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In my opinion we should start seeing a more stable market in next few weeks. China, Korea and now Italy are reporting fewer numbers of covid 19 gives us hope and light at the end of the tunnel. Hoping for a blue day tomoz.
Tbh I thought we’d see below 1200 today as Asian markets were heavily down and oil price at $23 but I guess we’re now in a position of passing the worse in terms of fear.
Global oil producers have begun shutting down their oil rigs on the largest scale in 35 years
In Canada the price of a barrel of oil fell below the cost of shipping it to a refinery – $5 – making it more economic for producers to shut down their wells than plummet to “negative prices”.
Goldman Sachs said oil well shut-ins had reached at least 900,000 barrels of oil a day, but “the true number [is] likely higher and growing by the hour”.
US oil producers shut 40 rigs last week alone, according to a review from engineering group Baker Hughes, the biggest one-week drop since the last oil market downturn battered the US shale industry in 2015. The weekly oil rig count is down 24% from the same week a year ago when 816 rigs were active in the US.
https://www.theguardian.com/business/2020/mar/30/oil-rig-closures-rising-as-prices-hit-18-year-lows-due-to-coronavirus
" The current weakness of oil prices will not last for ever. Supply will go down as a result of US shale producers going out of business and an eventual deal between Riyadh and Moscow. Demand will go up, in part stimulated by falling oil prices, which lower business costs and boost consumer spending power.
But for the tide to turn one of two things need to happen. The Saudis need to stop flooding the market and consumers need to be able to spend their windfalls. Neither looks imminent. "
https://www.theguardian.com/business/2020/mar/30/riyadh-gambling-on-game-of-coronavirus-oil-price-chicken
Unfortunately, there are higher probabilities that oil goes down than up in the near future unless something extraordinary happens. I guess one of the reasons oil companies share are holding up is for a decent dividend payments. Bear in mind, many FTSE companies cancelled divi recently , some even after going ex-div., i.e. good opportunity for company to cancel dividend now and be forgiven. RDSB has not cancelled divi in the last 20 odd years or more and they are cash rich. However, we are in an exceptional situation and the risk is quite high this time. Also, companies want to use government grants and loans should ditch the dividend.
just saw this
https://www.bbc.co.uk/news/business-52089127
The talk of storage for oil being full and demand at an all time low, is suggesting to some that the supply of oil has to be contained as there going to be no further buys as there is no where to store it....and the cost of acquiring storage facilities has also risen considerably...
As such there is speculation that some of the oil shorters are close to closing some of their positions..
Speculation of course
....as it is also clear that Russia and Saudi Arabia want the US shale operators out of the market which may take just a little more time and effort to get them to throw in the towel
Share price held up pretty well considering oil price is at $23ets hope it gets better throughout the day.---------Where are you getting this $23/barrel from?
Could we turn blue today I wonder?
Share price held up pretty well considering oil price is at $23ets hope it gets better throughout the day.
If it goes to £5 I’m all in lol
We might see a dead Tom followed by gravity taking over.
Let's hope he's only up to life number 7
Not looking good. Can see a massive drop on open
BIG PROBLEMS IN WORLD.WHERE IS THIS GOING MAYBE £5 .?????