The Oil Man: Oil price, Range Resources

WTI $52.33 -$1.39, Brent $55.47 -$1.35, Diff -$3.14 +3c, NG $3.33 -40c

The strong dollar hit the crude price yesterday, although traders reported some selling of WTI as it hit the landmark $55 level, not seen since June 2015. The US economy looks like it might benefit from some straight talking from the President-elect to the motor industry…

Range Resources

A Trinidad update this morning from Range and the good news just keeps on coming from the country. Exit production rate at the end of 2016 was over 800 barrels of oil per day, up 40% from the year before and beating expectations.

The GY 681 well looks good as log evaluations indicate 230-plus feet of pay and will go on production testing this month. The QUN well completed in November has already gone into production which will have helped that exit figure as well.

Finally, in line with expectations, the Morne Diablo water-flood has commenced on schedule - another piece of good news.

Despite having had a mountain to climb it seems that the company is delivering on promises made and shareholders look like they may be rewarded for their not insignificant patience. Watch this space.

And finally…

Watching the Cherries v. the Gooners last night and one knew that the equaliser would come after such a battering; almost a carbon copy of the game against the HubCap Stealers. Spurs are on tonight against Chelski…

And Hull City Tigers have lost patience with Mike Phelan. To be honest, he is best out of there; if the new manager expects to get any dosh from the owners he or she is more deluded than they think they are…

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.