The latest Investing Matters Podcast episode with London Stock Exchange Group's Chris Mayo has just been released. Listen here.
Thanks , Good chart, happy its low , would nt want it high with PDL sp where it is right now...
I cant find a diamond chart per se, Nearest we got I guess is precious metals market which is enjoying a rebound, USDZAR is the main reason we are so low, that will change
Saudi Arabia needs $70 oil to break even. The IMF says Saudi Arabia needs oil prices to be at $70 per barrel in 2018 to breakeven......so OPECs grip on the market is weakening basically, US is now worlds largest oil producer and it looks set to remain this way, which explains why Saudi leaders want to cuddle up to the US, eg. weapons deals, Khasoggi hush up, they will probably be annexed in some way by the US as they cannot compete against them, thats the best solution for both parties. IMO....then US will have its own oil monopoly and drive the price up. and hold world to ransom, by which time the world will be turning away more from oil. climate change et al
happy to be corrected on PMO 45 dollar, this is what someone else posted
Thats WTI of course...so not a lot different to PMO which is 45 dollars Brent, PMO has a slight competitive edge
Break Even for US Shale........$50 is an average, and although some wells, in certain areas of the Permian, can break even at prices between $32 and $47 per barrel,
I read this week new pipelines from Permian will flood the market with oil, apparently old infrastructure cannot get this oil to the ports so there have been bottlenecks bulding
Interesting graph, only conclusion i can come to is that each oil rig is producing more oil?
Yeh, the point I was making was traders sometimes read lower rig count as bullish for oil prices, when my own interpretation from the graph is that oil rig data just mirrors the marketplace, so its more a confirmation of the market than a trading signal
The oil rig data tends to follow oil price , so oil rigs volu
E down = oil price down as this graph illustrates
https://thesoundingline.com/wp-content/uploads/2016/11/US-Oil-Rig-Count-Versus-WTI-Crude-Oil-Price.jpg
OPEC oil output increased in August for the first time in 2019, according to a Reuters survey, which blamed higher supply from Iraq and Nigeria.
The survey showed that the cartel pumped 29.61 million bpd this month, an increase of 80,000 bpd from July.
OPEC and major oil producing allies led by Russia agreed in June to extend its pact - to reduce supply by 1.2 million barrels per day - to March 2020.
The Joint Ministerial Monitoring Committee, which oversees the production agreement, said this week that compliance on that agreement was actually at 159%.
Oil rig data is meaningless, the indices look creaky to me, SPX has gap down to fill , i dont think Asian markets will fair too well with the traiffs coming into effect on Monday,
What spooked it Brent just lost a dollar in a second
My hunch is Zama sale wont happen until 1st half of 2020, why? because TD is launching it on the market at the worst possibly time , the China/US trade war is getting messy, Traiffs take effect Sept and Oct , projection for oil price for last qtr is not looking particularly good, I cannot see demand for a project like Zama with these background conditions, like all canny sellers TD will be launching it a toppy valuation to begin with , say 500m, there is no pressure for him to sell quickly, Zama will sit on the market for months, then probalby end up sellign for 200 -250m 1st half next year, adding 20p to SP..........
80.5 - 80.7....GLA
We just need a positive RNS to get this moving in the right direction, auction day today so maybe some news will be announced on the back of this
like you , i only look at 4hr candles DBNO for the general direction.....it will steady again after close....
I have positive news, PMO trades around 75p at Brent price of 58 dollars, I am old enough to remember the days when a 58 dollar Brent would sink this company....
No chance , oils staying 58 + so why would this go down, only more bad news will take it down