The latest Investing Matters Podcast episode featuring financial educator and author Jared Dillian has been released. Listen here.
When is Ryan going to publish the Energy Security Review?
On the 15th June he told Darren O'Rourke in answer to his question:-
"Once the review is completed, which I expect to be next month, when it will also be published, I will bring my recommendations to Government. Subject to Government approval, as I said, it will be published at that time."
Pioneer Natural Resources CEO Scott Sheffield recently provided a broad overview of the current oil market and its impact on prices on the company's second-quarter conference call. Sheffield pointed out that "crude has been range bound between $65 and $80 over the past several months." He noted that several factors have weighed on oil, including releases from the Strategic Petroleum Reserve (SPR), recessionary concerns, and weak economic data from China.
However, that weakness has reversed over the past couple of months, pushing oil up toward the $80-a-barrel level. The driver is the expectation that supply and demand fundamentals will tighten in the second half of this year. Sheffield pointed out that there's growing optimism that the U.S. economy could experience a soft landing while China has taken steps to boost its economy. These factors bode well for demand to remain strong.
Meanwhile, Sheffield highlighted that supplies are growing tighter. U.S. oil producers continue to limit drilling to produce free cash. On top of that, the SPR is at a 40-year low, restricting the country's ability to release additional supplies in an emergency. Finally, Saudi Arabia continues to keep a lid on OPEC's production. Sheffield said he expects "Saudi to extend their 1 million-barrel-a-day cut they initiated July 1 toward the end of '23."
This combination of factors drives his view that demand will outpace supplies during the second half of this year, drawing down global-inventory levels. This outlook is "supportive for oil pricing in the $80 to $100 range for the remainder of '23 and through '24 on."
@Whouse: Last week ' So maybe next week we will be in a Far better position and hopefully a lot wiser…'
The trouble Whouse, is that like 'tomorrow' next week never comes.
I've lost count of how many 'next weeks' we've been waiting for something positive. Maybe next week ....
I asked for a quoted buy price on IG a few times earlier today and was quoted 1.40 and late afternoon was quoted 1.45 so correct me if I’m wrong but the “sales” today were likely buys. The 15196 @ 1.35 is possibly the only sell.
GGG
Perhaps Majid has read your earlier post. If not him, someone's splashed out on 1,400,000 just now.
" if f@cking majid bought 1m shares over the next 3 months. and that would only cost him £125k, which is peanuts given the wage and dividend payments he receives from our company. lots of options. hopefully they don't do buy-backs."
Krull,
No, I only placed it to see what the situation was. I'm a long term holder here with too many shares due to a number of buys to reduce my avarage buy. As it turns out it was the right decision even though we've all been through a worrying time and even though I'm almost at break even I won't be selling anytime soon as something is in the air.
GLA
Don't forget the 'Proactive Investor Forum' tonight. Hopefully we might get an update on Wressle and Inishkea.
https://www.proactiveinvestors.co.uk/register/event_details/425