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Tacuma,
I questioned the terms have been agreed statement made by Hugh a while back where he then went on to contradict himself and say that they were still negotiating with the major.
The two didn't seem to gel with me and no surprise that any of this nonsense has come to fruition yet.
If it takes this long for this major to agree between themselves whether or not to farm in to a licence then how long would it take them to make a FID and sanction a project should any drilling campaign amount to us sitting on a commercially viable discovery?
The longer time goes on the less likely I feel this will amount to anything, we can't even hold onto the slightest gains at these levels.
Blue sky potential, anyone see that pig that just flew over?
Oil user,
Question is though how much headroom do they have until storage becomes an issue?
What's the true value of WTL, same, higher or lower than heavy crude?
And when will they start to price and record quantities of WTL in the reports?
I don't think its a price war, more of a personal spat between Trump and Opec cartel, hopefully it'll come to a head sooner rather than later before too much damage is done.....
Be interesting to see if rig count tails off with all these continual builds, this will tell us if storage is being filled with WTLor not.
Anyone know if or where remaining storage capacity is logged?
Builds could be purely WTL, hence the unusual numbers, American shale punishing itself, If so it'll come to a head and we'll have one hell of a spike.
DBNO
Brent is stable, 61.66 so no real reason to encourage a further drop from these levels.
Nobodys forgot how wrong you've been calling this for at least the last 6 months now.....
Small draws on both fronts, api/eia which will hopefully see oil stabilise low to mid 60's until opec meeting....
Tovoc,
I agree, however my gut feeling is the farminee will be watching the drilling window closely and will no doubt close the deal out on the slightest hint of success from CNOOC.
I hope Hugh has been savvy enough in negotiation and has a clause in place to allow renegotiation of terms should a successful well be drilled in the nearby vicinity, if our licences are derisked by nearby success then our terms should then become more favourable.
Maybe CNOOC themselves would like a slice of the pie.....
Sat with their feet up waiting for the swing to turn....
Here come the rodents...
Fighter jet
US-led forces have blown up three oil tankers in Syria as the United States increases its pressure on Syria by thwarting the oil trade between the PKK/YPG and the Assad regime, according to local sources quoted by several media sources.
The strike was carried about by coalition planes, which hit three oil tankers, leaving four dead. The coalition has not yet made a statement about the attack. In the area controlled by Assad, oil consumption stands at around 136,000 bpd. Production, meanwhile, is only 24,000 barrels per day. This means that the regime must import significant volumes of crude oil at an estimated expense of more than $2 billion per year.
What stops Mexico from buying their oil elsewhere? And also China increasing costs of all exports to the US in line with penalties?
These type of reactions will only be fought with fire, its like having a child at the helm, at least he's getting on and will either croak it or more likely rub everyone up the wrong way and be voted out.
He'll never beat China and he knows it, and bullying Mexico won't change a thing on the immigration front as the border is too vast.
Blokes a raving lunatic....
Looks to be fighting back to 80 slowly but surely. You really couldn't make this up, hopefully Brent will bounce.
Jay, what Brent price are you calling 55p here at, out of interest.....
Be a blood bath today, quoted 83 on open to sell, Halifax wouldn't allow it to complete due to volatility, that's 10 seconds into open. Next quote 70's.
Back in too early but better than sitting on my hands I suppose.
Nice to see if EIA figures are in line, hoping this bounces towards the weekend, be good to see late 80's come end of week....
Members, thanks mate!
Members you need to chill, stop falling out with everyone and make the most of the opportunities the market presents you.
Think I might have jumped back in a bit early here, but managed to increase my holding 10% at no additional cost to myself, that's missing the top and possibly bottom of the swing, some great opportunities here for those that have a greater understanding of the market (I don't), hopefully we won't dip much further, happy with the increased holding.
GLA
70.11 was last nights close, 69.41 currently....
https://www.nasdaq.com/markets/crude-oil-brent.aspx
Very nearly bought back in towards close, Brent activity the last couple of hours shook me and I've stopped out for now, off on a long weekend away.
Fingers crossed I don't miss out Tues, have a good weekend all :)
Careful of the usual dip when Europe wakes up......
Sold my lot early doors and so glad I did, looking to buy back once I suspect its hit the bottom but fearful of further drop prior to the bh weekend.
This is after 5 months of holding watching this swing up and down multiple times. We all know it'll be back up soon just a case of finding the bottom again.....
Can everyone please report members for his abusive and disruptive posts.
Thought I'd stop a bit longer to irritate you a bit more, seeing as though I'm really starting to get under your skin :)