The Oil Man: Oil price, Range Resources, Petroceltic
12th May 2016 10:46
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WTI $46.23 +$1.57, Brent $47.60 +$2.08, Diff $1.37 +51c, NG $2.17 +2c
A short blog today; it's fairly quiet and I have back-to-back meetings with some interesting companies.
The oil price had a serious bounce as the Energy Information Administration stats provided relief for the bulls, who had been worried about Canadian oil reappearing swiftly after the recent fires.
A draw of 3.4 million barrels took everyone by surprise, not least the analytical community, who had been expecting a build after the American Petroleum Institute numbers.
It seems that the Genscape figures were more accurate, although watch out for the next couple of weeks as the "Canadian effect" trickles through ahead of the driving season.
Range Resources
has announced that it is slipping in an extra well into the programme by drilling another, off the same pad as the recent MD 250, to be nominated the MD 51-2. After completion, both wells will be tested.
Petroceltic
The party is over at , as the examiner has selected Worldview to take over the company. I will write more tomorrow on this whole shabby affair.
And finally…
It's all about the Maccams this morning, as their victory last night - against what was surely the most woeful Toffees team you have seen for years - gained them Premiership footie for another year and ensured that the Canaries and the Magpies drop into the Championship.
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