WTI (Feb) $71.77 -$2.34, Brent (Mar)* $77.15 -45c, Diff -$5.38 -16c
USNG (Feb) $2.56 +6c, UKNG (Feb)** 84.0p -3.5p, TTF (Feb)** €32.89 -€0.7.
* Brent February contract expiry.
** January contracts expired yesterday.

Oil price

We are in the doldrums big time and yesterday’s fall was exacerbated by very thin markets as we come to the triple witching and the month, quarter and year come to an end, this is no time for an unbalanced book. Especially so with Brent February expiry and European gas contracts also expiring. 

But yesterday the US Central Command announced that the US Mason had shot down one drone and one anti-ship ballistic missile in the southern Red Sea, the 22nd attempted attack on international shipping since October 19th. This theatre appears to be rapidly becoming the biggest problem for early 2024 and with the overt backing from Iran the Houthi rebels seem to have unlimited bravado. 

Reabold Resources

Reabold has provided the following update on the Glass Lewis Proxy Paper report, as it relates to the Company’s requisitioned general meeting to be held on 10 January 2024. Glass Lewis has recommended that shareholders VOTE AGAINST ALL proposed resolutions, consistent with the current Board’s recommendation.

The current Board would encourage shareholders to cast their vote at their earliest convenience to ensure their votes are received before the general meeting.

Sachin Oza, Co-CEO of Reabold, commented:
“We are pleased to note that the Glass Lewis Proxy Paper report, along with the ISS Proxy report, recommends that shareholders vote AGAINST ALL resolutions, consistent with the current Board’s recommendation. We strongly encourage all shareholders to vote at their earliest convenience.

“The Glass Lewis Proxy report is the second such report relating to Reabold’s requisitioned general meeting.  It, along with ISS, has recommended that shareholders vote against all the resolutions supporting the current Board’s recommendation.

With the canvassing period happening over the holiday period it looks like the 8 days from next Tuesday will be busy and that doesn’t leave much time for voting; probably the key reason why shareholders are being urged to vote at their earliest convenience. 

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