Member Info for Krakenoil

PMO has fallen 62.5% since June 23rd when Brent was $42 , we are now back at the same SP as April 2nd when Brent was trading at $28,
Were now witnessing Brent Tanking after a 10m barrel draw

Crude : -9.4MM bbls
Gasoline : -4.3
Distillate : -1.7
Cushing : +0.1

Another huge draw but still oil prices fall

Crude : -9.4MM bbls
Gasoline : -4.3
Distillate : -1.7
Cushing : +0.1

Short everything - fundamentals don’t matter

It seems fundamentals don't drive markets any longer - Manipulation is the only driver.

#Crude -6.360M
#Cushing -0.237M
#Gasoline -5.761M
#Distillate -1.424M

#Crude -6.360M
#Cushing -0.237M
#Gasoline -5.761M
#Distillate -1.424M

We have been losing about 1p per day since the TU, doesn’t give a lot of margin does it. How far will we drop ?

Cheers TD ! Let’s hope your pension is stolen by crooks and see how you like it

The other thing to think about here is the fact that if you are not holding at the time of the RI you cannot participate . And who is to say the SP will fall towards the RI price. ? It may shoot up from our current price. (Enquest did back in 2016) The majors could buy up all the sellers stock going through giving support and also reducing the floating stock and our floating stock is only about 30% could be less now.

I have also bought a few more, Thank God I bought most of my stock here in March so I've got quite a low average, So I'm well positioned going into this RI now, Our Major shareholders are the ones that have the highest averages in PMO so bare that in mind when you think your hard done by.
They are the ones that need to average down and this RI will probably drop them to a average around £1.20 give or take.
They must be forecasting higher oil prices and our debt level to fall to zero within 5 years pushing our Mcap towards £3b otherwise they wouldnt be approving this deal.

Goodman So what did they say to make you think that ?

No a chance of that happening Ferret, Everyone I speak to are itching to get back to normal, everyone want to go on holiday abroad and everyone wants to go shopping and eat out, I certainly won’t be staying in doors and I certainly won’t avoid the pubs and clubs, I miss social events and I want to go and try on my new shirt, trousers and I want to be waited on at a nice restaurant. To be honest I think we need to get back to normal as fast as possible and let this CV burn it’s self out. The elders and the venerable will need to take much more care but the rest of us need to crack on.

Without people moving around and going to work, of Corse oil demand hasn't returned but you can 100% guarantee that wont last for too much longer, people are starting to return to normal and soon flight number will increase again and Mum's will start driving the kids to school and people will be driving to the office.
Demand will return by the end of the year.

You in for a gamble ferret ?

Cairn still moving towards pre covid now only 12 % away .

Oil prices have to go up, prospecting, plant, wages, tools, pipeline, manufacturing, shipping, drilling, accounting, consumables, bla bla all go up year on year so you cannot expect oil price to stay low for long as that's unviable pushes oil companies out of business and supply falls pushing the price up. (oil cycles)
Unless we have $75 oil its unsustainable to supply the worlds demand.
We are currently still in this low price cycle but next year is the start of the high price cycle, so dont expect oil price to stay low for long.

Took us down over 2% - tumble weed

Most oillies in the red today even with higher oil prices, well apart from Cairn as usual.