The Oil Man: Sound, Chariot, Amec Foster Wheeler

WTI $48.26 -73c, Brent $49.65 -45c, Diff -$1.39 +3c, NG $2.91 -8c

Just managing to get enough news for a blog today, especially as a number of oil markets were shut for Independence Day holidays whilst others were quiet. With some global demand worries and the possibility of another shock with the non-farm payroll numbers on Friday, few were putting their heads above the parapet.

News that two ships carrying product were anchored off New York, waiting for space ashore, worried bulls of gasoline demand into the bargain.

This morning prices are down well over a dollar as more reliable trade resumes.

Sundry

Sound Energy has moved fast to announce its new chairman, as Stephen Whyte steps up from the non-exec slot to fill the role. I have known Stephen for some time and he has had senior roles at Shell, BG and at Galp Energia.

Amec Foster Wheeler has announced an Engineering, Procurement and Construction contract with Louisville Gas & Electric for a coal ash-treatment plant in Kentucky. Whilst no value is attributed to the deal, it will last until 2018 and indicates that there is more work like this around.

Chariot Oil & Gas has an AGM statement this morning and the read-through is subtly encouraging. Whilst things would have looked different a while ago, Larry and team have realised that such a portfolio would have killed them and yet they remain survivors.

The big excitement for the company, for the moment, is the preparations for the Rabat Deep in conjunction with new bezzies Eni. The JP-1 well will drill next year and there is much work going on in recently acquired acreage at Mohammedia.

With few, if any, further commitment wells, Chariot has hunkered down, which may not be performance-enhancing but should keep them in the blog list of "haves".

I mentioned a couple of recent interviews, links to which are below. The first is more macro, whilst the second one splits into two: possible winners not normally in the blog - and a quick look at the bucket list halfway into the year.

The strategy of dividing the stocks into "haves" and "have nots" is examined and will be addressed more in due course.

Interactive Investor interview: Post-Brexit oil predictions

Interactive Investor interview: Oil companies to buy now

And finally…

I sat down yesterday evening to watch Muzza take on the Aussie Bubble, expecting a long and maybe hard night for the boy from Oxshott, Surrey. But he didnt turn up, leaving Muzza to nip home and stack the dishwasher…

And Mark Cavendish won his 28th stage win of the Tour de France, which puts him in joint second place ever for such a feat.

I get a lot of feedback on the blog which I really appreciate and apologise if it takes a while to get a reply. Yesterday's one was from Dutchman Joost Schouten, who feels, probably correctly, that I haven't mentioned enough of Max Verstappen, who followed up his recent win with a second place on Sunday.

He also suggests that Holland didn't even make the Euros this year thanks to…..Iceland.

Sympathy much appreciated, Joost….

This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser.