Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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"The frackers are well and truly fracked."
I like that!
Crude market shrugs its shoulders at OPEC+ meeting outcome...
Now what?
It's being reported that Russia will cut by 2M barrels a day and Saudi by 4M a day.
Oil about 8-9% up, but probably won't last long.
They can cut all they want it will not raise the crude price unless they cut it to the bone and cause a shortage.The frackers are well and truly fracked.
I believe an announcement is due at 4pm, so there may well be time for big movement today, as well as Tuesday.
Seeing as the world is running out of storage, they'll have to cut, I would have thought?
It's just a matter of how much then, isn't it?
My question is who does a larger cut benefit most and what would a cut do to the POO, given it seems a cut is already priced in?
I'd have thought a big cut would benefit everyone, but probably the shalers the most, seeing as their costs are higher???
The meeting is really more about what OPEC really is there for, and what its future is , and what is going to look like in the new post virus world....are we now moving to OPEC ++ ??..which would probably mean more stable oil prices and less speculative highs and lows and political interference ...
The production cuts whatever they decide are almost a secondary point as to what all this OPEC+ is really there for
The meeting is really more about what OPEC really is there for, and what its future is , and what is going to look like in the new post virus world....are we now moving to OPEC ++ ??..which would probably mean more stable oil prices and less speculative highs and lows and political interference ...
The production cuts whatever they decide are almost a secondary point as to what all this OPEC+ is really there for
Production cuts are one thing....but what really matters is a change in DEMAND and that is going to take longer than we all hope for IMO
For Shell to produce better quarterly results they need an awful lot more than oil production cuts from a mere over supply point of view.
The same needs to happen with gas, which is in a similar position and with equally poor prices which make trasnporting LNG almost a loss leader
Chemicals and refining is having a pitiful time and wont get a recovery unless economic activity improves considerably
The oil price has perked up purely because of of oil shorters closing their derivative contracts ...little to do with a change in investing in an economic upturn...just yet ..
I am looking much more at the virus news from where the hope of demand improvements will come
OPEC+ Meeting could well be the birth of OPEC++ ...with Canada and even the US realsing that they have to become part of the solution to the problem
Race to the bottom and survival of the fittest ...if it keeps on...will benefit no one in a glbally traded world
IMO
Stay safe, good luck
I believe the OPEC meeting is due for 4 po pm best. So whatever the outcome I suppose the footsie can't act till next Tuesday. Alot can happen before then. So will be interesting how it plays out come Tuesday.