WTI $45.23 +80c, Brent $48.23 +89c, Diff $3.00 +9c, NG $2.59 -8c
Oil Price
As the month and the quarter ends the window dressing starts, it won't look like a good quarter for commodities, indices or oil shares. Yesterday the oil price rose on what my trader said was a pretty quiet day in the market but the bulls would have been slightly happier as Brent in particular toyed with resistance around $47.50 ish and rallied off it. The API stats come out too late to affect the US prices and this morning crude is trading down but only by around 30 cents. The headline figure in the data looked bad with a stock build of 4.6m barrels against consensus of all square but the draw at Cushing of 1.2m barrels tended to support the Genscape numbers from Monday. Gasoline built by 3.3m barrels which means that products are now very high, let's see what the EIA say tonight. Finally we have important economic data upcoming, tomorrow is the Chinese manufacturing number and of course Friday is Non Farm Payroll day.
Sundry
You only have to look at the flood of interim results announcements to know it is the last day of September, companies leaving it until deadline day to put out their results or maybe just wanting to have their own numbers lost in the melee…
San Leon actually has a well result with their interims as the Laayoune-4 well exhibited gas shows and good reservoir quality enough to apply for an 8 year licence.
Velocys is looking like getting back nicely on track, Chairman Pierre Jungels stating that 2015 is a ‘year of delivery for Velocys with the tangible process of commercialisation under way’.
At Petroceltic one wonders if they have any time to run the company after they have to deal with Worldview and their shenanigans. I loved the piece in the Evening Standard which suggested that Worldview had sent the paperwork relating to the EGM to the wrong registrars, the words party and a brewery come to mind. Petroceltic’s interims showed that they are forging ahead with Algeria, having awarded the rig contract and invited EPC tenders. They are very excited about the Eni Zohr discovery in Egypt and having had ‘ a number of approaches’ are in ‘early stage discussions’ with a view to farming-out their acreage.
