WTI (June) $79.23 +60c, Brent (July) $83.27 +52c, Diff -$4.04 -8c.
USNG (June) $2.50 +8c, UKNG (June) 73.25 +1.6p, TTF (June) €30.735 +€1.03.
Oil price
Oil will be up on the week but put that down to the pretty good inventory stats. Pre-Opec chatter as I forecast continues and I expect this to happen for the next two weeks or so when the group meets.
Savannah Energy
South Sudan Acquisition Update
Savannah, further to its announcement on 5 April 2024, the Company advises that its ordinary shares remain suspended from trading on AIM while it advances the various workstreams associated with completion of the proposed transaction and is working towards publishing an AIM Admission Document in Q3 2024. A further update on transaction progress, and associated matters, is expected to be made within the next four weeks.
Savannah are indeed keeping the market up to speed with the progress on the South Sudan acquisition even if the news can only say that the deal has not quite completed.
Chevron
Chevron has announced that it is exiting the UKCS, admittedly as part of a $15-20bn sales programme post the Hess acquisition which now may not complete until next year as Exxon have taken their ‘partners’ to arbitration.
The key asset is the 19.4% of Clair which is a surprise particularly given the potential of the Clair South project but with Sullom Voe and the Ninian SIRGE pipe system I note that Enercom suggests a $1bn price tag. Whilst Chevron has clearly opted for the Uruguay or Namibian margin rather than the punitive fiscal policy and anti hydrocarbon industry perspective of the average British politician who I feel are sleepwalking into wrecking a fantastic community.
I wrote on Monday that the politicians should bear in mind that economics should prevail over ideology and today I am concerned that the reputation we are getting is not only a bad one but that will cost us mightily when the inevitable slow down in fossil fuel usage costs us as prices rise of a commodity we have stopped producing for all the wrong reasons goes through the roof.
And setting up Great British Energy, a publicly owned clean power energy company, what on earth do they think has been going on already…? The words ‘strikes terror into the hearts’ come to mind.
And finally…
A big weekend for sports fans as the Premier League concludes on Sunday and the Noisy Neighbours can win the title at home to the Hammers. The Gooners entertain the Toffees and need to win and wait…
Sunday sees the Emilia Roma GP at Imola, will we start getting exciting races now that Red Bull are letting the pressure get to them…?
And of course its the Oleksandr Usyk-Tyson Fury fight at the Kingdom Arena, Saudi Arabia for the IBF, WBO, IBO, WBA Super titles…
The US PGA continues after the excitement of World number one Scottie Scheffler under way after being released by police…who’d have thought it eh?
And tomorrow sees the Lockinge Stakes at Newbury, nice to see Inspiral again.
As for me, tomorrow I will be watching Half a Sixpence at the Capitol Theatre in Horsham where some acting talent will be on show…:)
Disclaimer & Declaration of Interest
The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. The writer may or may not hold investments in the companies under discussion
