WTI $60.96 +25c, Brent $64.89 +25c, Diff -$3.93 n/c, NG $2.73 -6c
A modest rally yesterday with some good and some bad news in the market. The good news was the announcement that February Opec production fell again, this time to 32.2m b/d which is indeed impressive even if Venezuela continues to involuntarily help out the cause.
The EIA inventory stats were, as expected here, poor, this time of the year US refineries are not falling over themselves to buy crude during routine seasonal maintenance and the 5m build was twice what the teenage scribblers expected. However, the American driver always comes to the rescue and any signs of Spring tempts them into the gas guzzlers and gasoline demand rocketed, drawing 6.2m barrels the highest for many months.
Savannah Petroleum- Andrew Knott interview
Yesterday on Core Finance in my CEO interview I spoke with Andrew Knott of Savannah Petroleum. This was an interview I had been waiting for for some time, indeed pretty much since the Seven Energy deal was announced. Now that the deal is almost complete Andrew kindly shared some time with me to answer some of the key questions that arise from that deal, as well as the resumption of the drilling programme in Niger which was halted whilst the shares were suspended.
The link to the interview is below and I think that is gives some very strong support to my view that the acquisition of the Seven assets along with the impending drilling campaign in Niger will be highly beneficial to Savannah shareholders.
In the Champions League Chelski had it all to do away in Barcelona and when King Lionel scored in the 3rd minute it just got that much harder. Antonio Conte said afterwards that the result was ‘unfair’ but the little maestro made all the difference.
In the Boropa Cup tonight the Gooners host AC Milan and you would have thought that even Wenger’s men can’t mess this one up….