Oil price All a bit mixed at the moment but definitely bullish for choice, the situation in Canada appears to be getting worse and with all the outages elsewhere it can only take that extra stock off the market. The inventory stats will be crucial, last night the API numbers were mixed with a draw of 1.1m in crude which was ok if not quite up to most bullish estimates but stocks still rose by 500/- barrels at Cushing. The really bullish bit was the product situation, gasoline drew 1.9m barrels and distillates 2m which is a proper lead indicator. With the driving season less than a fortnight away anything might happen.
Sounds great to me. I just had a look at the link posted by chima1977 and Lind was looking for a settlement of $600,000 and received $325,000 plus the 38mio shares held as collateral. Unless I'm mistaken 38,000,000 shares at £0.005 equates to GBP 190,000 or USD 275,000 at current GBPUSD FX rates and therefore they got the requested $600,000 and it will be now interesting to see if they are the ones on the ask at £0.005 now or if they will keep the shares to see if the stock goes higher. If they are selling than this will keep the stock here for a few days but I'm almost thinking that once they finish this will re-rate.
"I heard CTR is going after PL to recover $$ from PL's frozen assets which is +$5mil after the sale of the house....ASIC is balls deep into okap so all parties better have their i & t's sorted. This will be interesting.. "
Ivan also claiming 650K but the list against CTR is longer than that. You know who wants them wound up and buried to cover tracks, allegedly.
Oil price Things are becoming a bit clearer in the oil market as I have been discussing in recent days. My scenario that oil will be supported later this year and into the next three years, primarily as $500bn + of capex has been withdrawn from the market by the short-term behaviour of the majors, remains intact. Add that to the loss of other expensive crude and yesterday’s announcement by the EIA that US shale is shutting in faster than expected and we can see the emergence of a perfect storm in the oil market. What has now happened, and even the vampire squids have worked out, (see yesterday’s blog), is that short term outages are slowly making inroads into the massive oversupply keeping storage tanks full. When the aforementioned squids went to a $20 forecast they used as their main premise that the storage tanks were overflowing, at the moment they are not, recent outages may have been a get out of jail card but we dont look at such gift horses in the mouth do we? Overnight news from Canada is for more, not less, outages as fires sweep through more oil installations and companies are withdrawing further personnel. Nigeria and Venezuela both get worse and Libya isn’t going to add barrels anytime soon whatever they say, in the US watch out for the inventory stats this week, if stocks were by any chance to fall in the fortnight before the driving season, those squids could be served up with a nice Chianti…
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