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Hopefully the £5 holds this time.
Oil is very strong.
Maybe some held off reinvesting div to wait for new tax year,which is only days away.
Some new money in then might also help.
Lots of reasons to be cheerful.
Just not the weather it’s raining
:)))))))))))))))))
POO touching $88 now. Been waiting months for this up tick after jumping back in at 488/484, had to watch it go down to 445 but it now seems the supply tightness is hitting the demand picture head on just in time for q2 higher demand quarter vs q1.
Plan to sell around 520/525, I’m confident we’ll get there with OPEC+ now singing to the same tune
We get emails now, not envelopes ;)
I’m already maxing the sharematch and started in the lows of Covid when I first joined - the first tax free amount comes due end of Feb 2025! Nice little month on month treat when this kicks in!
Https://www.cityam.com/oil-majors-recap-how-is-2024-treating-shell-bp-exxon-and-chevron/
I should of read before posting the article is typical foolish nonsense.
Apologies....back to me eggs
Happy Easter all.
A fool's article today.
ISA millionaires think the share price makes BP a buy. Are they right? | The Motley Fool UK
https://www.fool.co.uk/2024/03/31/isa-millionaires-think-the-share-price-makes-bp-a-buy-are-they-right/
Woke up this morning to discover had just received my envelope with the details of this years matching employee share scheme.
It was about 2 minutes before I realised it was a dream,as I have not been a BP employee for many years.
Maybe that’s the part of BP I miss most
Nigeria Prompts Oil Producers to Keep Their Crude at Home. Representatives of Nigeria’s oil regulator NUPRC have met with the African country’s crude producers as their commitments to supply Nigerian crude to domestic refineries have been disappointing, with oil firms bemoaning the lack of payment guarantees.
Brazil Sees Buildup of Russian Diesel Tankers. Bloomberg reports that over 3.7 million barrels of Russian diesel has been idling in waters near the Brazilian coast, underscoring the growing bottlenecks in Russian energy deliveries as at least two tankers belong to sanctioned shipper Sovcomflot.
Mexico’s Crude Output Falls to Lowest Since 1979. Crude production of Mexico’s state oil company Pemex fell to its lowest monthly level in 45 years this February, pumping 1.55 million b/d of oil, with the world’s most indebted firm coming well below the government-set output target of 1.9 million b/d.
Kenya and Uganda Settle Their Import Spat. Kenya will allow landlocked Uganda to import oil products through its port of Mombasa, ending a longstanding dispute between the two neighbours, as Uganda’s government handed over exclusive oil product supply rights to global trading firm Vitol.
New Senegal President Questions Oil Deals. Senegal’s newly elected President Bassirou Faye intends to revisit the contractual terms offered to oil companies BP (NYSE:BP), Kosmos Energy (NYSE:KOS) and Woodside Energy (ASX:WDS), making good on his pre-election pledge to increase the state’s ownership of the Grand Tortue and Sangomar projects.
Vietnam Draws Closer to Qatari LNG. Vietnam will be ramping up LNG imports after the July 2023 commissioning of its Thi Vai LNG import terminal, signing its first ever LNG supply deal with Qatar for an April-delivery cargo as the South Asian country’s power demand is expected to grow 10-12% per year.
Friday, March 29th 2024
The oil markets are increasingly putting their trust into OPEC+ production cuts to remain in place throughout this year, a feat which combined with an improving macroeconomic outlook could bring $90 per barrel sooner than assumed. A better-than-expected Q4 for US GDP will most probably consolidate market expectations around a June interest rate cut, leaving behind the demand woes of early 2024. ICE Brent is set to close the week around the $87 per barrel mark, whilst WTI is trading around $83 per barrel.
Baltimore Closure Weighs Heavily on US Coal. The indefinite closure of the Port of Baltimore after the Francis Scott Key bridge collapsed this week will impact US thermal coal exports as Baltimore accounted for 28% of all seaborne outflows, affecting key shippers Arch Resources, Consol and Javelin.
US SPR Replenishment Cost Increasingly More. The latest round of strategic petroleum stock replenishments in the US, totalling 2.8 million barrels in September, has seen the average price hit $81.32 per barrel, above the $79 per barrel threshold that the White House mandated for refilling crude SPRs.
Iraq Extends Iran Gas Supply Deal for 5 Years. Iran agreed on an extension of a gas supply deal with Iraq for another five years, with Tehran sending up to 50 million cubic meters per day, accounting for approximately one-third of Iraq’s electricity generation in the peak-demand summer months.
Libya Oil Minister Fired Amidst Corruption Probe. Libya’s oil minister Mohamed Aoun was replaced within hours of his suspension with a replacement named from within the board of the state oil firm NOC, with Libya’s Tripoli government seeking to greenlight several multi-billion projects that he blocked.
Chile Urges SQM-Tianqi to Settle Scores. After China’s lithium giant Tianqi Lithium (SHE:002466), holding 20% in Chile’s SQM (NYSE:SQM), raised concerns over transparency in the Chilean company’s relationship with copper producer Codelco, the spat escalated to a governmental level with Chile’s Energy Ministry calling for a peaceful resolution.
UK’s Best Oil Eyes Eni Link-Up. UK offshore oil producer Ithaca Energy (LON:ITH), the majority owner of the controversial Cambo heavy oil project, is reportedly in talks with Italian major ENI (BIT:ENI) in a deal that would see Ithaca gain 40-45,000 b/d of producing assets whilst ENI would get a 38-39% stake in Ithaca.
US Treasury Targets Iran Oil Trade. In its sixth round of targeted Iran sanctions, the US Department of Treasury sanctioned Sa’id al-Jamal, a Houthi-linked network of companies that allegedly moves Iranian commodities through forged documents, as well as the Panama-flagged tanker Dawn II.
An interesting article. So, with dividends reinvested, a £100 investment in BP 25 years ago would today be worth £302. That's an average annualised compound return of 4.525%
Do you expect a different return over the next 25 years?
A £100 investment in a simple global equity tracker fund 25 years ago would today be worth £862. Less risk and better return!
OPEC is meeting again next week and expectations are that it will leave its production policy unchanged.
S. benchmark crude gained over $2 on Thursday as U.S. crude inventories tightened and OPEC+ vowed to keep the output cut status quo as tensions continued to flare in the Middle East and Russia-Ukraine.
At 4:23 p.m. ET on Thursday, U.S. crude benchmark West Texas Intermediate (WTI) trading up 2.05% at $83.02, while global benchmark Brent crude was trading up 1.61% at $87.48.
WTI has gained 14% so far this year.
This week’s inventory data from the Energy Information Administration (EIA) showed a U.S. crude oil stockpile build of 3.2 million barrels, compared to the previous week’s draw of 2 million barrels. In both cases, the data showed a draw in gasoline inventories, helping to support oil prices.
That data, released on Wednesday, put downward pressure on oil prices initially. However, after some time to digest the data, which analysts said was a smaller increase than anticipated for this time of year, prices shifted into rally mode.
"We ... expect U.S. inventories to rise less than normal in reflection of a global oil market in a slight deficit," Reuters quoted SEB analyst Bjarne Schieldrop as saying. "This will likely hand support to the Brent crude oil price going forward."
Also putting upwards pressure on oil prices is the continued intensification of the Russia-Ukraine conflict, which has focused most recently on energy infrastructure.
A Ukrainian drone attack last week on a Russian refinery operated by state-run Rosneft has resulted in a production shutdown after damage to the refinery’s crude processing capacity.
Ukraine has stepped up attacks on oil refineries in Russia in recent weeks, which have reduced Russian refining capacity, and which, reportedly, have the White House concerned about rising international prices.
Ukrainian drone attacks on Russian refineries in recent weeks have taken out as much as 600,000 barrels in daily processing capacity in Russia.
On Thursday, JP Morgan suggested that oil prices could rise further, pointing to Russia’s decision to impose additional curbs on production.
“Russia's actions could push Brent oil price to $90 already in April, reach mid-$90 by May and close to $100 by September,” they wrote in a note, as quoted by Investing.com.
Agreed
Happy Easter to all
And don’t forget BP plans to sell 2 million eggs so do your part.
No sneaking into Tesco
Https://financialpost.com/pmn/business-pmn/senegals-new-leader-plans-to-revisit-oil-deals-with-bp-kosmos
Happy Easter
Onwards and upwards :))))))))
Don't forget dividends paid today, taken cash, will we see 5.50p this summer, Occidental Ceo forecast oil shortage 2025 , should propel oil sectors Sp ...atb
Https://www.calendarlabs.com/lse-market-holidays-2024/
Nb closed Good Friday and Easter Monday
( but bet you all already knew that)
Moy, misleading is a bit strong, so I withdraw that. Have a good Easter.
We entered Q1 with brent at $77, its now at $87 - depends on your definition of quarterly gain.
Refer back to my previous post on not watching day to day movements, the 3 month price rise is strong and based on continuing bullish macro forces. If POO drifts in the 77-87 range all year I'll be a happy (and richer) man
Thanks Charlie
It’s not like Oilprice to be misleading ( joking as their headlines can be a bit hit or miss)
You are my go to guy for real facts ( especially on buybacks)
Moy, there is a definite positive change in the oil price momentum, but the headline is misleading. BP's own data since 2023.
Average Brent oil price.
Q1 23-$81.17.
Q2 23-$78.05.
Q3 23-$86.75.
Q4 23-$84.34.
Q1 24-$82.89(to date).