The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
Tullow is expected div today 4.8cents. Accounts for some of their fall. We should be used to pmo movements by now.
Crude -9.59MM, Exp. +1.75MM
Gasoline -4.59MM
Distillate -4.13MM
Cushing -468,000
Production +100Kb/d, +0.83%
Actual: -9589k
Expected: 1750k
Previous: -3862k
Brent is more or less unchanged to 4.30 price. Lets see what the more respected EIA report.
Oil prices fall as API data reportedly show U.S. crude supplies up more than 7 million barrelsThe American Petroleum Institute reported late Tuesday that U.S. crude supplies rose by a much more than expected 7.3 million barrels for the week ended March 1, according to sources. The API also reportedly showed that gasoline stockpiles fell by 391,000 barrels, while distillate inventories declined by 3.1 million barrels. Inventory data from the Energy Information Administration will be released Wednesday. The EIA data are expected to show crude supplies climbed by 1.9 million barrels last week, according to a survey of analysts conducted by S&P Global Platts. It also shows expectations for inventory declines of 2 million barrels for gasoline and 1.4 million barrels for distillates. April West Texas Intermediate crude was at $56.23 a barrel in electronic trading, on the New York Mercantile Exchange.
Comments from an OPEC source cited by Reuters
OPEC+ to stick to quotas and push for more adherence, despite Trump criticism
Allies likely to continue supply cuts until year-end
Need to see a further drop in oil inventories
Venezuela output reductions due to US sanctions not clear yet.
Stick that in ya pipe and smoke it Trump!
nthttps://www.bloomberg.com/news/articles/2019-02-15/oil-poised-for-weekly-gain-as-opec-cut
Budgiemaguire 82p
Lemarc 70p
outofideas 72p
TarthDrader 74.5p
Yanbu-arabia 75.2p
TR61 73p
Hawkey 79p
Ammu123 92
Rookie1 77
Wang to control the world. All the Saudi's need to do is cancel the order for the fighter jets and buy from elsewhere. How would they force anyone to then up at court?
Well members, they wouldn't raise much @ 20p would they.
Surely if there was to be a right issue, it's in their interest to have the price as high as possible. I feel the company would have done more to protect the price when it was being hammered during the fall from 145p.
If it was for someone to bid for pmo, i think the share price is not priced as much as our assets.
Than previous quoted numbers by 100,000bpd.Seems like they're concerned that oil has not risen fast enough.
Every little helps.
With the rig count down 21 i would hope for a draw.
Todays movement all down to global growth concerns. As per usual the sp dives on nothing much.
I think i've aged 10 years since the beginning of October.
With news so close he cannot buy. There are rules.
Wasn't there already supposed to be oil there from historic drills?
Careful. Don't forget, they might walk away, then the price will fall back.
Spud of Wick Well
Baron Oil (AIM: BOIL) is pleased to announce that Corallian Exploration Limited, as Exploration Operator for Licence P2235 ("Corallian"), has reported that drilling of the Wick exploration well (11/24b-4) commenced at 00:45 hrs on 25 December 2018. The ENSCO-72 drilling rig will be on location for approximately 3 weeks. Baron Oil holds a 15% working interest in Licence P2235.
Malcolm Butler, Chairman and CEO of Baron, commented:
"These are exciting times for Baron Oil shareholders, as our two well drilling programme gets underway. The results of the high-impact Wick well should be known next month.
"With gross, unrisked, recoverable mean Prospective Resources of 26 million barrels of oil equivalent, estimated to be present in this part of the Wick structural complex by Corallian, success with this well will have a material impact on the value of the Company.
"Following the drilling of the Wick well, the ENSCO-72 jack-up rig is planned to be moved to the English Channel to drill the Colter well. We look forward to updating the market on progress at Wick in early 2019."
Bloomberg are reporting that rigs are shutting down in the Permian basins due to oil prices. The issues are more wells have already been drilled and just need tapping to bring more oil into the market if and when prices recover. The saudis want $80 for their economy and dilusional Trump wants prices where they are even though it is totally uneconomical for the US. and the wider oil market plus its pulling the stock markets down.
TR61, the worry for me is Tony is an accountant, if he cannot add up and forecast debt reduction, what hope do we have.
EIA reports a fall in U.S. crude supply for a second week in a rowThe reported Wednesday that domestic crude supplies fell by 1.2 million barrels for the week ended Dec. 7. Supplies had also declined the week before, marking the first weekly decline in 11 weeks. Analysts and traders, on average, expected to see a larger decline of 2.8 million barrels in crude supplies, according to a survey conducted by The Wall Street Journal, while the American Petroleum Institute on Tuesday reported a drop of 10.2 million barrels. Gasoline stockpiles climbed by 2.1 million barrels last week, while distillate stockpiles declined by 1.5 million barrels, according to the EIA. The Wall Street Journal survey had shown expectations for supply increases of 1.8 million barrels in gasoline and 1.3 million barrels in distillate inventories. January crude was up 41 cents, or 0.8%, at $52.06 a barrel on the New York Mercantile Exchange. Prices were trading at $52.15 .