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I will update once a day the competion
Christmas 2023 Owls £4.71
Christmas 2023 wolfiebill £4.87
Christmas 2023 GKerr £5.20
Christmas 2023 Neil 74 £5.33
Christmas 2023 Harmonica £5.50
Christmas 2023 Rjb 92 £5.55
Christmas 2023 Redjim £5.65
Christmas 2023 GoodTo Go £5.70
Christmas 2023. meoryou £5.78
cChristmas KPMAN £5.83
Christmas 2023 Jakers £5.85
Christmas 2023 MarkGo £5.90
Christmas 2023 Happy investor 100 £6.00
Christmas 2023 ClydeCrusadeR £6.25
Christmas 2023 Spights £6.45
Christmas 2023 y11 £18.20
Because we have done our research :)))
Competition 2023 Christmas ( Bottle of Champagne for winner)
Christmas 2023 Owls £4.71
Christmas2023 wolfiebill £4.87
Christmas 2023 Neil 74 £5.33
Christmas 2023 Harmonica £5.50
Christmas 2023 Rjb 92 £5.55
Christmas 2023 Redjim £5.65
Christmas 2023 GoodTo Go £5.70
Christmas 2023 Jezzoo £5.75
Christmas 2023. meoryou £5.78
cChristmas KPMAN £5.83
Christmas 2023 Jakers £5.85
Christmas 2023 MarkGo £5.90
Christmas 2023 Happy investor 100 £6.00
Christmas 2023 ClydeCrusadeR £6.25
Christmas 2023 Spights £6.45
Christmas 2023 y11 £18.20
Last time there was a competition of future bp share price everyone was wrong. Everyone put a higher price then the then current price. How is it that everyone has a higher share price then today’s price?????
Christmas 2023 Owls £4.71
Christmas 2023 wolfiebill £4.87
Christmas 2023 Neil 74 £5.33
Christmas 2023 Harmonica £5.50
Christmas 2023 Rjb 92 £5.55
Christmas 2023 Redjim £5.65
Christmas 2023 GoodTo Go £5.70
Christmas 2023. meoryou £5.78
cChristmas KPMAN £5.83
Christmas 2023 Jakers £5.85
Christmas 2023 MarkGo £5.90
Christmas 2023 Happy investor 100 £6.00
Christmas 2023 ClydeCrusadeR £6.25
Christmas 2023 Spights £6.45
Christmas 2023 y11 £18.20
Competition 2023 Christmas ( Bottle of Champagne for winner)
Christmas 2023 Owls £4.71
Christmas 2023 Neil 74 £5.33
Christmas 2023 Harmonica £5.50
Christmas 2023 Rjb 92 £5.55
Christmas 2023 Redjim £5.65
Christmas 2023 GoodTo Go £5.70
Christmas 2023 Jezzoo £5.75
Christmas 2023. meoryou £5.78
cChristmas KPMAN £5.83
Christmas 2023 Jakers £5.85
Christmas 2023 MarkGo £5.90
Christmas 2023 Happy investor 100 £6.00
Christmas 2023 ClydeCrusadeR £6.25
Christmas 2023 Spights £6.45
Christmas 2023 y11 £18.20
Https://oilprice.com/Energy/Energy-General/Global-Floating-Oil-Storage-Hits-Highest-Level-Since-October-2020.amp.html
They need storage and the US isn’t buying.
It took me a while to work out what you meant Y11
But who has oil hanging around that they need storage for? Perhaps they could rent out the space for CO2 storage or something (they could make legislation that forces companies to pay to put their CO2 there) LOL
I have condensed my position to:
Will there be a 'supply shortfall' spike in oil prices before the big recession hits?
I have posted too much today :)
Need a Cave to Stash Your Oil? Feds Might Soon Have a Deal for You.
Could you imagine if Joe turns out to be a better landlord then Donald.
Can you imagine the oil bulls faces when the US announce they are not paying for oil but offering oil companies to use the space at a cost.
MarkGo's 11mmb are true, as long as you trust the US figures
hxxps://www.eia.gov/dnav/pet/pet_stoc_wstk_a_EPC0_SAE_mbbl_w.htm
The US are no fools they know that as the world slows down and oil storage runs out it may be more profitable the rent there oil space out rather the buy oil at any price.
Christmas 2023 £4.87 Wolfiebill
If Marks 11 million barrels were true, your 50 million barrels could all be used up by end July.
We may start to get a bit more clarity around then,as driving season will also be a bit more visible.
If the market does turn sentiment will change quickly.
We are only one Black Swan event away from carnage, which probably would lead to the recession.
I was just looking at the US oil stocks again and although the SPR should hold steady now after the historic releases, the non-SPR stocks have 50 million barrels they could draw down before they hit the post-2015 minimum*.
We could see a few further weekly draws in July before they start levelling off and people start wondering where the oil supply is going to come from.
If anyone is bearish oil please could they put their reasoning forward, there seems to be reducing supply going forward and demand will have to fall pretty fast for the price to stay stable. Are we close to a global recession?
*For example we are at 453mmb but they were 414mmb in December
Good morning all
Excellent posts Planit.
Competition 2023 Christmas ( Bottle of Champagne for winner)
Christmas 2023 Owls £4.71
Christmas 2023 Neil 74 £5.33
Christmas 2023 Harmonica £5.50
Christmas 2023 Rjb 92 £5.55
Christmas 2023 Redjim £5.65
Christmas 2023 GoodTo Go £5.70
Christmas 2023. meoryou £5.78
cChristmas KPMAN £5.83
Christmas 2023 Jakers £5.85
Christmas 2023 MarkGo £5.90
Christmas 2023 Happy investor 100 £6.00
Christmas 2023 ClydeCrusadeR £6.25
Christmas 2023 Spights £6.45
Christmas 2023 y11 £18.20
We also have the Saudi's 1mmbpd cuts start in July. Plus, the increase in interest rates has increased the holding costs for oil driving some one-off supply on to the market.
Oil demand is now higher than 2019 but it looks to me like supply is lower. If oil doesn't start moving higher within the next month I will have to relook at my understanding of where we are.
Good comments from yesterday, I agree with everything MarkGo and Spights said but would like to add
For a bit of context, although the draw down this week was very large, reserves (commercial + SPR) are still 9 million barrels higher than the bottom which was hit December 30th. There were some big increases in Jan/Feb that have not worked their way out yet.
But MarkGo's thoughts regarding where we are and what will happen in the future match mine. I am pretty excited to see what happens to prices now the SPR sales are done and we are at driving season. I would also add that hedge funds and other investors have been shorting futures contracts as they think there will be a recession, this has helped supress the oil price (this is the paper part MarkGo referred to). I wouldn't be surprised if the US gov pushed this to help with the war effort.
The US shale rigs seem to have been increasing efficiency over the last few year so the output per rig has been rising so the drop in rigs has not affected output as much as it might sound. But I do think there will be a levelling off or slow down towards the end of the year because the price of gas especially has reduced confidence and investment.
Competition 2023 Christmas ( Bottle of Champagne for winner)
Christmas 2023 Owls £4.71
Christmas 2023 Neil 74 £5.33
Christmas 2023 Harmonica £5.50
Christmas 2023 Rjb 92 £5.55
Christmas 2023 Redjim £5.65
Christmas 2023 GoodTo Go £5.70
Christmas 2023. meoryou £5.78
cChristmas KPMAN £5.83
Christmas 2023 Jakers £5.85
Christmas 2023 Happy investor 100 £6.00
Christmas 2023 ClydeCrusadeR £6.25
Christmas 2023 Spights £6.45
Christmas 2023 y11 £18.20