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This is a **** share but it's NEVER BEEN 240, so much crap talked here
Why sell now? Because the uk government has ****ed this company completely and it’s got most of its eggs in the uk. I also think the update due in Jan isn’t going to be good as people here think due to the tax implications. Question if there such a bargain why have no directors buying, that’s what worries me.
This is one **** company just sold half my holding with a massive lost. The fact the company does nothing to protect share holders and keeps quiet gives me no confidence. Shorters want this under 250 sickening
Its not 2p u dick im down 86p honestly
They sold and it dropped another 2p in the auction so it will be down monday, ive had enough of this **** share
**** me we are up, the question is will it last?
How can this company be worth less than what it came to the market for even with the windfall tax? That’s what I can’t work out after paying down lots of debt and pumping **** loads of oil and gas. I hate companies that don’t find ways to protect their share price and let the shorters destroy it
What a **** hunt is we will go to 2:50 now
Finance Minister Jeremy Hunt rebuffed requests from North Sea oil and gas executives to include a mechanism in the tax to reflect falls in oil and gas prices, although a future revision was not ruled out should prices slump, the sources said.
Shorts increase again yesterday, they just won't leave this share alone because its predictable
Groundhog day. Once I get back to evens on his stock I'm out
Not one day up since the windfall tax increase ****ing joke
BRENT CRUDE OIL FUNDAMENTAL BACKDROP
Brent crude oil is trading marginally higher on Friday and could close in the green for a fourth consecutive day, last seen in early October. Fed Chair Powell’s rather dovish speech on Wednesday has been persisting through market reaction after receiving support from the U.S. core PCE release yesterday. China’s revision of its COVID situation has also been a tailwind for crude oil with respect to demand-side forecasts.
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Later today, Non-Farm Payroll (NFP) statistics will be the focal point for the USD and thus crude oil prices. A strong labor release would likely result in support for the USD but also provide more uncertainty with respect to the Fed’s forward guidance.
ECONOMIC CALENDAR
image1.png
Source: DailyFX economic calendar
OPEC+ is set to meet on Sunday December 4th to discuss a possible shift in its supply quota. Up until now, there has been rumors of production increases, cuts and no change thereby increasing the hype and anticipation around the OPEC+ meet. It is fairly likely that there will not be a production increase considering depressed oil prices as well as global recessionary fears. In addition OPEC+ may not want to surprise markets by cutting before year end and may look to acquire more data before the next meeting to make an informed decision. A decision of no change is probable after taking into account the above factors which should not shift the price needle too far.
FOUNDATIONAL TRADING KNOWLEDGE
Commodities Trading
Recommended by Warren Venketas
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An action that may provide substantial stimuli for crude markets is the decision around a Russian oil price cap. The pronouncement is set for December 5th but there has been no unanimous agreement amongst the member states as of yet. According to the most recent information, the price cap is rumored to be set at the $60/bbl mark down from $65-70/bbl. The lower the price cap level, the more chance that Russia retaliates by constraining or eliminating supply altogether and could spark a push higher in crude prices.
TECHNICAL ANALYSIS
BRENT CRUDE (LCOc1) DAILY CHART
image2.png
Chart prepared by Warren Venketas, IG
Price action suggests Brent crude could be heading for a leg lower after yesterday’s long upper wick candlestick. This could be invalidated should today’s candle close above the September swing low at 87.28 and the coinciding downward sloping trendline (black). The Relative Strength Index (RSI) is indicative of bearish momentum (below 50) which supports a subsequent downside move short-term. That being said, fundamental influences are the key driver going into next week and price action will be highly dependent on these forces.
Key resistance levels:
$90.00
$87.28
Key support levels:
$83.51
$82.38
IG CLIENT SENTIMENT: BULLIS
???? What you on about, can’t see anything on sky?
This is a short stock ****ing only goes one way> The UK government has ****ed it completely
Windfall tax hampers investment says OEUK, as Harbour falls off FTSE 100
BY:NICHOLAS EARL
The Government’s decision to toughen the windfall tax has made companies and investors “reassess their plans for the future” warned one of the UK’s leading energy bodies.
Offshore Energies UK (OEUK) told City A.M. the latest changes to the windfall tax have made rates “so high that it threatens to drive investment out of the UK altogether.”
Mike Tholen, sustainability director at Offshore Energies UK, said: “Any change in regulatory or fiscal regimes will make the companies and investors affected reassess their plans for the future.”
The latest gloomy warnings come as Harbour Energy is booted off the FTSE 100 this week, after its share price plummeted over 20 per cent in the past six months.
Analysts have pointed to both the windfall tax turmoil and a lack of fresh projects in its mature portfolio for its declining market value.
Harbour is the UK’s largest oil and gas trader, previously warned it would have to reconsider investments in the UK if the windfall tax was expanded.
Chief executive Linda Z Cook explained that evaluating “expected returns from long term investments” has become more difficult and revealed that “investors are advocating for geographic diversification.”
Nathan Piper, head of oil and gas research at Investec argued Harbour’s declining fortunes reflected the potency of the windfall tax.
He said: “The windfall tax, effectively moving the tax rate from 40 per cent in 2021 to 75 per cent until 2028 has had a material impact on the value of Harbour’s largely UK North Sea portfolio reflected in recent share price weakness and drop from the FTSE100.”
Before May 2022 Special Tax Rate 40 per cent corporation tax
May 2022 Energy Profits Levy 25 per cent rate
2022-2025
+ 40 per cent corporation tax
Nov 2022 Energy Profits Levy expanded 35 per cent rate
2022-2028
+ 40 per cent corporation tax
The expansion of the North Sea Levy during the energy crisis
READ MORE
Ithaca Energy records $1.4bn profits amid booming oil and gas trading
North Sea volatility worsened by windfall tax
Harbour was one of a number of private-equity backed companies that swept up North Sea assets after the oil price crash in 2014, with energy giants diversifying to international portfolios and lower-carbon projects.
This includes rival operator Neptune Energy, which could be the target of a takeover bid from Italian energy firm Eni.
Multiple media outlets have reported Eni is in preliminary discussions to acquire Neptune Energy in a deal worth potentially $6bn.
Both companies have declined to comment on the reports.
In contrast, the reported potential acquisition of Neptune by ENI with a gas weighted asset base largely outside the UK North Sea demonstrates that PE investors may look to industry rather than public markets to exit from portfolio companies.
https://www.cityam.com/windfall-tax-hampers-investment-
This share is so much better in the FTSE250, we need to stay out of the jinxed FTSE100
We need the shorts to close before we see any major jump
Buybacks already started days ago made no difference, this share is a lottery. Where's the director buys if its so under priced? the government has ****ed this company from pillar to post
What's wrong with this ****ing share? never goes up