WTI $59.61 -84c, Brent $63.02 -$1.24, Diff $3.41 -40c, NG $2.82 +4c
Oil price
Last week the oil price fell a little, WTI was down 35 cents while Brent lost 85 cents amid various worries primarily led by substantial stock positions. Although the US inventory figures showed a continued draw, worldwide tankers are fully loaded and with deadline day in the Iran talks only a few days away some of that oil might be unleashed uncomfortably soon.
Today is the first of the ‘final’ deadline days in the Greek talks too and whilst it seems likely that some deal will be patched together that is hardly the ideal solution. Other stories around in the market concern Mexico which is an annual pastime as traders try to ascertain just what hedging has been going on and by whom. Saudi Minister Ali al-Naimi added to the confusion by confirming the comments made by Aramco earlier in the week that the Kingdom could and would step up production to meet increased demand…
Finally the rig count showed a tiny fall of two rigs on Friday down to 857, in oil it was very slightly better dropping by four to 631 units.
Plexus Holdings
Plexus has announced that the launch date for the Python Subsea Wellhead, as the HGSS is now to be known as, will be September the 8th. Under development with the JIP industry programme, this will mean that Plexus will facilitate entry into the global subsea market and will considerably expand the addressable market for the company.
Sound Oil
Following the disappointment of the Nervesa well earlier in the week Sound held a conference call on Friday which I listened in to. As usual the management were efficient and to the point and without pulling any punches explained what had happened and what to expect from the company in the short and medium term time scales.
The next event will be the drilling of the well at Tendrara in Morocco with that acquisition already bedding in. Management changes have been made that take Luca Madeddu to Morocco and Leo Spicci steps up to run Italy, it's a good thing that Sound have strength and depth in management.
CEO James Parsons told the call that all was on track at the company, with two game-changing wells in the next 12 months in addition to the other wells in Italy backing up the strategy. The company is well funded…
