WTI (May) $112.41 +87c, Brent (June) $109.77 +74c, Diff +*$2.64 -$5.15
USNG (May) $2.81 +1c, UKNG (May) 131.22p +3.72p, TTF (May) €50.575 +€0.23
*Denotes that WTI is now trading at a premium to Brent

Oil price

As I write, WTI is up $2.51 at $114.92 and Brent has risen just 94c to $110.71, now at a discount to the US crude and both are strong again as the 11 day extension offered by President Trump expires tonight. After which all hell is apparently on the way if a cease fire is not accepted.

Hunting

Hunting has announced that it has been awarded orders totalling $63.5 million for its titanium stress joint (“TSJ”) product line, for a new offshore development in Guyana. 

The award will be completed by the Group’s Subsea Spring business unit and will be delivered through to May 2028, with revenue being recognised from H2 2026.

This new TSJ order is in addition to $4.4 million of orders secured by the Group’s Stafford and Flexible Engineered Solutions business units for this new offshore development since December 2025, with further incremental orders likely to be received throughout the rest of 2026.

These orders demonstrate the success of Hunting’s TSJ solution, which is used on Floating Production, Storage and Offloading (“FPSO”) vessels. They also underline Hunting’s strategic ambition to deliver a range of solutions for FPSO vessels used in offshore developments to capture a larger portion of projected spending on major subsea projects. By leveraging our enlarged product offering, we can better support integrated oil and gas groups and service companies throughout the whole life cycle of a well.

Commenting on these orders, Jim Johnson, Chief Executive, said:
“Our TSJ product line, which is a critical component for offshore developments, continues to be adopted on key offshore projects utilising FPSOs, given the maintenance benefits and reliability offered.

“We would like to thank our partner in Guyana for its continued confidence in our product offering and look forward to working together in the future with our range of products and solutions.

“This order also contributes to our guided subsea product group revenue and EBITDA through to 2028, as published at our subsea investor event held in January 2026.”

Hunting continues to deliver its strategic ambition to achieve significant market share in the fast-growing, high margin area of major subsea projects which encompass a large amount of current spending by all industry participants.

This is in this case particularly important in solutions being delivered by Hunting for FPSO vessels used in offshore developments and increasingly commonplace in current state of the art subsea projects. The company are achieving its target of ‘capturing a larger portion of projected spending’ in this area and I expect more.

This announcement states that the company has been awarded contracts worth $63.5m for titanium stress joints for a development offshore Guyana, an area where they have been highly successful in winning business recently. 

The new TSJ order it is noted, is in addition to the $4.4m of orders secured by the company’s Stafford and FES business units for this development since December 2025 with ‘further incremental orders likely to be received throughout the rest of 2026’. The company don’t seem to mention which client it is but a look at the recent presentation narrows it down and an educated guess can be made…

With the order being recognised with revenue starting from H2 2026, all the way through to the contract ending in May 2028, the order book and subsequent bookable revenues are substantially boosted.

This is far more than a one-off contract win, the TSJ product line ‘a critical component for offshore developments’ is rapidly becoming the state of the art benchmark for reliability and quality and Hunting are at the forefront in the industry.

Hunting are fulfilling the forecasts made at the various events since the Capital Markets Day and including the specialist subsea investor event held as recently as January this year. I remain confident that Hunting is setting the gold standard in subsea applications and that therefore the shares remain excellent value. I recently increased my target price to 700p which I am very comfortable with. 

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