Tuesday, 30 November 2021 02:48 GMT

The Pay Zone: Oil Price Genel Energy Hunting Plc and Northern Petroleum


(MENAFN- ProactiveInvestors) WTI $50.76 -77c Brent $60.48 -7c Diff $9.72 +70c NG $2.84 +7c

Oil price

Out in Glasgow yesterday so its a bit of a catch up today and with very little in the way of company announcements the market is very quiet. Yesterday saw the news from China that GDP growth was to be ‘about’ 7% this year  after missing last years target by 0.1% taking no risks here I see. February Opec output was 30.568m b/d with Saudi adding the little extra on the top.

Oil prices remain in a fairly narrow range and listless this week WTI is up on the week Brent down with Libya back up and then off and the EIA inventory stats showing a build of 10.3m barrels against the schoolboys consensus of 3.9m actually schoolboys could forecast better… There has been some military escalation in northeast Iraq as IS appear to be losing ground yesterday reports had it that they were setting fire to oil wells in Tikrit as they retreated.

Technically oil is ‘inside the cloud’ as they say with Brent having support at $60.32 and resistance at $63.42 that is a narrow range not quite what Glencore et al wanted…This afternoon we have Non-Farm Payrolls where expectations are for around 240/- (just in- they were 295/-) and of course the BH rig count…

Catching up…

Yesterday saw figures from Hunting (LON:HTG)which are fairly meaningless as even the last quarter of 2014 and the first of this year still show momentum 2Q will be critical. I am seeing the company next week so will write up that after the meeting but the statement yesterday was more optimistic than analysts were expecting.

Also yesterday Genel (LON:GENL) reported and whose figures were equally meaningless in with guidance but for this year with production up and prices down revenue guidance is for $350-400m against the historic $520m. More importantly the company has reiterated the view that payment from the Government will happen but it will take time the pool however is smaller at $50 and there are many mouths to feed…

Northern Petroleum (LON:NOP) announced a farm-out to Shell in Italy which came out of the blue but no less welcome for it. After a disappointing performance recently in Canada I wasnt expecting such a deal but it is a life saver for Northern even if it is pretty skinny and they cant afford any overspend of the cap…It has a pleasing read through for Sound Oil who’s Badile prospect has a greater COS and is potentially very large.

Finally I see that the Zebedee well has spudded this morning I am going to put something in the blog about this campaign early next week.

And finally…

A fairly sparse weekend for sport England play the Bangas in the World Cup on Monday and probably wont make the selection changes that are so obvious yesterday it was rumoured that J Trott will come back into the test team for the West Indies series which will prove nothing…

Back to the FA Cup this weekend and Bradford City who have beaten almost everybody so far have the low key but eminently winnable tie at home to Reading and it’s on the telly at long last. Whilst on the subject the BBC has decided in its wisdom to put the Utd v Gooners game on Monday night call me old fashioned but keep the cup games on the weekend please…

The Davis Cup tie between GB and the USA kicks off in Glasgow today and it may be quite close but the ‘Shermans’ are very much the favourites.

And an interesting pointer to the future…Travelling back from Glasgow last night I mistakenly went to the domestic departures gates only to be told that the London flight was leaving from the International part of the airport…spooky or what.


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