Member Info for Givingthelowdown

Thanks Maxroi...'The Department of Energy said the US stands ready to release oil from the Strategic Petroleum Reserve if it is needed "to offset any disruptions to oil markets" as a result of the attacks. .....The reserve holds some 630 million barrels of oil'...!!!!!.

Surely this is now an opportunity for Russia, Kuwait etc. to open the taps, Im assuming the OPEC production cut agreement will be torn up? , thus mitigating the supply shock, I guess the markets will tell us tonight

69p.......oil is about 10 dollars higher than it will be in a few weeks from now.....GLA

Also you cant keep Iranian & Venezuelan oil off the market forever

The more Saudi cut, the more US pump and sell, Saudi's slitting their own throat.

by todays oil spurt, looks like a 1 hit wonder to me

That one is moving towards MExico

Leaked value of bids wont be meeting TD's valuation which is probably based on 70 dollar oil, we have WTI in low 50's and a downward spiral flirting with many ops breakeven, in this market Zama is worth at best half of the valuation 200 -250 m, if oil drops below 45 dollar Zama is worthless , TD wont be selling it for peanuts, he will hold onto it until confidence rises

I think that was sensible, I guess we will close at 77.7p today

The oil price fell on news from OPEC, higher production for August, the oil drop had nothing to do with weather forecasting

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,

https://oilprice.com/Latest-Energy-News/World-News/Permian-Pipeline-Capacity-To-Get-A-Shot-In-The-Arm-With-New-Cactus-II.html

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