WTI (Feb) $62.02 +87c, Brent (Mar) $66.56 +$1.09, Diff -$4.54 +22c
USNG (Feb) $3.12 -30c, UKNG (Feb) 83.79p +3.07p, TTF (Feb) €32.735 +€1.955

Oil price

Oil rose yesterday before the USA tempered its potential action against Iran after they said that ‘hanging is out of the question’ and protests died down, watch this space, there is no way this is over yet. So overnight it fell some $2.

EIA stats showed a big rise in crude stocks, at +3.391m barrels it was higher than expected as was the 8.97m rise in gasoline stocks.

Hunting 

Yesterday I had the opportunity to interview Hunting CEO Jim Johnson, it was a fascinating chat, and we talked about his views on the oil price as well as international events but obviously concentrated on the key divisions. 

We talked about Titan, which, following restructuring, is improving internationally, in OCTG the market share is up, particularly in the US and South America and also in Advanced Manufacturing, where exciting work is being done in a range of non-oil and gas, high-tech applications.

But we did, unsurprisingly, concentrate on the Subsea Technologies business, which is transforming Hunting as it has multiple deepwater options and has been making accretive acquisitions such as FES and OOR. The substantial growth in this sector of the market has meant that Hunting has significantly upped its forecasts for revenue growth, and the margins it brings are almost double those of the group. 

Hunting is in great shape, it has a blue chip customer base, listen to the interview, it proves what a dynamic, high margin growth business it is, and I will undoubtedly be upping my TP, currently 500p, soon.

Core Finance interview: Jim Johnson, CEO of Hunting PLC

Reabold Resources

Just a brief update from the shareholder register, I note that it was announced on Tuesday that Rohan Oza, of whom I wrote about over Christmas, has increased his holding again from 4.17% to 5.64%, which is quite serious, watch this space..

And worth looking at the Reabold investor forum, where I have just watched a good interview with co CEO Steven Williams, worth a glance.

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