(MENAFN- ProactiveInvestors) WTI $45.89 -18c Brent $46.59 -84c Diff 70 cents NG $2.94 +15c
Oil price
A very quick very late blog mainly for reference purposes further weakness for crude oil was provided in a speech by the UAE Oil Minister who said that there would be no change in policy from Opec and no rise in oil prices so that’s that then.
Eagle eyed traders saw the differential slip into negative territory yesterday for a very brief moment we are bound to see it again with market data from time to time changing one blend and not the other.
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I am not going to spend much time on Premier as not much has changed since I wrote it up a little while ago. Production last year was 63.6 kboe/d well at the top end of expectations guidance for this year starts at 55/- b/d not including Solan which should fire up later in the year. In that figure the UK was good as was Vietnam and Indonesia and hedging policy has been highly successful.
With Premier funding Chrysaor on Solan to be sorted sometime maybe soon but in the meantime the company will take the cash flow in lieu. Catcher is on schedule as is Bream now Vette and Sea Lion 2 is looking ok as well.
The company are right to say that they are in a strong position to weather the current oil price weakness and with a low cash operating cost of <$20 a barrel good UK tax position and a favourable debt structure there are few companies that are as well placed to come out of the current nadir in the commodity price as they are.
And finally…
Brevity tonight means that the final comment today goes to West Ham who overcame the Toffees last night after an epic cup tie on a long penalty shoot out. Everton boss Dry Martinez claimed his side were better on the night but they aren’t in the next round and probably need to ‘concentrate on the League’ otherwise he might have had an exclusive title of winning the cup and being relegated with two sides…
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