The Oil Man: Oil price, Range Resources

WTI $44.66 -61c, Brent $45.84 -52c, Diff -$1.18 +9c, NG $2.63 -6c

The International Energy Agency put the boot into the oil price yesterday; its report was decidedly not what the OPEC grandees wanted to hear just three weeks away from the crucial meeting.

"Relentless" appears to be the word du jour, which is how they described current supply, and backed that up with figures that showed global supply up by 800/- barrels per day (b/d) in October.

With demand growth staying at 1.2 million b/d for 2016, Mr Micawber would have pronounced misery, at least unless the cartel can work some magic…

Range Resources

The QUN 160 development well spudded on 9 November, the fourth development well and a re-drill of the QUN 158 well targeting the Upper Cruse and Lower Forest sands in the Morne Diablo field.

The fifth development well is the GY 218 in the Beach Marcelle field and is currently being mobilised ahead of spudding in early December.

I would expect reasonable production increases from the waterflood projects, as the company moves to hit production targets next year.

With recent funding giving clarity to its finances and what seems like a good relationship with its partner, Range looks very strongly placed to deliver and the next few months should be exciting.

And finally…

What a weekend of sport awaits us - and everyone should be catered for.

Tonight it's the old rivalry between England and Scotland at Wembley; this time it's a crucial World Cup qualifier so even more spice into the process.

Of course, both sides will be wearing poppies to honour Armistice Day and will take any punishment meted out by those toerags at FIFA, unfortunately neither Wales nor Northern Ireland are wearing them to avoid any action that might cost them points…

Another big weekend of rugby, with England entering the autumn internationals, hosting the Springboks at Twickenham.

The Wallabies are at Murrayfield, whilst Wales entertain the Pumas. Elsewhere, Italy face a chastened All Black side after their defeat to Ireland last week - who themselves meet Canada in Dublin.

The Brazilian Grand Prix is almost the last chance saloon for Lewis; with two races to go, he needs to win and have a "did not finish" for Nico into the bargain.

The cricket looks quite boring at the moment; India are batting on what looks like a road and are 250-1 as I write.

Finally - and where I will be tomorrow - it's the Open meeting at Cheltenham, for some people the first real jumps meeting of the season. With a bit of rain, I am hoping that we get decent fields and a few old favourites come out for seasonal reappearances.

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.