Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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LT Captain,
Agree with your view, but for me how long can such a strategy be sustainable?
IMO, certainly not indefineatly, I think we will see positive changes to POO by June.
https://www.reuters.com/article/us-opec-oil-policies/russia-vs-saudi-how-much-pain-can-they-take-in-oil-price-war-idUSKBN20W21Shttps://www.reuters.com/article/us-opec-oil-policies/russia-vs-saudi-how-much-pain-can-they-take-in-oil-price-war-idUSKBN20W21S
Thanks, CS.
Germany's latest daily death toll is 92, with a hundred times that number having recovered - a most remarkable statistic.
Andrew Neil has investigated and reports that The Germans are reporting anyone who died with underlying health conditions from CV as a CV death in line with uk.
#OOTT The Unthinkable Is Happening: #Oil Storage Space Is About To Run Out | Zero Hedge
You say Russia need $45 a barrel and Saudia Arabia need as much as $80.... in all fairness that would be to ensure they can balance the books. As we know in the modern world and as is the case for the majority of countries in this world - they can all operate with deficits. The UK is operating with a budget deficit, the USA is operating with a absolutely humongous trillion dollar+ deficit! So, so can Russia, and Saudia Arabia.
ok tar barrel stuff not required, but lower grade oil still has large market in shipping....suppose the deciding factor is distance to market esp inland USA where moving the stuff becomes more expensive than it is worth doing. Re. us, there'll always be a niche market for the high quality crude such as ours and we have an advantage in being at sea and close to markets.
Saudi, and the oil price war, is a sideshow.
The demand destruction of Cv is overwhelming everything.
But it will be interesting to see how KSA react.
Given c. 20m bd demand shortfall, the nobrealistic OPEC+ cuts can balance the market.
Low, low prices are inevitable.
As the lowest cost producer, why not just sit tight and watch you rivals fall, and scoop up bigger market share when it's all over?
Canadian oilsands, much of shale, small scale stripper wells, and lots of others will be shutting down soon.
It's just a question of time. And an oil price war that might have taken years could be over by Xmas with KSA as the big winner.
https://twitter.com/aeberman12/status/1244221174340608001?s=19
had a look on marine traffic site ......plenty of ships still travelling about...market for sticky crude seems flourishing
As the refining system withers, the crude oil market is suffering. Many crudes, especially sticky, sulfurous grades that refiners find hard to process, trade at hefty discounts to international benchmarks. Western Canadian Select, a tarry blend squeezed from Alberta’s oil sands, reached a record low of $4.51 a barrel on Friday.
In physical oil markets, barrels are already changing hands for less than $10, and in a few landlocked markets producers are paying consumers to take away their crude.
In the U.S., Oklahoma Sour is changing hands at $5.75, Nebraska Intermediate at $8, while Wyoming Sweet prices at $3 a barrel.
In one obscure corner of the American crude market, prices have already turned negative. Wyoming Asphalt Sour, a dense oil used mostly to produce paving bitumen, was bid at minus 19 cents a barrel in mid-March by Trading Mercuria Energy Group Ltd.
https://www.bloomberg.com/news/articles/2020-03-29/the-global-oil-market-is-broken-drowning-in-crude-nobody-needs
Looks like US Oil frackers are starting to hurt ... no wonder Trump is worried.
Area Total Month Year
U.S. ,,,,,,,,...……. 728 ……. -44 ,,,,,, -278
Canada ………..,, 54 ……..-44 ........ -34
International . 1,085 .......... +7,,,,,,,,, +58
The final line is priceless. "Including a freeze on director salaries". WTF.
https://www.theguardian.com/business/2020/mar/27/more-than-4000-north-sea-oil-rigs-workers-lose-job-amid-covid-19-crisis oh dear, whole North sea sector groaning under this crisis, many impacts
Saudi Arabia's air defences have intercepted two ballistic missiles above the kingdom's capital, Riyadh, and the southern city of Jizan, according to a spokesman for the Saudi-led coalition fighting in Yemen.
https://www.aljazeera.com/news/2020/03/rockets-intercepted-saudi-capital-riyadh-jazan-report-200328212702883.html
COVID-19: Saudi Arabia shuts entry and exit into Jeddah, brings forward curfew
Earlier, same measures were applied to Riyadh, Mecca and Medina
https://gulfnews.com/world/gulf/saudi/covid-19-saudi-arabia-shuts-entry-and-exit-into-jeddah-brings-forward-curfew-1.70690333
I think those three shorter now hold 1.29 percent combined, (0.48, 0.48 and 0.33), so in fact they haven't gone yet.
Aduk,
Surely must have an rns tomorrow detailing the work programme, at least for the first operation if not for the summer too (however that might be a bit too much to expect given all the uncertainties!).
If Longwait is right, the Saudis will feel the pain very shortly. How delightful!
Maybe just reduced positions !
Did anyone see these trades go through ?
Do shorters reposition on a quarterly basis ? For fund performance reporting purposes ?
Were they planning to reduce / close before the CMD ?
Anyone share their wisdom as to how it all works
FCA seem to have reminded everyone lately about accurate short position declarations.
PBLJ left port 20 minutes ago. Don't have a precise destination yet, just a waypoint.
Apologies, just noticed that this was posted 2 days ago.
It was news to me.
https://twitter.com/BBCDouglasF
Offshore worker evacuated by Coastguard helicopter from Aoka Mizu production and storage vessel in Hurricane Energy’s Lancaster field, west of Shetland - then tested positive for #COVID19
Betty Knutsen departed AM and headed for Immingham, ETA 30/03 at 0900hrs.
No surprise refiners dont want crude if theres no demand for petrol/kerosene. Storage filling up.
Buyers will fade away, prices will fall, and wells will be shut in. Whose wells, and where, we will find out.
I guess KSA 's calculation is that they r the lowest cost producer, and the current glut may work to their advantage by telescoping the pricess into a few months.
A big game being played here, high stakes, and big implications for all higher cost producers.
Refineries in the United States and Europe are rejecting to accept any more Saudi oil, even at discounted prices, owing to a crude glut and lack of storage space, the Wall Street journal has reported, citing Saudi officials and oil traders.
Gulf Agency Company Ltd, a Dubai-based maritime logistics company, says buyers in India have also cut back on Saudi crude as that country has gone into lockdown to try to slow the spread of COVID-19. According to the company’s sources, at least 52 Indian ports have invoked a force majeure amid the outbreak, allowing them to cancel orders without incurring penalties.
Traders also told the WSJ that Russia – the oil exporter whose market share Saudi Arabia has been most keen to capture, has been able to compensate some of the decline in exports to Europe by redirecting them to China, a country where demand has been enjoying a slow recovery amid that country’s efforts to fight the pandemic.
Earlier this week, Bloomberg warned that declining oil revenues may lead to an “unthinkable balance-of-payments crisis” for Riyadh and end the country’s decades’ long policy of pegging its currency, the riyal, to the US dollar. The business news outlet warned that the country’s central bank reserves plus sovereign wealth fund minus government debt currently stand at just 0.1 percent of GDP, down from as much as 50 percent of GDP just six years ago, and predicted that the country would become a net debtor “for the foreseeable future, even if prices rise back above $80.”
Moody’s, meanwhile, says it expects prices to stabilize to $40-$55 a barrel for the year 2020, and grow to $50-$55 a barrel in 2021 pending a resumption in global economic growth.
https://sputniknews.com/business/202003271078728047-saudi-oil-industry-at-risk-as-american-european-refiners-refusing-riyadhs-crude--reports/