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I will say it again and hope not to be too boring BUT……
When the directors were buying two and a bit weeks ago it was obvious that good news was going to start to flow (like the black stuff) and I just can’t fathom why anybody would have though it wasn’t worth topping up in the mid 20’s……it’s even more bizarre that anybody would consider selling now things are more stable and the good times are returning….
Gla x
Friday, july 14th, 2023
news of a marked drop in us inflation growth this week has boosted oil prices, pushing ice brent above $80 per barrel for the first time since may. further buttressed by the market’s tightness coming from saudi arabia’s production cuts and russia’s export curbs – backwardation is steepening again – this week is set to witness the largest gain in months, brushing aside the bigger-than-expected build in us crude inventories.
opec remains upbeat about 2024 demand. in its most recent monthly oil market report, opec predicted demand growth next year will amount to 2.25 million b/d, only slightly lower than its revised figure for 2023 (2.44 million b/d), double that of the international energy agency.
libya on the brink of another escalation. oil production has been stopped at libya’s 70,000 b/d el feel oilfield on thursday after tribal protests over the kidnapping of a former finance minister grew into larger unrest that could soon impact the adjacent el sharara field, too.
heatwaves crimps europe’s power generation. france announced output cuts at two nuclear plants – the 3.6 gw bugey and 2.6 gw saint alban - along the rhone river as unprecedentedly low water levels combined with high temperatures at cooling ponds hinder electricity generation.
oil majors splash the cash for german wind power. european oil majors bp (nyse:bp) and totalenergies (nyse:tte) emerged victorious from germany’s 7 gw offshore wind auction, clinching rights for 4 gw and 3 gw, respectively, as the auction garnered a total of $14 billion.
china to reform its power sector. china’s commission for deepening reform, a key ccp policymaking body, outlined broad proposals to upgrade the country’s electricity sector which continues to struggle with provincial protectionism and lack of interconnection between regions.
****stan wants second russian cargo. the government of ****stan is negotiating to buy a second shipment of discounted russian crude, with private refiner parco reportedly asking to buy russian oil, too, as talks have so far been focusing on the state-owned prl refinery.
namibia’s oil bounty grows by the day. uk-based energy major shell (lon:shel) confirmed another oil discovery in namibia’s orange basin, the fourth in the country since its first exploration well drilled in february 2022, with the recently spudded lesedi-1x well hitting good quality reservoirs again.
exxon invests in ccs future by buying denbury. us oil major exxonmobil (nyse:xom) agreed to buy denburg (nyse:den) for 4.9 billion, greatly boosting its expertise in carbon capture and storage as the latter owns the largest network of co2 pipelines in the united states spanning 1,300 miles.
Directors don’t buy unless things are looking up……they know the business is back on course and are privy to a lot better insight than most people in here. So if they have parted with their own money then that’s good enough for me. Draw your own conclusions but ‘23 is pivotal…….
Posted again just for the derampers that are doing their best (bless them) that I can’t even read because they’re all blocked. Time to give it up kiddies….
Directors don’t buy unless things are looking up……they know the business is back on course and are privy to a lot better insight than most people in here. So if they have parted with their own money then that’s good enough for me. Draw your own conclusions but ‘23 is pivotal…….