WTI $56.30 +4c, Brent $60.95 +25c, Diff -$4.65 +21c, NG $2.43 -1c
By Malcolm Graham-Wood
Oil rallied but didn’t deliver the rise that at one stage looked likely. The news from the trade war is at present slightly positive as was the inventory position, a 4.7m bbl drop was nearly twice expectations and gasoline and distillates both drew around 2.5m. Refinery utilisation rate was 94.8%, slightly down which is important after the Labor Day weekend and those product numbers are also to be watched, gasoline is still 3%above the 5 year average but distillates are 6% below.
Other positives are the US view on Iran where Washington is to ‘intensify’ sanctions on the country. Meanwhile Alexander Novak said yesterday that Russia’s output would ‘fall in September’. Jobs data later in the US may have an impact on the Greenback and rates…
Aminex has announced that Robert Ambrose has joined as a NED replacing Mr Sultan Al-Ghaithi as one of the Zubair representative on the board. As Chairman John Bell stated in the statement ‘as we looking forward to the Ruvuma farm-out and the future development of the project’.
I had an opportunity to chat to RockRose Executive Chairman Andrew Austin yesterday on Core Finance TV. The link is below so you can judge for yourself but it looks like things are going very well at the company. With the share price at £19 it looks very cheap to me, it is trading on or about its non-restricted cash and will undoubtedly continue to grow. Previous acquisitions have continued to grow, by production and asset life and it looks like there are a number of mixed size opportunities out there. We talked about the Marathon deal which has again rebased the size of the company and talked about returning money to shareholders when appropriate.
On Tuesday I spoke to Edward Bowen, also on Core Finance TV, he and his family started EDR only a year ago and it is already doing exceptionally well. The company has been involved in 23 work programmes in 16 countries working for over 15 clients, all of whom are of a blue chip nature. Unquoted just now but already making waves in the industry so worth remembering the name.
With the dreaded international break upon us there is little football to watch, Wales face Azerbaijan, Scotland take on Russia and England host Bulgaria.
England fell back to their slovenly ways with catches dropped and Smith being let off on 108 off a no ball for cripes sake, he went on the make a double century….Hero to villain stuff for Jack Leach.
It is the Italian GP this weekend where at the moment it is raining, will Ferrari be able to maintain its pace from last week in front of home fans?
Racing is at Ascot and Haydock although the cards are not much to write home about, with only the Arc and Champions day left on the flat one’s thoughts will soon be turning to the National Hunt.
My usual plug for this really important charity event, please help if you can either by participating or by turning up and drinking fine Bedlam beer!
The annual City Against Hunger mud run is taking place this year on Friday 27 September at the Nuclear Races site near Brentwood. Mixed teams of four compete against each other for the prestigious (home made) trophy that was won last year by a team of journeymen from Camarco, Numis and Macquarie. Beer is provided afterwards by the award winning Bedlam Brewery together with street food, live music and lots of networking. Teams raise funds on behalf of The Hunger Project (www.thehungerproject.org.uk), an excellent charity focused on helping predominantly women solve community issues in Africa, South East Asia and Latin America.
More details can be found via the microsite (https://join.thehungerproject.org.uk/event/cah2019/home) or else you can email [email protected] for more information.”
And of course all the very best to Jack and Lucy for tomorrow
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