The Oil Man: Oil price, Aminex, Genel, Lamprell
24th April 2017 11:50
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WTI $49.62 -$1.09. Brent $51.96 -$1.03, Diff -$2.34 -38c, NG $3.10 -6c
The oil price is up this morning, the first day since Easter and both WTI and Brent have since lost about four bucks a barrel for supply reasons. The supply in question has been from the US where I and others reported last week that the EIA had pushed up supply numbers although crude inventories were not too bad.
Just proving how mad the oil followers can be, it was reported that weakness was also blamed on one set of weak product numbers, how soon they forget weeks of product draw and the driving season ahead.
One month today will see the OPEC/non-OPEC producers meeting swiftly followed by the cartel itself on May 25th, four weeks to hear more announcements that quotas will be rolled over for another six months. Relief this morning, certainly in European markets, that it looks like Macron, but it seems that 'experts' are just adding the other non Le Pen votes together which may be premature…
Aminex
More good news from this morning as they report a 'material increase' in GIIP in Ntorya, Tanzania. The Pmean GIIP has tripled from 153 billion cubic feet to 466 billion cubic feet, whilst the P90 number rises from 31 to 62 billion cubic feet and the P10 is now 1.13 trillion cubic feet up from 332 billion cubic feet. This excludes adjacent acreage and potential liquids which might add a fair bit to the total recoverable amount, but for now it is time to apply for a production permit and possibly drill Ntorya-3…
Jay has been understandably difficult to pin down lately, but I hope to catch him before long and preferably in front of a camera. In the meantime, I'm very happy with the latest addition to the bucket list.
Sundry
has announced that Steven Whyte has been appointed a non-executive director and chairman designate for when Tony Hayward retires this summer. As we saw last week at , Steve Whyte has excellent credentials and will bring high quality experience to Genel, hard to see Tony leave though…
Whilst we are on chairmen leaving, it has been announced that John Kennedy is moving back from executive chairman to non-executive chairman prior to his leaving the board in September. Mr Kennedy has been a good chairman through interesting times as Lamprell and was just what was needed at the time.
And finally…
The FA Cup final will be an all London affair after Chelski beat the Spurs and the Gooners saw off the Noisy Neighbours. The new, two-year contract for Arsene that I revealed some weeks ago can be brought out and re-dated much to fans irritation…
In the Prem, the Eagles went to fortress Anfield and came away with a 1-2 victory against the HubCap Stealers which gave the Red Devils a chance to catch up with a 0-2 win at Burnley which makes the claret and blues a tad nervous near the bottom. The real claret and blues meantime kept the Toffees at bay drawing 0-0 at the London Stadium. Things look bleak for Boro though, taking a 4-0 stuffing from the Cherries.
In the Moto3 race in Texas, despite a poor practice session, the British Talent Team rider John McPhee, managed to stay ahead of his main rival for the World Championship, Joan Mir, to finish a creditable 7th. In the main MotoGP race Cal Crutchlow again managed 4th to be the first non-factory rider home. Maverick Vinales (Yamaha) crashed out leaving his team mate, Valentino Rossi, to split the factory Hondas of Marc Marquez, the eventual winner, (brushing off 3 practice crashes) and Danny Pedrosa 3rd. They move to Jerez in a fortnight where we'll hopefully see a Union Jack on the podium again…
Finally, well done to all who made it round in the London Marathon including Katherine Berrow for the Anthony Nolan Trust and Tim Gregory for the Cure Parkinson's Trust.
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.