Member Info for Dark_Knight2020

Why put an rns without providing details as to the amount of total oil uploaded?? Weird or what

crude oil inv rose 2.21 mil barrels

Kraken sorry to sound like a broken record! The US is dumping their crap extra light crude in their storage facilities hence the massive builds... no one wants to buy their extra light oil... US shale is one massive scam. The debt is piling sky high and lots of shale companies are going burst. Also whatelde Makes no sense is the decrease in rig count... clearly fixed. Even traders are beginning to question these big builds...if oil production in shale is increasing the surly rig count should be skyrocketing...which it isn’t ...

Bonker99 what does this mean then ? surely gold should be moving up ?

sooner or later the truth will come out about the US shale, millions of barrels are not selling because it is extra light, just like I said they are putting it in storage hence why the high api and eia builds.

On Friday, Saudi energy minister Khalid al-Falih said OPEC is ready to commit to an extension of its oil production cuts beyond June. However, non-OPEC partners, led by Russia, could have their quotas increased as part of a compromise. Moscow and OPEC have divergent views on a “fair price” for oil. Russia is comfortable with an oil price in the range of $60-$65 per barrel, given that the Russian budget is built on a $40 per barrel price assumption. Moscow fears that increasing US shale oil production will continue to erode its export markets. However, the IMF says that Saudi Arabia’s fiscal breakeven oil price this year is $85.40 per barrel, with the average for OPEC’s Middle Eastern members at $82.40. With oil trading around $62 barrel, the Gulf Arabs do not want to see prices fall further.

US Shale Oil Production: Government and outside energy consultants remain optimistic that US oil production will increase by over 1 million b/d this year. Rystad Energy is raising its forecast for US crude output to 13.4 million b/d by this December. In May 2019, the firm said that US crude oil production will average 12.5 million b/d. The last verified US production number was 11.9 million b/d in March so Rystad is expecting US production to increase by 1.5 million b/d during the last nine months of this year.

The head of oil market research at Rystad says preliminary (estimated) US data shows that tight oil production alone reached pre-winter levels of around 8.5 million b/d in May. However, the final production numbers for May, which will not be available until the end of July, have been running behind preliminary estimates lately. Given that oil prices have fallen by circa $20 a barrel in the last two months; the global economy seems to be slowing; the China-US trade war shows no signs of subsiding; and 90 percent of the small and medium shale oil drillers lost money in the first quarter when oil prices were higher; we may not see the increase in shale oil production in the next six months that optimists are predicting.

A survey of 29 oil and gas companies that focus on shale oil reported more than $2.5 billion in negative free cash flows (i.e., lost money) in the first quarter of 2019. These results were even worse than in the fourth quarter of 2018 when the same group of fracking-focused firms suffered $2.1 billion in negative cash flows. This dismal cash flow performance came despite a 16 percent quarter-over-quarter decline in capital expenditures. From 2010 through early 2019, the companies booked aggregate negative cash flows of $184 billion.

Since 2015, 174 North American oil and gas producers have filed for bankruptcy protection, restructuring nearly $100 billion in debt, mostly through write-offs. Oil and gas bankruptcies have continued in 2019. At least eight oil and gas producers have filed for bankruptcy since January, restructuring more than $3 billion of debt. The oilfield services sector, which relies heavily on t

Editors: Tom Whipple, Steve Andrews

Quotes of the Week

[Shortage of heavy oil due to US sanctions on Venezuela, production declines in Mexico and transportation bottlenecks in Canada:] “That’s a big structural problem that’s not going to go away anytime soon. We’ve got this mismatch in the country. We’ve got refineries that want heavy oil and producers that make light oil.” Jennifer Rowland, analyst with Edward Jones
“These extreme phenomena [floods and droughts] are here to stay. And with the risk implied by climate change, I think Panama should do more because its economy depends so much on the proper working of the canal.”, Gustavo Alanis, head of Cemda, a Latin American environmental group

Graphic of the Week

1. Oil and the Global Economy

US oil prices sank into bear market territory on Wednesday, falling more than 20 percent below the April peak. Traders were concerned that a 6.8-million-barrel build in US crude stocks indicated lower prices ahead. The markets rebounded on Thursday and Friday on news that a settlement in the Mexican border dispute was in the offing and that the OPEC+ production cut was likely to be extended for six months. London futures closed at $63.29 and New York at $53.99. London, however, is trading about $10 below where it was in the middle of May. As has been the case for months, the markets are caught between sagging economic growth, which would hurt demand, and production outages in Venezuela, Iran, and potentially in Libya.

There are numerous signs that the world economy is moving towards recession. Besides the potential damage of a prolonged US-China trade war, factory output has been slowing in China, the US, and the EU. Long-term interest rates as evidenced by government bond markets and inflation have fallen steeply. US Treasury yields have fallen 50 basis points in the last seven weeks, while German 10-year bond yields are at record lows. In Japan, Britain, Switzerland, and France, borrowing costs are at their lowest since 2016. US job growth slowed sharply in May and wages rose less than expected. Flooding in the US’s corn belt seems likely to do serious harm to US agricultural production this year.

The OPEC+ Production Cut: The cartel’s market share in North America fell last year, with shipments declining by 406,000 b/d or 12.6 percent to just over 2.81 million b/d as US shale output replaces grades of imported crude.

Saudi Arabia and Russia are in disagreement about how to respond to the recent fall in oil prices. Their energy ministers are set to meet in Russia on June 10th to build a consensus ahead of a meeting of the OPEC members with other OPEC+ coalition members. Arguments seem to be taking place as to whether the meeting date should be moved to July 2nd-4th from the scheduled June 24th-25th. Russia is proposing the move, while Iran is vehemently opposing the change.

On Friday, Saudi energy minister Khalid al-Falih said OPEC is ready to commit to an e

https://www.bloomberg.com/news/articles/2019-06-06/24-million-barrel-question-where-is-all-that-missing-u-s-oil

Personally I think certain parties have accumulated large amounts of shares and on purpose dumbed to buy back at a lower price in hope of buying back cheaper and forcing others to panic sell. 14 million buys is a lot and the sells have push the price lower. If there were less sells then we all know this would be 70p plus.

Like I have said for weeks and weeks that the api scum bags and eia dirt bags are all hiding the fact that the USA cheap crap light shale oil which no one wants to buy is getting dumped there, hence the high build. China ain’t buying it... no reason for Saudi’s or opec plus to increase output.

chips and cheese with curry sauce after a night of celebrations is the prize lol

agreed bear13, for sure the oil flow needs to be good, no water, and Dr T is expecting the oil to start at 10K and the ramping up to 20K per day right ? Like I said yesterday lots of miles stones to be achieved over the next 12 months.

Are we taking bets ( guess) for FOIL ? I say Wed next week, the broker Berenberg guessed an RNS would be out in the next few days.

Agreed I would prefer one on Monday or Tuesday, that way the momentum will build up for rest of the week.

anyway guys let's all make up and enjoy the ride upwards... no need for hostilities... we all have good intentions unlike ponzie.....let's hope there is a good RNS tomorrow... i would like to read that the oil flow is better than expected...

SIPP good point I take your opinion on-board. Spreading fake news isn't good, ponzie should be ashamed of himself...

DiveCebtre, exactly my point ! I really like Biffa and a double, great intelligent guys but seriously they assume wrong, they take the bait... alibi 1 made the point... some people bought when this was 30p or 20p or lower, so ponzie is obviously at it and some of us have already made a lot.... all i was promoting was freedom of speech but I take it most here prefer the china way.

Biffadog, aren't you so prefect eh ? you must get gold stars every day right... never wrong about anything. maybe you and double are sharing that stick... go back and read, when I asked about Kelly... that is right I was asking others for their opinion because when I saw his sells I honestly had no idea hence why I asked and I didn't make up a drama or provide fake news... I have a large investment in Hur too, so before you go around assuming your conspiracy crap get your facts right you overgrown pompous fool.

adoubleuk I value your opinions and your wisdom and I really mean that but seriously get that big yard stick out of your ass... you need to get the cloth out of your ears so take your own advise... I said he has a right to an opinion FFS... even though I don't agree with him, he is clearly talking utter pishhh happy ???? man has a right to say what he wants, some people like you and others have made very intelligent counter arguments..if he is mentally ******ed it isn't his fault, maybe he was born with a low IQ..

good point adoubleuk lol itsaponzie, he has got you there....