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At 0330GMT today, Brent crude oil one month futures contract is trading 0.36% or $0.18 lower at $50.32 per barrel. Yesterday, the contract climbed 1.9% or $0.94, to settle at $50.50 per barrel, amid technical trading. Meanwhile, the EIA reported that US crude stockpiles increased by 4.7 million barrels in the week ended 28 August.
(ShareCast News) - The European Commission has given unconditional merger clearance to Royal Dutch Shell for its £47bn recommended cash and share offer for BG Group. The EU Commission concluded that the takeover would not lead to Shell benefiting from market power in a number of markets, namely oil and gas exploration, the liquefaction of gas and the wholesale supply of liquefied natural gas. Moreover, it said Shell would be unable to shut out its competitors from access to its liquefaction facilities that supply LNG into the European Economic Area or from gas transportation and processing infrastructure in the North Sea. It said in a statement: "The Commission found that after the transaction the merged entity's market share would remain limited in the exploration for oil and gas reserves, the liquefaction of LNG and the wholesale supply of LNG. Moreover, a number of strong competitors would remain active in these markets after the merger. The Commission concluded that the takeover would not allow Shell to influence prices and that these markets would remain competitive after the transaction." Shell said the approval is one of the five regulatory clearances that are pre-conditions to the combination and this is the second pre-condition to be satisfied, following the clearance obtained from the Brazilian competition authority, CADE, in July. Other pre-conditional approvals are required from Australia and China and regulatory filings have been submitted for each of these approvals. The proposed transaction will also require support from both BG Group and Shell shareholders. Shell's chief executive officer Ben van Beurden said: "Receiving clearance from the European Commission underlines the good progress we are making on the deal. The transaction is on track for completion in early 2016. The recommended combination with BG is a springboard to change Shell into a simpler and more profitable company, making Shell more resilient in a world where oil prices could remain low for some time."
Oil bear bets on return to $25 a barrel Pierre Andurand, the hedge fund manager who booked 51 per cent returns last year by betting against oil, told the FT that he sees prices heading lower again. "There are no quick fixes," he said, despite the snap rally in crude prices in recent days. (FT).
OIL JUMPS U.S. crude oil prices have risen more than $10 a barrel in three days, erasing the month's declines. U.S. crude jumped $3.98, or 8.8 percent, to settle at $49.20 a barrel, taking three-day gains to 27.5 percent, the most over three days since August 1990. In dollar terms, it was the biggest three-day gain since February 2011. Brent October crude climbed 8.2 percent to settle at $54.15 a barrel
Oil price fall cuts both ways for Iona Energy in North Sea: North Sea-focused Iona Energy has slashed the valuation of a field again but expects to make big cost savings developing another one reflecting how the plunge in the crude price is impacting on firms in the area.
Petrol marked down and 200 North Sea jobs on line amid oil price drop: The economic winners and losers from plunging oil prices were highlighted on Wednesday when supermarkets slashed the cost of petrol but a North Sea operator cut jobs and warned it would shut down production
$15 billion oil takeover sparks jobs alarm: Thousands more job cuts were forecast in the oil industry after a big U.S. oilfield services group launched a $14.8 billion bid for an equipment maker
At 0330GMT today, Brent crude oil one month futures contract is trading 2.34% or $1.01 higher at $44.15 per barrel. Yesterday, the contract declined 0.16% or $0.07, to settle at $43.14 per barrel, after EIA reported that inventories of gasoline and other distillates advanced and brought total US supply of crude oil and other products to 1.283 billion barrels. Meanwhile, the US crude oil stockpiles dropped 5.5 million barrels in the week ended 21 August
Petrofac into red after Shetland project loss: Oilfield contractor Petrofac has fallen to a heavy half-year loss after counting the cost of its delayed gas plant on Shetland
At 0330GMT today, Brent crude oil one month futures contract is trading 0.19% or $0.08 lower at $43.13 per barrel, ahead of the Energy Information Administration weekly oil inventory data, scheduled to be released later today. Yesterday, the contract climbed 1.22% or $0.52, to settle at $43.21 per barrel, after China’s central bank cut its benchmark rates.
Oil As prices continue to languish, investors will be keeping an eye on crude stockpile and production data due from the US Energy Information Administration. Economists estimate that inventories of US crude increased by 2m barrels in the week to August 21.
Xcite Energy says it’s making progress off Shetland as crude price hits fresh low: Xcite Energy Has said it is making progress with plans to develop a heavy oil field East of Shetland amid challenging conditions as the crude price hit fresh lows
Russian rouble hits new low as oil prices plunge further: The Russian rouble plunged to a new low on Monday as falling oil prices piled further pressure on the struggling currency. Opec powerless to halt oil price slide, warns former group President: Opec is powerless to arrest the slide in oil prices unless producers outside the group such as Russia match any cuts in output, according to a former President of the group.
Funds bet on Shell deal as oil prices plunge: A global stock market sell-off and tumbling oil prices have increased fears that some of this year’s largest takeover deals are at risk of falling apart — including Royal Dutch Shell’s $70 billion bid for U.K. rival BG Group.
British firms miss out on Iran’s $185 billion oil bonanza: British companies including Royal Dutch Shell, Amec and Weir risk being outmanoeuvred by European rivals in a race for projects worth up to $185 billion in Iran’s shattered oil industry.
At 0330GMT today, Brent crude oil one month futures contract is trading 1.57% or $0.67 higher at $43.36 per barrel, ahead of the American Petroleum Institute weekly oil inventory data, scheduled to be released later today. Yesterday, the contract plunged 6.09% or $2.77, to settle at $42.69 per barrel, trading below $45 per barrel for the first time in more than six years as fears of a slowdown in China continued to spark demand concerns from the nation.
Oil slides to six year low Oil slipped more than 6 per cent to levels last seen during the financial crisis and a broad index of commodity prices slid to the lowest point of this century as economic doubts gathered over China, the engine room of demand growth over the past decade. West Texas Intermediate, the US standard, slid to $38.24 a barrel while Brent declined to $42.47 a barrel. (FT)
At 0330GMT today, Brent crude oil one month futures contract is trading 2.51% or $1.14 lower at $44.32 per barrel. On Friday, the contract declined 2.49% or $1.16, to settle at $45.46 per barrel, amid persisting Chinese concerns. Meanwhile, Baker Hughes reported an increase of 2 oil rigs which reached 674 in the US for the week ended 21 August
North Sea oil revenues drop to an all-time low: Oil revenues from the North Sea plummeted by a factor of almost six in just a year, according to Scottish Government figures revealing that the money made from Scotland’s off-shore industry has fallen to its lowest ever level.
Shell begins ‘high-risk’ drilling for Arctic oil: Shell has begun the final stage of its $7 billion attempt to drill for oil in Alaska’s remote Chukchi Sea.
Brent oil prices dropped last week, after the EIA report revealed that the crude oil inventories in the US increased by 2.6 million barrels to reach 456.21 million barrels for the week ended 14 August. Brent crude oil prices fell 7.3% to $45.460/barrel
SINGAPORE, Aug 22 (Reuters) - A fire which broke out at Royal Dutch Shell's 500,000 barrels-per-day refinery on Pulau Bukom island off Singapore on Friday occurred at a section of one of the units currently under scheduled maintenance, a company spokeswoman said on Saturday. The fire at the unidentified unit of the Pulau Bukom Manufacturing Site, Shell's largest wholly owned plant, was put out by the site's first emergency responders within an hour, Shell said.
Low oil prices bite as Premier Oil waits to tap Shetland field: Tumbling oil prices and the cost of a new oil field off the Shetland Islands dragged Premier Oil to a $375.2 million loss in the first half of the year.
Opec unity cracks as disgruntled members call for meeting to stem oil slump: Pressure is building on Saudi Arabia from members within the Organisation of the Petroleum Exporting Countries (Opec) to agree to an emergency meeting to arrest plummeting oil prices.
Petroceltic forced to deny blog claims: Petroceltic’s bitter row with its rebel shareholder Worldview deepened as the oil and gas explorer denied sensational fraud claims from an anonymous blogger over its trophy Ain Tsila project in Algeria