Only had a quick read of latest rns this morning. Still trying to assess if the new appointment is to raise Magp profile to gain interest from the big companies for a buyout or if it a means to getting more funding.
Morning jr71 no problem. just think if we have a red dot flashing somewhere here at least it shows someone is interested in what MAGP and the market is up to. We all know that the market is down but at least we now have New Blood on our BOD but it still will be a up hill task for Mr. Wagenhofer short term to get us in a bull sentiment. But like SOS and Rita he has a good background record and given time the market will revert to the good times. Can't put a time scale on that though MM's and AIM market like OIL coming out of the ground so once BOD can report the new well flow rates we may see some change. If we do have some opportunity to buy more land with the current income we should as long as it fits in with the bigger picture and only SOS and the rest of the BOD know the answer to that one.
Keep posting please. Gives me something to read when I do get a chance to look in...
Oil prices drop on U.S. rig count
Oil prices drop on rising U.S. rig count, China stock market probe By Reuters | Fri, 3rd July 2015 - 02:37 By Henning Gloystein SINGAPORE (Reuters) - Oil prices dropped on Friday as a rising U.S. rig count stoked fears of oversupply and after Chinese regulators opened an investigation into suspected stock market manipulation. Front-month U.S. crude futures were trading at $56.72 per barrel at 0212 GMT, down 21 cents from their last settlement. That means that U.S. crude has fallen from a price range of $57-62 per barrel that it had been in since early May. Brent crude futures were more stable, down just 3 cents at $62.04 per barrel. But the contract remained in a downward trend that has been in place since early May and which has seen prices fall almost 10 percent. "Negative sentiment stemmed from an increased U.S. oil rig count (by 12 to 640), after dropping for six months. U.S. shale producers have brought down the breakeven cost from $35 to $20 per barrel," ANZ bank said on Friday. "The current U.S. horizontal and vertical rig count across the Permian, Eagle Ford, Bakken and Niobrara shale plays implies that U.S. oil production growth will reach 135,000 barrels per day year-on-year by 4Q15," Goldman Sachs said on Friday. The rising U.S. rig count adds to near record production by OPEC and Russia. Traders said that Asia's commodity markets were also impacted by reports that China's regulators had opened an investigation into suspected market manipulation after a slump of more than 20 percent in Chinese stocks since mid-June. On Thursday, Shanghai's benchmark composite index <.SSEC> fell below 4,000 points for the first time since April - a key support level that analysts had expected Beijing to defend. They had predicted that more conservative investors would start closing out leveraged positions if the index dropped below 4,000.
Oil prices edge up
Oil prices edge up after sliding on U.S. stock build By Reuters | Thu, 2nd July 2015 - 06:34 By Henning Gloystein SINGAPORE (Reuters) - Oil prices edged up on Thursday, partially recovering from price falls of 2.5 to 4 percent a day earlier as U.S. stockpiles rose for the first time in months on the back of high production. Following a 4.2-percent drop on Wednesday, front-month U.S. crude futures were trading at $57.07 per barrel at 0628 GMT, up 11 cents from their last settlement. Heading into the second half of the year, U.S. crude has been testing support on the lower range of a $57-62 per barrel price channel, where it has been trading since early May. "We ... expect this support level to hold," Singapore-based Phillip Futures said, arguing that this week's bearish factors had already been priced into the market. Brent crude futures were trading at $62.27 per barrel, up 26 cents after dropping 2.5 percent in the previous session. Yet the contract remains on a downwards trend that has been in place since early May and which has seen prices fall more than 8 percent. The tumble in U.S. crude the previous day came after government data showed inventories rose by 2.4 million barrels last week, marking the first weekly build since April. [EIA/S] The stock build came on the back of strong U.S. production. "Overall, production was supported by increased output from the Gulf of Mexico," Barclays said following the publication of the data. The higher U.S. output added to an ongoing glut in global production. Outside the United States, supply from the Organization of Petroleum Exporting Countries (OPEC) rose to a three-year high of 31.60 million barrels per day (bpd) in June, up from 31.30 million bpd in May. In Russia, government data showed on Thursday that oil for exports by ship - not pipeline - rose to 2.852 million bpd in June, up from 2.512 million bpd the previous month.
Re Oil Price
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