Ryan Mee, CEO of Fulcrum Metals, reviews FY23 and progress on the Gold Tailings Hub in Canada. Watch the video here.
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S&P500 is pricing in no recession and oil is pricing in a large one. If China and Europe are contracting it might drag down the US.
I think we're seeing confusion in the energy markets, bull vs. bear near even hence no real change in SP over the last week or so
Are we seeing 'one step forward' and 'two steps back' on BP SP
On very simple maths since buybacks last few months have been buying back at about a 20% discount to the recent high,just maybe we could self finance a 20% rise.
It’s getting time for the worm to turn and start a bigger move on div.
But don’t want buybacks to just cease ,still want to see share reduction year on year
Many of us own both BP and Shell.
Shell's update is very welcome and will heap pressure on Looney to follow suit albeit the financial frame and commitment to renewables etc. is different.
I think both Shell and BP should consider moving to the US. The UK government would have a hissy fit given the loss of tax revenues and status but couldn't do much about it. The UK doesn't deserve oil and gas companies.
Less Greta, more Rockefeller please!
All IMHO DYOR
Happy
Shell are increasing their dividend 15%, it feels like I bought the wrong company.
News
The UK economy shrugged off the impact of strikes to return to growth in April, according to official figures charting a pick-up in spending at the shops and in bars and restaurants.
The Office for National Statistics (ONS) measured growth of 0.2% following a contraction of 0.3% in the previous month.
On Monday, the Department of Energy (DoE) reported that it has sold another 1.9 million barrels of crude the previous week from the Strategic Petroleum Reserve (SPR), for the 11th consecutive weekly drop in the stockpile to a 40-year low of 352 million barrels.
Crude oil inventories in the United States increased this week by 1.024 million barrels, the American Petroleum Institute (API) data showed on Tuesday.
Analysts were expecting a slight decline in U.S. crude-oil inventories from the previous week, with data from the Energy Information Administration (EIA) due on Wednesday. Average analyst estimates were for a 300,000-barrel decline for the week ending June 9, though forecasts ranged from a draw of 2.5 million barrels to a build of 2 million barrels.
The total number of barrels of crude oil gained so far this year is more than 39 million barrels.
For the week to June 9, the EIA reported an inventory decline of 500,000 barrels, compared with a build of 4.5 million barrels for the previous week.
On Monday, the Department of Energy (DoE) reported that it has sold another 1.9 million barrels of crude the previous week from the Strategic Petroleum Reserve (SPR), for the 11th consecutive weekly drop in the stockpile to a 40-year low of 352 million barrels.
The price of WTI and Brent were both trading up on Tuesday in the run-up to the data release, latching onto a Federal Reserve rate hike decision scheduled for Wednesday afternoon EST.
By 4:40 p.m. EST, WTI was trading up 3.04%, at $69.16 per barrel, while Brent crude was trading up 3.06% at $74.04 shortly after the data release.
Gasoline inventories rose 2.075 million barrels. Distillate inventories rose 1.394 million barrels.
Inventories at Cushing, Oklahoma, rose by 1.5020 million barrels, similar to last week
Https://oilprice.com/Energy/Oil-Prices/Oil-Traders-Ignore-Saudi-Warning-To-Watch-Out.html
The oil markets continue to be volatile and unpredictable, with WTI and Brent crude making significant gains on Tuesday’s morning session just a day after prices took a big plunge on growing Wall Street bearishness.
At 10:13 a.m. EST, Brent crude for July delivery was trading at $74.50/barrel, good for a 3.7% gain, while WTI crude for July delivery climbed by a similar margin to trade at $69.67 per barrel.
Citing rising supply and waning demand, Goldman Sachs cut its year-end WTI crude outlook to $81/bbl from $89 and its Brent forecast to $86/bbl from $95. Although both levels are still good for nearly 10% upside to current prices, it sent alarming signals across the markets considering it was the second time the Wall Street bank--one of the biggest oil bulls--cut its oil price forecast.
Overall, oil markets remain decidedly bearish even after the latest rally with Brent's six-month backwardation having fallen to its lowest since March at around $1.30. The experts are saying this indicates faltering market confidence in demand outstripping supply over the year. Backwardation is said to occur in commodity futures markets when traders anticipate the future price to be less expensive than the current spot price. The premium future price for a particular contract is usually associated with the cost of carry that includes storage costs and risk of obsolescence. The current situation, therefore, means that oil traders believe that Brent prices will continue falling.
However, a cross-section of Wall Street is growing increasingly bullish, "For market participants to start building up long positions again, they likely need to see larger inventory declines," UBS strategist Giovanni Staunovo has told Reuters, adding he expected this to happen within weeks.
Meanwhile, the markets remain on edge ahead of a crucial Fed decision on interest rates on Wednesday. The Fed's rate hikes have led to a stronger dollar, making dollar-denominated commodities more expensive and weighing on oil and commodity prices. Oil markets have become highly volatile in the current week as traders try to make sense of a mix of both bullish and bearish drivers.
Enjoying the sun
https://www.livecharts.co.uk/MarketCharts/brent.php
We seem to be falling into the familiar pattern. We take the full brunt of any fall in the price of Brent and then get a fraction of the increase when PoO improves.
Tinker
Crude oil prices inched up modestly in Asian morning trade today after ending trade on Monday with yet another loss, driven by demand concern.
As the latest Fed meeting begins today, however, eyes will be on the U.S., with most analysts expecting the central bank to announce a pause for rate hikes.
That would have a positive effect on prices although how durable that effect would be in the context of continued doubts about China’s rate of economic recovery is anyone’s guess.
At the time of writing, Brent crude was trading at over $72 per barrel, with West Texas Intermediate at close to $67.50 per barrel, both up by less than a percentage point since yesterday’s close.
West Texas Intermediate had shed 7% over the last three trading days, Bloomberg reported, dampened by demand concerns but also by the slowdown in the U.S. economy and sanction-resilient Russian crude exports.
Yet the report also noted that U.S. sour crude prices had strengthened, reaching a one-year high as the federal government signaled it may finally be ready to begin refilling the strategic petroleum reserve.
The government announced the purchase of 3 million barrels of crude last week alongside plans for the purchase of another 3 million later in the year.
"These 3 million barrels are being purchased for an average price of about $73 per barrel, lower than the average of about $95 per barrel that SPR crude was sold for in 2022, securing a good deal for taxpayers," the Department of Energy said, as quoted by Reuters, last week.
Even so, oil prices have generally remained subdued, whetting bargain-hunting appetites among traders, per Reuters.
"Some investors looked for bargains after the previous day's heavy selling while others held back their positions with speculation that Saudi Arabia may cut production additionally," a Nomura Securities economist told the news outlet.
Speed - master the first rule is you don’t trust anyone on these boards. That said there are genuine guys on here. If you are not risk adverse and want to make serious money invest your spare cash in the FTSE Aim market. It can go seriously wrong and you’ll loose your shirt. So sensible to stick with BP. I have a long term holding here so not gonna mention holdings.
hi, not used to posting on forums but i thought i would share my theory on bp buy backs.
the main reason they are buying back is to then issue share options to themselves (board members etc) .
i would guess they have a group of traders whose job it is to keep the price down and they have devised a good algorithm to achieve this. the target is to buy back as low as possible, then once share options are received , the price is then allowed or encouraged to rise, until a point where they cash in, then the lowering cycle is repeated.
this of co**** is just a very cynical theory, but if you
assume this , then there is money to be made by catching a ride and trying to get within a few % of the low and high
maybe i have got this all wrong, but it has helped me so far ……
Div meant to rise 4% from same quarter a year ago.
So will see different year to year but not quarter to quarter.
The dividend has not changed this quarter and is still 6.61c.
I thought the dividend was supposed to rise 4‰ every quarter until 2025?
Exchange rate has done us this quarter.
Even the dividend is down, 5.309p