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Nightpusher, did you write this yourself or is it an extract from somewhere in 1975 as it is way out of date therefore ?
That's a big drop in buybacks from 9.3m shares daily
BP p.l.c. (the "Company") announces that on 7 June 2023 it has purchased, in accordance with the authority granted by shareholders at the 2023 Annual General Meeting of the Company, a total of 3,841,565 of its ordinary shares of $0.25 each ("Shares") on the London Stock Exchange and Cboe (UK) as part of the buyback programme announced on 2 May 2023 (the "Programme") and as detailed below:
Highest price paid per Share (pence): 475.50
Lowest price paid per Share (pence): 467.15
Volume weighted average price paid per Share (pence): 471.611
December 22, 1975
In the aftermath of the oil crises, the United States established the SPR. President Ford set the SPR into motion when he signed the Energy Policy and Conservation Act (EPCA) on December 22, 1975. The legislation declared it to be U.S. policy to establish a reserve of up to one billion barrels of petroleum.
As the USA would seem to be just about self sufficient in oil or oil equivalent at around 21million bpd,it still imports but also exports as well,it would seem that the reserve no longer has the strategic importance that it once had and now seems to be more of a tool to interfere in keeping oil prices down at selected times.I am aware that Congress ordered the last sale of 26million barrels.I dont think (not sure)the president required congressional permission to sell off the vast amount that hit the market last year before the midterms so I am not sure that refilling it back to its original capacity will ever happen again unless oil drops at a spectacular rate and then its really just good business practice,something politicians are not normally good at.Time will tell of course.
Oil prices rose early on Wednesday as Chinese data showed crude imports into the world’s top oil importer jumped in May, recovering from a weak April.
As of 8:13 a.m. EDT on Wednesday, ahead of the EIA weekly inventory report, WTI Crude prices were up by 0.99% at $72.45. The international benchmark, Brent Crude, traded at $76.98, up by 0.94% on the day.
Following a slump on Tuesday, oil prices recovered some of the losses early on Wednesday, as China’s data showed crude oil imports jumped in May by 12.2% year-on-year and by 17.4% compared to April. China imported a total of 12.11 million barrels per day (bpd) of crude in May, data from the General Administration of Customs showed, as refiners returned from maintenance and moved to stockpile crude.
The building of crude inventories has supported crude oil imports and demand despite the mixed macroeconomic data coming out of China in recent weeks.
“Demand slowdown from China has been a major concern for the crude oil market recently, and a recovery in oil imports is likely to provide some comfort to the oil market,” ING strategists Warren Patterson and Ewa Manthey said on Wednesday.
“Higher refinery utilisation has also increased refined product supplies in the Chinese market, with China reverting to being a net exporter of refined products last month.”
Oil prices recovered early on Wednesday, helped by the higher Chinese crude imports and the market shifting focus from macroeconomic concerns to a looming supply deficit in the second half of the year.
On Tuesday, concerns about the economy erased all the Saudi cut-induced gains from Monday. The 1 million bpd Saudi cut has failed to move oil prices in any meaningful way so far. In addition, a bearish industry report on inventories from the American Petroleum Institute (API) also weighed on prices on Tuesday. Although the API reported a crude inventory draw, it also found that gasoline and distillate inventories increased
To be honest, maybe the strategic reserve would be more likely to come into play if Iran decided to play games.
They always appear to be taking calculated risks, and already US has boosted forces in the Persian Gulf due to their games ( and they are still pals with Russia)
Theaky Lol !
Not quite but was a bit of a sweeping statement I must admit !!
Your take on it is kind of what I meant .
Https://www.livecharts.co.uk/MarketCharts/brent.php
Enjoying the weather :)
God forbid Putin in his madness sees it as an opportunity to attack the USA.
Jezzoo, was that an attempt at sarcasm, Lol.
I seriously doubt Putin would be daft enough to make a strike against the United States, but they are very capable of strikes against American infrastructure and interests. Oil platforms shipping, underwater cables etc. In any scenario a depleted Strategic Petroleum Reserve would be sadly missed.
Theaky mentioned national security which is the first thing I thought of.
God forbid Putin in his madness sees it as an opportunity to attack the USA.
I would hazard a guess that the 353.6 million barrels are not all available barrels,as doubt all can be pumped out,( unless that figure is only available barrels).
So if at least 10% ( a guess)has to be left in storage are we getting close to the end game?
How many million boe reduction needed to boost PoO I wonder ? 3m, 4m, 5m ?
Meoryou, Thanks for the reply. I had a feeling the Democrats were playing politics and trying to engineer the oil price. They are playing with national security and it will have to stop soon.
Cheers.
Stop and when they do will this head north ?
Neil,
I share your frustration. It seems that buying back 10 million shares a day is enough to limit our daily drop to a few pence. Hopefully supply issues will raise PoO, demand won’t die and we’ll be recognised again as the cash machine we already are before too long.
Tinker
This week, SPR inventory dropped for the tenth week in a row as another 1.8 million barrels of congressionally mandated crude oil was sold during the week ending June 2. There are now 353.6 million barrels—the lowest amount of crude oil in the SPR since September 1983.
So there is the answer to Theaky question.
US still,paying politics,and their reserve is getting rather low
So how much are we going to drop today?
Best be ready for the next worst thing,
Labour
Https://www.investorschronicle.co.uk/news/2023/06/06/why-energy-majors-are-piling-into-biogas/
We probably should have just become the 51 st state.
Oh maybe not ,not sure I am ready for Trump
Why didn't we get rid of sterling when we left (or didn't) the EU and switch to US dollar's
That would most certainly of put the cat amongst the pigeons
Sterling dividends payable in cash will be converted from US dollars at an average of the market exchange rate over the three dealing days between 31 May and 2 June 2023 (£1 = US$1.24509). Accordingly, the amount of sterling dividend payable in cash on 23 June 2023 will be:
5.3089 pence per share.
Push the price of oil up. Also Saudi want the oil price higher by all accounts. In the low $80's apparently.