Oil is back on the agenda tomorrow with the producers’ cartel OPEC meeting in Vienna to agree, or not, to extend production cuts agreed in November.
To the surprise of many, most members have stuck to the plan but to no effect in terms of the oil price, which has barely shifted from around US$50 per barrel.
As predicted US shale firms are proving very adaptable and are even looking to increase production again as drilling activity picks up.
An extension of the output limit for nine months is what is being mooted with Russia also agreeing to back any proposals.
A slump in production from Venezuela may also help other members nod through the new limit, which works out at about1.8mln barrels per day.
Bumps in the road for Halfords
Are the wheels falling off for bikes to car parts retailer Halfords PLC (LON:HFD)?
Bears say the oil price recovery hoped for by OPEC will mean less driving and consequently less need for the car maintenance services provided by Halfords’ weFit.
Bikes too may be seeing a slowdown in replacement demand eases.
Add in chief executive Jill Macdonald jumping ship to Marks & Spencer and you can see why the market is a little concerned at present.
On the flip side, Macdonald does not take up her job with M&S until October and it’s hard to see her wanting to depart under a cloud or with Halfords hitting an oil slick.
Because of that analysts says annual profits are almost a cert to be around or about the consensus level of £74mln.
Expect some upbeat comments about this year as well, though the market may need convincing Macdonald is not going because Halfords is having to peddle harder and harder just to stand still.
Thursday 25 May
Interims: Urban & Civic Plc (LON:UANC); Schroder European Real Estate Investment Trust Plc (LON:SERE); Daily Mail and General Trust PLC (LON:DMGT)
Finals: Caledonia Investments Plc (LON:CLDN); Tate & Lyle PLC (LON:TATE); United Utilities Group PLC (LON:UU.); Wizz Air Holdings Plc (LON:WIZZ); Halfords Group plc (LON:HFD); MITIE Group PLC (LON:MTO); PayPoint PLC (LON:PAY); Pets at Home Group Plc (LON:PETS); Intermediate Capital Group PLC (LON:ICP); Helical Bar PLC (LON:HLCL)
Trading Statement: Inchcape PLC (LON:INCH); Card Factory Plc (LON:CARD)