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Shell takes $2 billion charge on Canada oil sands project: : Royal Dutch Shell is to take a $2 billion writedown after cancelling its Carmon Creek project in the oil sands of western Canada, saying the decision was partly a result of a shortage of pipeline capacity in the region.
At 0430GMT today, Brent crude oil one month futures contract is trading 0.09% or $0.04 lower at $46.77 per barrel, ahead of the Energy Information Administration weekly oil inventory data, scheduled to be released later today. Yesterday, the contract declined 1.54% or $0.73, to settle at $46.81 per barrel, after the American Petroleum Institute reported that the US crude oil inventories climbed 4.1 million barrels for the week ended 23 October
BP has reported a sharp fall in third quarter replacement cost profit to $1.819bn from $3.03bn in 2014 as the company revealed the impact of plunging oil prices over the last year.
U.K. factory output suffers biggest fall for six years amid warnings thousands more jobs could be lost in the steel industry: British factories have suffered their biggest fall in output for six years amid warnings that thousands more jobs could be lost in the steel industry. The CBI said just 18% of manufacturers reported increased production in the three months to October while 23% saw a decrease.
Oil explorer’s African art for sale: Afren, the one-time golden boy of small investors, went bust earlier this year amid debts of $1.7 billion- but not before it amassed an enviable collection of African art. Bonhams, the auction house, is selling some 97 works by mainly Nigerian artists with estimated values of up to £8,000
At 0430GMT today, Brent crude oil one month futures contract is trading 0.5% or $0.24 lower at $47.30 per barrel, ahead of the American Petroleum Institute weekly oil inventory data, scheduled to be released later today. Yesterday, the contract declined 0.94% or $0.45, to settle at $47.54 per barrel, amid concerns surrounding a persistent glut in global supplies and weak demand for the commodity.
BP and Shell slip up on Crude bottom: Royal Dutch Shell and BP are set to blame the weak oil price for dramatic falls in third quarter pretax profits and revenues, analysts say. The price of crude oil has nearly halved over the past 12 months because of a Saudi Arabia-led effort by the OPEC cartel to crush competition from U.S. shale oil operators
Asset Managers suffer as oil funds withdraw cash: Global asset Managers are facing a double hit to their fees, as sovereign wealth funds withdraw billions to support their oil-dependent economies-and switch to a cheaper in-house investment approach.
Oil traders threaten London market exit over EU ‘position limits’: Some of the world’s largest oil traders are threatening to pull their business from London’s derivative exchange because of tough new European rules that would place limits on their ability to manage price swings. Oil majors including BP and Royal Dutch Shell, and large independent traders such as Trafigura, may be unable to hedge their financial exposures to the contents of more than a handful of oil tankers under current proposals from the European Commission
At 0430GMT today, Brent crude oil one month futures contract is trading 0.27% or $0.13 higher at $48.12 per barrel. On Friday, the contract declined 0.19% or $0.09, to settle at $47.99 per barrel. Meanwhile, Baker Hughes reported that the active US oil rig count dropped by 1 to reach 594 in the previous week.
Oil profits set to plummet by billions: BP and Shell hit as prices plunge and exploration venture collapses: BP and Shell will this week report billions of pounds wiped off their profits as the effect of the low oil price coupled with expensive exploration failures hammer two of Britain’s biggest companies.
Shell looks to the skies and sees a clean solution to oil dilemma: A company backed by Royal Dutch Shell has begun work on one of the world’s biggest solar power plants, as part of a project to use the sun’s rays to suck crude oil out of the ground in Oman. GlassPoint Solar, an American company funded by Shell, is set to break ground on the new solar farm at the Amal oilfield in southern Oman this month. It has been commissioned by Petroleum Development Oman, the country’s biggest oil producer, which is one-third owned by Shell.
BP reached a strategic agreement with China National Petroleum Corp. and China Huadian Corp. to expand its business in mainland and adding billions of dollars to its account
Brent oil prices dropped last week, after the Energy Information Administration reported that the US crude inventories rose 8.0 million barrels for the week ended 16 October 2015. Brent crude oil prices fell 4.9% to $47.99/barrel.
At 0330GMT today, Brent crude oil one month futures contract is trading 0.56% or $0.27 higher at $48.35 per barrel. Yesterday, the contract climbed 0.48% or $0.23, to settle at $48.08 per barrel, amid bargain hunting.
Oil prices edged up, gaining support from a weaker dollar to hold above a three-week low hit in the previous session after a bigger-than-expected build in U.S. crude stocks added to concerns of a global oil glut.
Independent Oil and Gas aims to drill well East of Shetland after stock market fundraising: North Sea- focused Independent Oil and Gas has won further backing from investors keeping alive its hopes of developing a find off Shetland
Oil price crunch could leave Middle East's export giants out of cash within five years, warns IMF: Growing conflict and a vicious oil sell-off have left government budgets in a precarious state
End of sanctions offers new outlook, says Iran central bank Chief: With Iran’s economy beset by plunging oil prices, international sanctions, anaemic growth and a banking sector saddled with high levels of non-performing loans, the central bank governor has plenty to worry about
At 0330GMT today, Brent crude oil one month futures contract is trading 0.48% or $0.23 higher at $48.08 per barrel. Yesterday, the contract declined 1.77% or $0.86, to settle at $47.85 per barrel, after the Energy Information Administration reported that the US crude stockpiles increased by 8.0 million barrels in the week ended 16 October 2015, which was more than the expectations.
At 0330GMT today, Brent crude oil one month futures contract is trading 0.21% or $0.10 lower at $48.61 per barrel, ahead of the Energy Information Administration weekly oil inventory data, scheduled to be released later today. Yesterday, the contract climbed 0.21% or $0.10, to settle at $48.71 per barrel. Meanwhile, the American Petroleum Institute reported that the US crude supplies advanced 7.1 million barrels for the week ended 16 October
Wood Group has won a $31m contract to deliver operations management services to Carbon Creek Energy's coalbed methane field in Wyoming. The FTSE 250 oil and gas services company announced the deal on Monday. The contract, which is initially for 12 months and reviewed annually, will create up to 65 new jobs and secure an additional 40 existing jobs. The field in the Powder River basin consists of approximately 7,000 drilled wells, 6,000 to 12,000 drillable locations and currently produces 385m cubic feet of gas per day
Oil firms urged to tap into £20billion reservoir: Oil and gas firms in the U.K. can dive into a £20 billion reservoir by tightening up on their working capital, new research has suggested.
U.S. oil services group commits to Aberdeen: The Forum Energy Technologies oil services group has signalled its commitment to the North Sea market by taking a 15 year lease on a new property in Aberdeen in spite of the downturn in the industry. The U.S. group will bring the majority of its Scottish companies together at the new base in the Westhill area while retaining a separate regional head office nearby. Property specialists at CBRE found the new facility for the company. Aberdeen has been impacted by the slowdown in the North Sea that has followed the crude price fall
At 0330GMT today, Brent crude oil one month futures contract is trading 0.25% or $0.12 higher at $48.73 per barrel, ahead of the American Petroleum Institute weekly oil inventory data scheduled for released later today. Yesterday, the contract declined 3.67% or $1.85, to settle at $48.61 per barrel, after China’s GDP growth figures raised concerns over demand for oil from the nation.