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. 

Original article   l   KeyFacts Energy Industry Directory: Malcy's Blog