WTI (Mar) $65.21 -21c, Brent (Apr)* $69.32 +88c, Diff -$4.11 -$1.18*
USNG (Mar) $4.35 +42c, UKNG (Mar) 87.01p -7.74p, TTF (Mar) €35.025 -€3.825
*Denotes Brent March contract expiry

Oil price

Oil prices fell sharply overnight as a consequence of the apparent change of view from The White House, a TACO moment indeed as it seems that with the nuclear talks ‘progressing well’ protection for those involved in the civil unrest has rather been forgotten…

This was aided by the news that, maybe due to the talks progressing, the Iranian navy did not after all do any manoeuvres in the Straits of Hormuz at the weekend. Having gained between $3.44 (Brent) and $4.14 (WTI) over last week the price has lost the lower end of that range in one day. Rather sweetly ironic I think that in order to close their bearish positions ahead of a potential skirmish the money managers now find themselves long and wrong, what will these masters of the universe do I wonder…?

Finally, OPEC+ met yesterday and as predicted at their last meeting left March quotas unchanged, this shouldn’t make any difference to market expectations for current supply and demand. 

Prospex Energy

Prospex has announced Senior Management Changes: CEO takes up post

Further to the 6 January 2026 RNS, Prospex Energy PLC (AIM: PXEN), the AIM-quoted investment company focused on European gas and power projects, confirms the appointment of Tom Reynolds as director and Chief Executive Officer with immediate effect.

Mark Routh has retired as a director and will remain available to support a smooth and orderly transition over the next three months.

William Smith, Non-Executive Chair of Prospex, commented:
“I would like to thank Mark for his significant contribution to the Company and, in particular, for his achievements in diversifying the Company’s asset base over his tenure. On behalf of the Board, I wish him the best for the future. We welcome Tom Reynolds to Prospex.  He brings a value and investment focused approach to the Company, and I am confident in his ability to deliver value to shareholders going forward. “

Tom Reynolds, CEO said:
“Since my appointment was announced in early January, I have  spent significant time with the Prospex team, and I have been consistently impressed by the team’s high technical standards and professionalism. Initially, my priority will be to work with the team and our partners to build an asset by asset plan with the objective of growing value. I look forward to engaging with Prospex stakeholders as the Board, team and I develop this plan over the coming months, building on the existing solid foundation.”

This is a big day for Prospex and as new CEO Tom Reynolds says, he has been very impressed by the full team at the company and that they are ‘very capable, committed professionals’ and that he is looking forward to ‘working closely with them to develop Prospex’. 

Indeed in talking to me earlier today, Tom said that having spent a significant amount of time assessing the portfolio, he believes that it contains very interesting assets which ‘offer a strong foundation for growing a business in the European gas market.

Starting today his initial priority is to understand the set of options available for each asset and use these to build a path to growth for the company. I can think of few better to perform this assessment given Tom’s experience in similar situations. 

I am pleased that in recent months I have been able to start taking a much more positive stance on Prospex, its current asset base is highly prospective with European gas assets for those Governments with the common sense to use them…

Prospex’ shareholders can look forward to an exciting time, Tom will waste no time in doing all that is necessary and a bit more, expect to see a big shake-up and a careful consideration of everything in his new remit, most definitely one for the radar screen. 

Gulfsands Petroleum

Gulfsands has announced that the Fractional Share Auction arising from the recent Share Capital Reorganisation, hosted by Asset Match, has successfully closed. All Fractional Entitlement Shares have been successfully placed with bidders which included both existing and new Gulfsands shareholders, including directors, management, employees, strategic advisors and new Gulf region investors. Proceeds received from the Fractional Share Auction will now be collected by the Company and passed onto the Company’s registrar, MUFG, who will distribute the funds proportionately between those Shareholders whose Fractional Entitlements were included in the Auction. We expect that payments will be made to those Shareholders on or around 12th February 2026. Upon completion of these payments, the Share Capital Reorganisation will be complete.

This is very good for those Gulfsands shareholders who have stayed through the traumas of the last few years and are now joined by the new investors in this event who include a host of friends and family. 

Readers know that I have remained interested in Gulfsands throughout the problems that Syria has been through and I have been very impressed with their commitment and dedication to the country. Given the size of the prize I can say that I am sure that management will be dedicated to putting Syria, and Gulfsands back on the map. 

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