And 2.5 billion profit by trading oil only, this is big money.
https://www.google.com/amp/s/www.bloomberg.com/amp/news/articles/2020-09-16/bp-lifts-veil-of-secrecy-on-big-oil-trading-profits
Soul, wait for 265 , sell and buy back at 255, we may stuck in this 250/270 trading range for few weeks, today's drop mostly because the pound gains vs the dollar. My view is institutions have left the boat or drastically reduced their exposure to oil , but they will be back before earnings. Bloomberg just posted an article about BP's trading arm profits, they are making a killing. Today's price is based on last earnings not the next one. I have 80k at 272, thinking of selling when we get close to buy lower, but i may miss the big run up.
Vaccine phase 3 trial success.
US stimulus.
Trump's victory.
Word in the street to buy Value instead of Tech. Return of Smart Money.
Chinese deal as they have to commit to oil imports.
Drone attack on Saudi's plants would definitively help.
Russia's oil/gas ban as retaliation to opponents poisoning.
Share-be-alright $19.88 translates to £2.59 ordinary share, not sub 2.50, that is still higher than today's lows at 2.57, don't get too excited :) £2.55 tomorrow maybe, buy when there is blood in the street. Also the Dow now has 30% exposure to tech vs 16% before.
Agree, oil dropped by over $3/4 which in the last couple of months would have caused a big selloff in oil stocks. SP500 has bounced back on the 50MA for the seventh times in a row as well, so hopefully, it is a correction. We should be significantly higher after earnings when it becomes clear that earnings are good as a result of aggressive cost-cutting and oil and ng prices higher by 50% from last quarter. Earnings will not be spectacular because of relatively low volumes - but good enough to not justify a 25 year low.
The non farm payroll saved the day on Friday, the us BP session finished in the blue in the after Hours. The US economy is slowly recovering which will play in the favour of value stocks like BP, love will come back.
Chevron was one of today's best DOW perfomer, see link below. DOW Value stocks have outperformed the tech stocks in general today. Now we need the media to start spinning the value play and we will be good for a ride.
https://markets.businessinsider.com/index/components/dow_jones
Has it just started ?
Looney said during the earning call ''Yesterday we reset our dividend at five and a quarter cents per share per quarter. That is a resilient dividend intended to be robust at a variety of oil prices, and we committed to buy back shares with 60% of excess free cash.”
...traders... enjoying their earned cash BBB.
BBB I have sold before ex-div remember, these braggarts like me are the one making the money not the divi chassers, at least for now . I have bought back again today a third tranche at 2.59, now at 2.72 average with a £70K position, waiting for the stock to go up, that's 10% profit when it will get to 3.00. People waiting for the doom and gloom will be left behind, the stock price is tightening. Value stocks will suck in that Tech money in the very near future.