Member Info for chilting

I am not sure how long this market rally will last today, after all it is Friday 13th, but the market is still pilling pressure onto the losers, including Tullow.

Enquest however has started the fight back - the market has given us the thumbs up in our ability to handle debt and survive this downturn - I am not sure that would have been the case even 12 months ago - it just shows how things have improved for Enquest.

PMO has rebounded by around 38%

BBC
"The Financial Conduct Authority says it has banned short selling of some shares at the request of market watchdogs in Spain and Italy.
There’s an EU short-selling regulation that if it’s banned in their markets, it’s reciprocal in other European markets, the FCA tells the BBC.
It is coordinated by ESMA, the European Markets Authority."

Yes, just a listed selection of Italian and Spanish stocks.

PMO trading update

https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/PMO/14459752.html

Swing back to positive - not sure why or for how long.

An update -

https://realmoney.thestreet.com/investing/will-gilead-sciences-remdesivir-help-arrest-the-coronavirus--15264691

An update -

https://realmoney.thestreet.com/investing/will-gilead-sciences-remdesivir-help-arrest-the-coronavirus--15264691

An update -

https://realmoney.thestreet.com/investing/will-gilead-sciences-remdesivir-help-arrest-the-coronavirus--15264691

Its not finished yet - it looks like that they will need another hook-up tomorrow to complete the load.

We have yet another small storm passing over during the night - it should be ok again at first light.

So far the actual hook-up has lasted 22 hours.

The hook-up has so far lasted 13.5 hours today plus 6 hours yesterday = 19.5 hours.

The weather forecast looks ok for at least the next 6 hours so that should give time to complete the transfer.

No surprise that Enquest is near an all time low - according to the charts a close below $31 tonight on WTI paves the way for a retest of the Feb 2016 low of $26 - that could give us clarity to see the bottom?

Meanwhile in these apocalyptic times - this seemed appropriate - its lovely music anyway - they don't make them like this anymore.

https://www.youtube.com/watch?v=EMzEWpKKOZs

Yes and to add to that we haven't heard anything from Trump defending the shale industry - all his recent tweets are about Coronavirus. I think he will just spin cheap gasoline as a big benefit for the US consumer and hope his big lead in Texas holds.

Remember this guy only cares about one thing - his own self interest.

spindok
I always associate Trump with Tiberius he did after all bring out the the demon in Caligula on Capri.

Its confirmation of what was announced in January being successfully completed.

The benefits of the investment by two extremely important strategic partners far outweigh the effects of the dilution to shareholders.

It seems that the answer is no - not directly anyway but filling the SPR is seen as helping the situation for shale drillers.

https://oilprice.com/Energy/Energy-General/Will-Trump-Bail-US-Shale-Out.html

https://oilprice.com/Latest-Energy-News/World-News/US-Discusses-Buying-Oil-For-SPR-To-Help-Shale-Drillers.html

I guess they will just complete what is being actioned at the moment with Stena Don at Kraken then put everything else on hold.

I think that MBS and Putin are working together and have full control of the situation and are now free to call all the shots.

They will maintain this position of low oil prices for as long as it takes to stifle and eliminate high cost production competition in the US and around the world - it was no secret how vulnerable the shale industry is to low oil prices.

They have used the black swan and the resulting drop in consumption to perfection - this has boosted the effect of their actions enormously.

The point will come when they consider that the damage in the US is terminal - that is when they will agree production cuts to balance supply and demand - when that will come is the big unknown - only then will the oil price start to rise again.

It remains to be seen if Trump intervenes to support shale - that would be the worst possible outcome - hopefully he will just let the oil majors pick up the assets and they will limit production so that supply doesn't exceed demand to the same extent again.

As for Enquest it is a case of bunkering down - cutting costs - cutting capex and simply treading water until MBS and Putin have finished their purge.

HK hooked up again at around 05.00GMT this morning - so that's about 8.5 hours in total so far.

The weather is ok up until the early hours of Friday then another small storm comes through - hopefully the load will be finished by then.

Yes, point taken E - it seems that Trump is caught between a rock and a hard place - maybe he will just thrash out at the Iranians.

https://edition.cnn.com/2020/03/11/business/oil-bailout-trump-shale/index.html