very disappointing well results, only the water-flood at Arikaree Creek is going according to plan. Attempting to find…

Unlock the rest of this article with a 14 day trial

Already have an account?
Login here