Oil prices were flat on the day but lower over the week, according to Malcy's Blog, which described a volatile week dominated by the US Mid-term elections, the outcome of which the blog said was every bit as bad for the Republicans as had been feared. In the Middle East, the blog reported that little has changed: tankers were reportedly hit overnight in the Strait of Hormuz, and a peace settlement appears as distant as before. The price figures published by Malcy's Blog show WTI (December) at $90.52, up $2.40, and Brent (January) at $98.29, up $3.67.
The differential between the two benchmarks is quoted at -$7.77, up $1.27. The blog's commentary describes oil as flat on the day, which does not fully match the gains shown in these quotes. The source does not specify the reference time for the daily changes, so the figures are reported as published.
The blog also quoted gas prices: US natural gas (December) at $2.95, down 1 cent; UK natural gas (December) at 217.50p, up 2.75p; and TTF (December) at €87.785, up €1.28. According to the blog, Goldman Sachs raised its oil price forecasts during the week. The blog reports that its year-end WTI forecast rose from $81 to $94 and its Brent forecast from $90 to $105, and that forecasts for next year were also raised.
These figures are as reported by Malcy's Blog; the original Goldman Sachs research was not consulted for this article. The blog's author commented that such forecast revisions could be read as a contrarian signal. Sunda Energy has issued an operational update and guidance on the timing of key milestones.
In New Zealand, the company is preparing for completion of its acquisition of Matahio Energy NZ Limited, which is pending government consent for the change of control of the assets. Sunda reported average production of 1,059 barrels of oil equivalent per day in the nine months to the end of September 2026, compared with an average of 1,028 boepd for calendar year 2025, and stated that the acquisition has an effective date of 1 January 2026. Completion timing is outside the company's direct control, according to the update.
Separately, Sunda's application for an offshore exploration permit containing the Awakino gas field is now exclusive. The detailed evaluation phase has begun at the regulator, New Zealand Petroleum and Minerals, and the permit award is expected late in Q1 or early Q2 2027, although this cannot be guaranteed. In Timor-Leste, the expiry date of the current phase of Production Sharing Contract TL-SO-19-16 has been confirmed as 16 October 2027, following a 12-month extension granted to the subsidiary SundaGas by the upstream regulator, Autoridade Nacional do Petróleo.
Negotiations are continuing with the government-owned joint venture partner TIMOR GAP over a farm-in for an enlarged working interest and the transfer of operatorship. The target for concluding discussions and securing the necessary regulatory approvals is the end of 2026. Finder Energy Holdings has confirmed that one of the optional drilling slots on the Hakuryu-5 rig is, in principle, earmarked for Sunda's Chuditch-2 appraisal well.
In the Philippines, Sunda expects the first fast-track reprocessed 3D seismic products during Q1 2027. Sunda's chief executive, Dr Andy Butler, said the company continues to make positive progress across its initiatives. Malcy's Blog's author noted that the update contains no immediate catalysts, with key hurdles such as completion, permitting and the farm-in negotiations still to be resolved, and that most of the milestones appear to fall in 2027.
Angus Energy has announced that the North Sea Transition Authority has approved extensions to two production licences. The Saltfleetby gas field licence (PEDL005) has been extended to 3 April 2037, and the Brockham field licence (PL235) has been extended to 27 October 2035. Both extensions have been formalised through Deeds of Variation with the NSTA following the submission of Field Development Plan Addendums.
Angus's chief operating officer, Ross Pearson, said the extensions provide long-term certainty for both assets, and noted a workover planned at Brockham later this month and preparations for drilling a new well at Saltfleetby. The blog's author described the extensions as very good news for the company and suggested that the NSTA's approach is supportive of domestic UK hydrocarbon producers' long-term investment plans. The author also noted that Angus has restructured its finances this year and that, combined with strong local pricing, it should lead to improved financial performance.
Source: malcysblog.com