(MENAFN- ProactiveInvestors) Oil price
The oil price headed south yesterday for a number of reasons the greenback was unusually weak inventories were higher and the IEA made further bearish comments. Those EIA inventory stats showed a build of 4.9m barrels 1.3m above consensus which is pretty close for those guys with more refinery maintenance kicking in. Chartists are only just holding their nerves as the Brent price toyed with $53.99 but stayed above it next support after that is still $52.40… The House passed the Keystone XL bill which goes to Barry on February 23rd.
I am late today as it was investor day at Chariot I can tell you that the oil price is rallying again after the news that there is to be a ceasefire in Ukraine starting on Sunday. Also I notice that Kuwait has suspended all exports due to a sandstorm funny that who would of thought that you would get a sandstorm in Kuwait
Chariot
A very brief word on Chariot as I will write more at a later date and when my eyes have unglazed after having seen over 100 charts pass in front of me. It is hard not to be impressed with what Larry Bottomley and his team are up to in such a difficult marketplace. First announcement was that the deal they trailed when they last raised money is now off due to changed market conditions or similar but I didn’t hear them offering to give the money back!
Chariot are as well placed as many they have a good portfolio of large scale assets with few commitments which tick a big box a strong balance sheet ditto tick and also scope to up the ante if the opportunity arises as a number of their projects are ‘drill ready’. I dont really want to see them taking advantage of what they say is a ‘tidal wave’ of opportunities and would prefer they kept the cash in their skyrocket after all they will spend half of it this year. Lots resting on whether Woodside go ahead in Morocco which would be sweet but not the end of the world if not and they can carry on with a much cheaper programme of seismic around the portfolio.
The team at Chariot are good and there is no doubt that if any of the wells they are drill ready for came in they would roof-it to use a technical term. Very much on the radar with the Woodside news closest to be making a difference in the second quarter of this year.
Circle is another stock difficult not to like what with having both Steve Jenkins and Keith Morris on the board cant wait to get invited to their next event… Today they announce that all is going well in Morocco and actually not so badly in Egypt in the former they have stable pricing and in the latter they are getting paid a bit.
The one thing holding back the company has been the convertible which is up for redemption in July of this year. So good news then when they announce that they are in discussions with KGL and hope to extend it by two years. They have cash of $34m and an RBL of which $45m is drawn down and as far as I can see the company is operating smoothly enough for one without a CEO no news today but must be imminent…
And finally…
The last round of the warm-up matches for the cricket world cup are over and England lost to Pakistan after another lacklustre display. What wasnt a lacklustre match was West Indies v Scotland where the sweaties nearly came good chasing 314-9 the jocks put 310-9 on the board most impressive…
Last night footy was dominated by Chelski who should have had 10 men on the pitch at the end and it should have been 0-0 but it wasnt and the special one is keeping his head down. Man Who managed to beat Burnley 3-1 quite how I dont know and the Noisy Neighbours won easily at Stoke the Baggies beat Swansea and there were draws between the Saints and the Hammers and the Eagles and the Magpies saving Pardew’s blushes…
For my poor Villa readers those last 13 cup finals will be under new management as the owners pushed the panic button after saying all season that they wouldnt but then otherwise it wouldnt be called a panic button would it…
And Tiger Woods has ‘temporarily’ retired from the sport saying that his game wasnt satisfactory for tournament play and he may or may not return.
And a huge thank you for my biggest ever post bag by a mile for everyone who wrote in in support of the ‘and finally’ it obviously hit it with lots of you who despite me abusing your football clubs and sometimes whole countries asked me to keep it in you are all far too kind and I will try and respond when I can…
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