Today’s blog is a “micro-blog”, as I am taking a day trip on business to Brisbane. More news tomorrow.
Crude oil fell again overnight, with WTI at US$47.72 and Brent at US$55.11. The ongoing fears over a nuclear deal with Iran and the resultant release of its stockpiles and production capabilities continues to be seen as a pricing negative.
Henry Hub was exactly flat at US$2.64.
Expected today is an announcement from Woodside about the closing of its deal to buy Apache Corporation’s share of the Chevron operated Wheatstone LNG project in WA.
The Australian today reported a somewhat optimistic statement from the Chief Minister of the NT, Adam Giles, to the effect that the proposed pipeline linking the Territory with Eastern Australian was now “almost certain” to go ahead. All it is missing are: deals on gas supplies; deals on gas purchases; finance; a construction contract; environmental clearances; Native Title, etc, deals; etc – and it is ready to go!
Company news – Royal Dutch Shell (RDS)
RDS received formal approval from Washington to pursue its offshore Alaska drilling program this Northern summer. So far it has spent ~$US5B on leases, rig moves, litigation, etc – all for a couple of top-holes. This shows the ongoing appetite the Super-Majors have for the Arctic even in the current oil price environment.
Company news – ASX companies
Sorry – too early for this.
Quote of the day
“Optimist: Day-dreamer more elegantly spelled”.
~ Mark Twain