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Canaccord more than doubled their target any higher would have shown they were way out with the previous price target!
Intra day 52 week high
GLA
Short term price targets may need adjusting upwards IMHO
Over 17.5 million shares traded on Friday which is nearly 5 times the normal volume.
Significant and I expect the volume of trades to continue into next week.
Last year was on the 22nd January and I presume it will be on or around the same date this year.
It will be the first corporate update on Kraken performance over 2019 and should give further support to the ENQ sp.
Cairn could also announce writing back the reserves they removed from Kraken last year based on the above original CPR performance of the field. EnQuest have been proved right on sticking to their reserve figures on that one.
Therapist literally ****ed myself laughing ;)
Hamnon you are getting sentimental ;) My pleasure.
ENQ is dirt cheap and the market is finally acknowledging the value.
Or rather Godspeed!
Too early for thank you’s here long way to go this is just the start.
But yes and thank you to all the knowledgeable posters on here you know who you are. This bb will get much busier over the next few months hopefully we will keep the insights going.
Gods speed.
Bodes well for next week IMHO
The price PMO is paying for Andrew field of $450 million for 34mmboe 2p+2c makes Enquest look highly undervalued. The oil content is probably around 22 million barrels and probably represents around $16 per barrel of oil.
Enquest has over 200 million barrels of 2p North sea oil reserves and similar tax advantages. Based on the PMO deal Enquest should be worth an enterprise value of at least 3 billion dollars on a takeout basis or around 70p per share. Still undervalued relative to peers.
https://af.reuters.com/article/commoditiesNews/idAFL4N29F1NJ
Separately, China just approved a tax waiver on exports of the cleaner VLSFO - but they may limit shipments to deal with demand
All about Kraken performance and premiums!
Gasoil is an option, but shipowners/operators, esp. those w/ bigger ships, prefer VLSFO. "Fuel oil has better calorific properties and better properties on the engines that MGO cannot provide," so shippers don't want to switch, a Singapore-based trader told us.
Rising prices show tighter supplies of cleaner fuel for global shipping
NEW YORK/SINGAPORE (Reuters) - The price of very low-sulfur fuel oil (VLSFO) has risen in recent months, a sign of increasing worry there is not enough of the fuel to comply with new global shipping laws that took effect this year, market participants said.
VLSFO has lately started to trade at levels comparable with marine gasoil, a type of diesel fuel used by tankers.
That is an indication that refineries may need to increase production of VLSFO as tankers shift from dirtier, high-sulfur fuel to a cleaner product to comply with International Maritime Organization regulations designed to reduce smog.
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Under those rules, shippers either need to use fuels with a sulfur content not exceeding 0.5%, or install scrubbers that can clean higher-sulfur fuels to reduce emissions. The rules, known as IMO 2020, affect more than 50,000 merchant ships worldwide.
Supply has tightened in trading markets in Asia and Europe and now in the United States. On Wednesday, VLSFO in Houston traded at $642 per tonne, compared with $667 per tonne for marine gasoil, S&P Global Platts data showed. That $25 spread was at $152 half a year ago.
This suggests not enough VLSFO is being produced and raises concerns about supply this coming spring when refiners go into maintenance season, said Rick Joswick, head of oil pricing and trade flow analytics at S&P Global Platts in New York.
The spread in Singapore has narrowed to $15, while in Rotterdam it has narrowed to $3, S&P Global Platts data showed.
"China has been importing VLSFO from Singapore. Hence, tightening up the regional supply of the cleaner marine fuel," a Singapore-based middle distillates trader said.
Chinese marine fuel suppliers have signed up short-term deals to purchase VLSFO from companies such as oil major Shell, Germany's Uniper and U.S. commodities trader Freepoint.
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"VLSFO prices around Singapore is around $150 (per tonne) more than Rotterdam. So, there's definitely a lot more consumption here ... I think VLSFO should continue to trade at higher levels for some time," a Singapore-based ship-broker said.
Meanwhile, VLSFO stocks are also falling, Joswick said.
"You can't cover demand out of inventory forever," he said. "Production has to pick up and trade flows have to shift."
(For interactive graphic on Marine fuel spreads, click here)
"It means marine gasoil (MGO) needs to be called upon to cover some of that demand," Joswick added.
But some shipowners and operators, especially those with larger ships, strongly prefer VLSFO over MGO because of technical issues related to running on distillate fuel as opposed to heavy fuels.
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"Fuel oil has better calorific properties and better properties on the engines that MGO cannot provide. That's why shippers are reluctant to make the switch even though VLSFO prices are now marginally higher than gasoil," t
Unfortunately I have to agree with Hamnon he’s bang on.
Thai will get further coverage over the weekend.
I said it would be over the 30p by the trading update.
12 Million traded in London and 13 Million in Stockholm so far today.
More than 4 times the daily average so far today.
The rerate is finally here!
Exactly.
The price PMO is paying for Andrew field of $450 million for 34mmboe 2p+2c makes Enquest look highly undervalued. The oil content is probably around 22 million barrels and probably represents around $16 per barrel of oil.
Enquest has over 200 million barrels of 2p North sea oil reserves and similar tax advantages. Based on the PMO deal Enquest should be worth an enterprise value of at least 3 billion dollars on a takeout basis or around 70p per share.
All the way up
25p gone