Oil declined the most this week since March as a resurgence of Covid-19 threatened the outlook for global fuel consumption in the near-term. While futures in New York edged up on Friday, yet but settled 3.7% lower this week. The rapidly spreading delta variant is triggering renewed restrictions on movement as it sweeps across the globe. The UK is considering stricter measures due to a surge in cases, Singapore is shutting hundreds of nightlife venues, and in the US, a mask mandate has been reins
Companies: FO 88E DEC EME GTC TRIN UOG
Oil fell this week for the first time since May after days of volatile trading in the wake of OPEC+'s stalemate over a production increase in the near term. Futures in New York declined 0.8% this week, although the US crude benchmark closed higher on Friday amid a broader market rebound. Prices whipsawed this week amid ambiguity over the future of the OPEC+ alliance and swings in the US dollar. A stronger dollar makes commodities priced in the currency less attractive to investors.
Oil posted its fifth straight weekly gain, the longest winning streak since December, as demand recovers, and supplies continue tighten in the US and China.
Futures in New York rose 3.4% this week to the highest level since October 2018. Demand continues to rebound while the market expects output will only get a modest increase from the OPEC+ alliance, which meets next week to discuss supply policy.
Stockpiles are draining rapidly as fuel consumption rebounds in key regions including the U
Oil posted its third straight weekly rise on improving demand, with the International Energy Agency warning the market will need extra supply next year.
Futures in New York rose 1.9% this week, extending its rally to the highest settle since October 2018. The IEA said that OPEC and its allies will need to lift output to keep the market adequately supplied, though the agency predicted demand will not reach pre-virus levels until late 2022.
Meanwhile, road traffic in the US and much of Euro
Oil and gasoline futures both posted their second weekly gain in a row as expectations for a demand pick-up from the northern hemisphere's summer begin to come to fruition.
Futures in New York rose nearly 5% this week, the largest such increase since mid-April. A string of data this week so far affirmed the market's bet that higher vaccination rates and continuing reopening efforts are unleashing pent-up demand this summer.
On the supply side, oil is garnering support from deferred expecta
Oil posted its biggest weekly gain since the middle of April ahead of the US Memorial Day weekend that kicks off the country's summer driving season.
West Texas Intermediate rose 4.3% this week. A spate of positive US economic data this week continued to highlight the recovery taking shape in the world's largest oil-consuming country, while Americans are expected to unleash demand built up during the pandemic from this weekend onward.
With more drivers taking to the road and with some of t
Oil in New York surged the most in a month on Friday as prices garnered support from a recovery in equities and a softer dollar.
West Texas Intermediate climbed back above $65 a barrel, eking out a third straight weekly gain as a weakening dollar boosted appeal for commodities priced in the currency. Concerns persist over the spread of Covid-19 in Asia, which has tempered further gains.
Progress on reopening economies in countries including the US supports expectations for heavy summer tra
Following on from our previous report we wanted to explore the potential value of the Jade, Topaz and Pearl prospects in the event of success. We explore a potential three stage approach to the drilling of the three identified prospects within Block 29/11. Phase 1 involves success at Jade, which in the event of a commercial discovery would see our risked valuation of Jade increase from 9.7p to 41.2p. Phase 2 involves success at Topaz, which in the event of a commercial discovery would see our ri
Companies: Empyrean Energy PLC
Oil posted a gain this week as expectations for growing economic activity in nations from the US to Europe fuelled optimism around stronger summer demand. Futures in New York advanced 2.1% this week in the first back-to-back weekly increase since early March. Fuel sales in the UK rose to the highest since the pandemic again, and in the US, refineries are running at their highest rate since the pandemic began as they gear up for the summer driving season.
Crude's advance this week comes amid s
Empyrean has announced the completion of the well design and engineering work by AGR for the potentially transformational Jade prospect exploration well in Block 29/11, offshore China. The four-string design provides for a more robust well design with reduced exposure to potential unplanned events and associated costs. Jade will be the first well to be drilled in Block 29/11, targeting 225mmbbls (mean) of oil in place adjacent to a billion barrel oilfield. As previously stated, (and excluding th
Oil rose this month with a slew of positive economic data and signs of a budding fuel consumption revival in key economies offsetting a worsening coronavirus crisis elsewhere.
Futures in New York rose this week, extending its monthly gain to 7.5%. The near-certain likelihood of higher fuel consumption in the US, China and the UK has brightened the overall demand outlook, even as a resurgent pandemic in countries such as India, Brazil and Japan cloud those prospects. OPEC and its allies see wo
Catena Group (CTNA.L) to complete reverse takeover and be renamed Insig AI and is acquiring the remaining shares of Insight Capital Partners. Insight, which is based in the UK, is a data science and machine learning solutions company that provides bespoke web-based applications, advanced analytical tools and modern technology infrastructure to make machine learning accessible to investment professionals. Insight has developed five products specifically aimed at accelerating an asset manager's d
Companies: SWG LOGP G4M SDG MTL GTC KWS ARK ANCR EME
Oil posted the biggest weekly gain since early March as signs emerged of a recovery from the pandemic gaining traction in the US and China.
Futures in New York advanced 6.4% this week, despite eking out a small loss on Friday. On the heels of robust economic figures out of the US, data from China showed its gross domestic product climbed 18.3% in the first quarter from a year prior as consumer spending beat forecasts. In March, China's refiners processed about 20% more crude than a year earli
Empyrean Energy has upgraded its internal assessment of the geological chance of success (GCoS) for the Jade and Topaz prospects offshore China to 41% and 35% respectively (from 32% and 30%), with Empyrean looking to drill the 225mmbbl Jade prospect as soon as practicable. Empyrean has also confirmed that it is in discussions with a number of parties interested in participating in the drilling of Block 29/11. We update our valuation of the Jade and Topaz prospects to 15.3p and 9.7p, respectively
Oil posted its worst week in three amid concerns that rising global coronavirus cases are slowing the economic recovery.
West Texas Intermediate futures ended the week down 3.5%, the biggest weekly loss since mid-March. With the Organisation of Petroleum Exporting Countries and its allies planning to start raising output, markets are now focused on whether the demand recovery will be enough to absorb growing supplies.
While consumption is climbing in India and the US, rising virus cases an
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Bushveld’s consolidated vanadium production increased by close to 30% in Q2 2021, underpinned by improved operational stability at Vametco following a maintenance shutdown that adversely impacted output in the preceding quarter. If maintained across the second half, current rates at both Vametco and Vanchem put the group well on course to meet its recently revised full-year production target of 3,400-3,600t. With vanadium prices having recovered strongly from last year’s lows, we are optimistic
Companies: Bushveld Minerals Limited
EQTEC have just announced their Q2 Trading Update and have highlighted several key updates in their immediate pipeline. In line with our expectations, EQTEC are on track to hit our modelled revenue and EBITDA projections for 2021. Billingham has completed its concept design and progresses towards financial close.
Companies: EQTEC PLC
Shanta Gold (AIM: SHG), the East Africa-focused gold producer, has today announced its Q2 results and also a five year plan of production and costs for the group. The bad news is that the company has had to downgrade its guidance for 2021 due to pinching of the ore body at Bauhinia Creek (BC) which is limited to only a small part of the ore body but results in a loss of 16koz of near term gold production. As a result, guidance from the company has changed from 80koz for 2021 at an AISC of US$110
Companies: Shanta Gold Limited
West Newton flow testing update
Companies: Union Jack Oil Plc
• 2Q21 production was 8,825 bbl/d marginally above guidance.
• While the 3WD water disposal well has now been completed, one of the booster pumps is not fully operational, constraining water injection . This in turn has constrained current field oil production to~8,800 bbl/d. (Production from the recently drilled 7D well has naturally declined from 3.5 mbbl/d to 2.5 mbbl/d outperforming the company’s expectations). The booster pump is expected to be either repaired or replaced over the next
Companies: PetroTal Corp.
Yesterday’s positive trading update confirmed that recent momentum at HRMS, Hargreaves’ German JV, has continued into the early months of the new year. It is already clear that FY’22 results will be materially ahead of previous expectations (66% PBT upgrade). Moreover, FY’21 results will be even better than anticipated (18% PBT upgrade), reflecting the current strength of commodity market conditions. Our new forecasts prudently assume that these conditions normalise during FY’22 with no lasting
Companies: Hargreaves Services plc
Biscathorpe carbon intensity study
Elgood development well result
Companies: IOG PLC
Activity has recommenced on the clean-up of the Kyalla 117 well. whilst this has allowed the Kyalla 117 to begin flowing again without assistance for intermittent periods, production has not been sustained and there is evidence of a potential downhole flow restriction. Operations will now be temporarily paused while the cause of the restriction is investigated. In the meantime, the Falcon/Origin JV remains on track to drill the Velkerri 76 well and commence a further extended production test at
Companies: Falcon Oil & Gas Ltd.
Despite an ongoing state of emergency in Trinidad, Trinity has once again delivered a strong operational and financial performance in Q2/21. Production levels have remained broadly flat quarter-on-quarter at 3,047bopd (Q1/21: 3,107bopd), despite no new wells being drilled since 2019 and notwithstanding the constrained COVID-19 related restrictions. This strong production performance, combined with strict cost controls helped Trinity maintain a low operating break-even of US$27.8/bbl in H1/21, wi
Companies: Trinity Exploration & Production Plc
• The farm-out process in Egypt is progressing well. While it is taking a bit longer than initially anticipated, COVID-19 has had an impact on logistics, such as the ability to arrange a site visit. We understand that this has now taken place and that only a few minor items remain to be finalized. We estimate that a farm-in partner in Egypt would unlock £0.25 per share of value and increase our ReNAV by £0.10 per share. We view the current share price weakness as a buying opportunity.
• 1H21 pro
Companies: Pharos Energy PLC
United Oil & Gas has announced yet another positive result in Egypt – the fifth consecutive successful well since United acquired its interest in the Abu Sennan licence. Initial interpretations indicate that the Al Jahraa-8 development well has encountered a total of over 40m of net pay in the Abu Roash and Bahariya reservoirs, with the deeper Bahariya Formation targets encountering significantly more pay than anticipated pre-drill.
Following the continued success at Abu Sennan, an additional,
Companies: United Oil & Gas Plc
Central Asia Metals (CAML LN) announced Q2 2021 production figures with 3.3kt copper, up 16% QoQ and down 2% YoY, lead production of 6.8kt down 10% YoY and 3% QoQ and zinc production down 9% YoY and 3% QoQ. Rock conditions at Sasa have forced a temporary focus on areas of the mine which necessitate higher dilution leading to lower head grades and production; highlighting the decision to transition to lower dilution cut and fill mining. The company has indicated that output is likely to be toward
Companies: Central Asia Metals Plc
Following analysis of the Talitha #A well result Pantheon Resources announced an oil in place estimate for the Shelf Margin Deltaic B sequence of 2.6 billion and a P50 Contingent Resource estimate of 404 million barrels of recoverable oil. We believe the update is materially positive and expect it to further strengthen the positive momentum in the company's share price. The company indicated that farmout discussions have commenced and specified that it will likely seek to raise capital in Q4 202
Companies: Pantheon Resources plc
Although renewable energy has been gaining increasing traction over the past decade as the costs of renewable energy generation and perhaps more importantly, energy storage have fallen, 2020 was a seminal year for transitional energy investors driven by governments seeking to “build back better” after COVID-19. The US has committed US$2.25trn largely focused on the energy transition while the EU has committed US$0.54trn with companies around the world including China committing to net zero targe
Companies: LAM FSJ TGP PRES JMAT CRPR NEXS VLX