The main thing to consider going forward is that virus cases are falling in China so hopefully they will start to get back to normal soon. Also the virus hasn't been so bad in the industrial south of the country. We all know how industrious the Chinese are, so I guess they will be going full out to make up for lost production. So that should mean that we see a big spike in demand for oil from China.
The consequences of the virus have been totally overblown now - the heat of Spring will see it off, just like flu.
What we are seeing now is the hedge funds exploiting fear - they are making a killing - pun intended - on their short positions.
As for Enquest I am quite sure that someone has been "controlling" the SP for quite some time in an opportunistic manner, running the SP up and down as fortunes change - its more than just fluctuations in the price of Brent.
The market is still levelling out after having the froth taken out of it by the coronavirus - hopefully things will be clearer by the end of the week. As for Ceres the SP probably would have fallen back next month when the half year results are published as is usually the case for growth companies - things always look better going forward than looking back.
No immediate sign of a hook-up - PS is just 12 miles to the north west of AK - the wind and wave direction is variable therefore hook-up could be from any direction depending on when they are ready - maybe 9-12 today as PS is positioned to the North West.
Work continues to position the rig.
Weather is very calm for the time of year until Saturday.
The theory that Coronavirus is much less likely to spread in a warmer climate - it dies in the warmer air before it can be spread from person to person - could be well on the way to be proven. Flu is the same.
Tropical Singapore is well on the way to controlling their outbreak - they have had 90 cases - as can be seen from the attached article.
As investors we can use these observations to gain insight into what is likely to happen as we get closer to the Spring.
RE: When there 's no oily blood in the streets today...24 Feb 2020 17:36
I wrote this is on December 5th last year, re OPEC.
"OK they have agreed some deep cuts but only for three months - it looks like a neutral move in the short term - in the long term absolutely useless and could even lead to a big fall in POO in the absence of further action - very disappointing!!!"
"Time will tell but I stand by my assessment - the worst thing in any market is uncertainty - just holding the cuts for 3 months creates that uncertainty and volatility that as we have seen before can produce big dips in POO."
Why cant these idiots get things right - we should have been in a much better place today if they had shown just a bit of foresight - these open ended short term fixes simply don't work.
I don't see much action positioning the rig - there are two positioning vessels and numerous safety boats just drifting around with the rig presumably close to her drilling position - maybe they are waiting for a third positioning vessel - they usually work in three's.
PS is on her way - due to arrive 23.00GMT tonight and should be OK to hook up tomorrow regardless of the rig - the rig is to the south east of AK - hook up will be from the south west or west.
The weather is set fine for the week.
Petroatlantic has only just hooked up with North Sea for a STS in Scapa Flo with load 59.