WTI $59.97 +45c, Brent $62.63 +2c, Diff $2.66 -43c, NG $2.89 +1c

Oil price

I have avoided much talk of Greece in the blog up until now as apart from the sheer tedium of the process I haven't seen it creating much impact on the crude oil market and few companies are impacted whatever happens. It now looks like we are getting close to the vinegar strokes as they say and its pretty much down to what Mrs Merkel thinks. One point to note I suspect that if the European brotherhood are getting so worked up about the Bubbles leaving then what on earth are they thinking if we take our leave?

It's the second day of the FOMC meeting so we will get Janet’s view on rates this evening, no change but maybe more guidance on timing. The oil price had a small rally yesterday and has risen slightly in early trading today, the API inventory figures being after hours in the US. Those stats showed another stock draw, this time of 2.9m barrels which, if reflected in tonight’s EIA data would keep WTI pressing up towards Brent, notice the differential has a big figure of 2 now.

As I have noted a number of times recently the month of June is pretty key for several reasons, obviously we have had the Opec meeting, we are now looking forward to the Iran talks deadline and of course quarter and half year end means the end of some big hedges and debt negotiations…The news from the Iran talks appears to be moving back towards some kind of a deal, the French are winning their battle and the power-brokers in Tehran are ceding more than expected, it may not happen on the 30th of June but look out for whispers of a settlement. My trader friends tell me that the IEA reports of much more than the permitted amount of Iranian crude is already hitting the market with much more expected from storage afloat, meantime the Iranian Oil Minister was heard to say that ‘we will welcome US oil companies in Iran’…..

Sefton Resources

It is now clear why my meeting with Sefton was not forthcoming as they have today announced the raising of £799,500 at 0.06p with 600,000,000 warrants at the same price exerciseable by August 31 or ‘within 3 days of a further raise’. This money is allegedly for the purpose of ‘acquiring…

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