WTI (June)* $63.66 +56c, Brent (June) $67.44 +$1.18, Diff -$3.78 +60c.

USNG (May) $3.01 -1c, UKNG (May) 84.51p -2.24p, TTF (May) €34.9 -€0.775.

*Denotes WTI May contract expiry.

Oil price

Oil remains firm, today is up around 75 cents as we wait for the inventory data this afternoon. Last night the API showed a draw in crude of 4.565m barrels, gasoline drew 2.180m and distillates fell by 1.64m. 

But the upward trend remains mainly down to the US/Iran situation. The US are tightening their sanctions, moving on to LPG sales and shipping where individuals and family lines are being hauled in and talks are unsuccessful so far.

Pharos Energy

Pharos has announced that Mohamed Sayed, Chief Operating Officer and a PDMR, has stepped down after more than six years’ service with the Company. Mohamed originally joined the Company following its acquisition of Merlon Petroleum El Fayum Company in April 2019.

This is an interesting move by Pharos as CEO Katherine Roe firms up her grip on ‘right-sizing’ the G&A for the business, in this case, given the size and stage of the portfolio, and being mindful of senior executive weighting at board level, she has decided not to replace Mohamed Sayed.

Going forward and especially given the need for senior executive support within the business, I am sure that this is a correct decision considering the main focus of the business. Pharos has sufficient technical capability in both the Vietnam JOC and the Egypt country team in Cairo and this gives flexibility when it will be needed.The company remains a preferred member of the Bucket List. 

And finally…

The weekend was good for sport but the Prem is without doubt all over, despite the Gooners winning well, Liverpool tucked away another win on Sunday. Villa came back from being rocked midweek in the CL and easily beat the Magpies, the Bees, Chelsea, the Noisy Neighbours and Wolves all won and Spurs lost at home again, this time to Forest. The Gooners host the Eagles tonight.

Oscar won the GP and as I noted was 18-1 to win the title pre-season and is now 11/10, even Lando isn’t getting close…Max came second in Jeddah and Leclerc third.