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At 0330GMT today, Brent crude oil one month futures contract is trading 0.89% or $0.44 lower at $48.74 per barrel. Yesterday, the contract declined 2.44% or $1.23, to settle at $49.18 per barrel, after the OPEC monthly oil report revealed that the cartel’s output rose to a three year high in July. Meanwhile, the EIA reduced its forecast for oil prices by about 10.0%.
Nostrum in talks over $36 million deal to buy Tethys: Nostrum Oil and Gas was back in talks to purchase the beleaguered Tethys Petroleum after a $47.7 million (£31 million) refinancing deal between Tethys and AGR Energy fell through.
Fresh warning on outlook for oil price: The Chief investment officer of Edinburgh-based Kames Capital has added his voice to warnings the oil price will remain under pressure for months and sees little prospect of a return to $100 per barrel crude.
Independent Oil & Gas shares nosedive after its ‘billion-dollar backer’ pulls out of major investment: Independent Oil & Gas shares were sent into free-fall after the explorer revealed it lost its number one backer thanks to the declining price of oil.
Gazprom’s China contract offers no protection against low prices: Gazprom’s 30-year contract for gas supplies to China was based on an optimistic view of the oil market and offered no protection in the event of a prolonged period of low prices, the Russian company said on Monday
Noble accounts cleared but jobs to be cut: Noble Group, the commodity dealer attacked over its accounting practices, is to cut 16% of its staff and seek asset sales or new financing deals as it continues to face difficult trading conditions.
Oil minnow turns to new suitor: A small oil company with operations in Lithuania and Oman has spurned the overtures of a Kazakh oligarch and entered exclusive talks with Nostrum Oil & Gas
At 0330GMT today, Brent crude oil one month futures contract is trading 0.71% or $0.36 lower at $50.05 per barrel, ahead of the American Petroleum Institute weekly oil inventory data, scheduled to be released later today. Yesterday, the contract climbed 3.7% or $1.80, to settle at $50.41 per barrel, amid a breather in dollar rally and tracking gains in gasoline futures following power outage at a refinery
Crude price leaves small companies over a barrel: The oil industry is heading for an autumn debt crisis as drillers struggle to refinance loans, amid growing expectations that crude prices are set to stay lower for longer.
No hedging as funds bet on recovery in oil price: Hedge funds have raised their bets on a rebound in oil prices for the first time in seven weeks, despite fears of a deepening global supply glut
Fracking is poised for an explosive expansion: Britain is set to fire up a big expansion of the fracking industry, handing out dozens of new drilling licences and fast-tracking planning decisions despite intense public opposition to the practice
At 0330GMT today, Brent crude oil one month futures contract is trading 0.72% or $0.35 lower at $48.26 per barrel. On Friday, the contract declined 1.84% or $0.91, to settle at $48.61 per barrel, after the active oil rigs in the US advanced by 6 to reach 670 last week.
North Sea oil industry struggling on slippery slope: North Sea investment and jobs are suffering as cheap crude continues to flood the market.
Royal Dutch Shell cuts ties with Alec over rightwing group’s climate denial: Royal Dutch Shell have announced they will end their membership of the far-right American Legislative Exchange Council (Alec) because of its continuing denial of the science of climate change
Oil fall shuts Colombia’s ‘door to paradise’: Long gone are the heady days when salsa star Marc Anthony and Puerto Rican rapper Daddy Yankee were flown in to enhance blowout parties in Puerto Gaitán, “The Door to Paradise” as locals once called this backwater Colombian oil town.
Petrol price war pumps up consumer feel good factor: Morrisons is set to reignite the supermarket fuel price war by slashing the cost of diesel. The Bradford-based grocer is expected to cut 4p from the price of a litre of diesel and up to 1p from a litre of petrol, giving a boost to holidaymakers.
Tories put fracking on fast track: Fracking applications will be fast-tracked through the planning system under new rules intended to kick-start the shale gas revolution.
Oil prices tumbled last week and closed below $50 per barrel, after Iran vowed to boost its oil output by 500,000 once the sanctions against the county were lifted. Downbeat Chinese manufacturing also contributed to the weakness. Moreover, the EIA reported that US crude production rose to 9.5 million barrels per day in the week ended 31 July. Brent crude oil prices fell 1.8% to $48.61/barrel.
Petrobras profits dive 90%: Brazil`s state-controlled oil company Petrobras reported a 90% fall in net profit in the second quarter from the first three months of its year, after significant impairment and tax charges.
Genel Energy foresees regular payments from KRG: Genel Energy is confident the past two months of oil sales by the Kurdistan Regional Government will translate into regular payments for energy companies operating in the semi-autonomous Iraqi region, according to Chairman Tony Hayward
Oil dips below $50 as U.S. adds to glut: Oil prices slumped below $50 a barrel, close to their lowest level in seven months, after figures pointed to rising U.S. crude production which threatens to exacerbate a worsening global supply glut.
At 0330GMT today, Brent crude oil one month futures contract is trading 0.46% or $0.23 higher at $49.75 per barrel. Yesterday, the contract declined 0.14% or $0.07, to settle at $49.52 per barrel, as a constant concerns surrounding a glut in global supplies coupled with a stronger dollar and slowdown in China continued to push the crude oil prices down
Genel planning to invest more in Kurdistan oil: Genel Energy’s shares took a hammering as the company reported that profit had more than halved in the six months to 30 June.
Yukos move signals drift away from law Kremlin’s retaliation threat seems to imply that it could go beyond seizing only state assets
Saudi Arabia plans $27bn in bond issues Low oil prices put strain on kingdom’s finances