Member Info for Krakenoil

Oil flying !

Down -5.
This will soon start affecting Shale production, it’s going to fall off a cliff at this rate.

Down -5
Soon shale production is going to fall off a cliff

Up 3.8%. Wtf

The amount of COVID numbers in the US are very high but the death rate percentage wise is much smaller than the uk, 60k new infections against 800 deaths.
I’d like to see the recovery rate of those infected. They must be doing something different to US to tackle the infection

A fair few large reported buys coming in

The next thing the media will be spouting will probably be the complete opposite of what they are bleating on about now. They spin round within a day or so.

We are now just under the trend line on the charts, started on the 12th March, could be the bottom here.
GS won’t be out for long.
The media have been on the doom and gloom for the last 6 weeks, markets have been negative for the past 3 weeks or so now, we are slowly recovering from lockdown, things are easing up. Trump says a vaccine is just round the corner ! Is that another one of his BS statements or is there any truth behind it ?
Is that what the market is now waiting for ?

Ferret do you actually have a target price to go long here ? Ignoring the media BS in reality oil demand has to increase all the while world oil production/prospecting is declining and has been since 2015, if Shale doesn’t manage to hold current production rates into next year then as we witnessed Q3 2018 we Will have a supply deficit

IEA: Chinese refinery throughputs were a record 14 million b/d in June.

I wouldn’t be surprised to see GS buying back in over the next few days

Kilg - the roads are packed, The M25 is gridlock again at 6am, London’s roads are gridlock again, no one using public transportation all out in their cars. Flight numbers are increasing by the day.

IEA raised its forecast to 92.1 million bpd, up 400,000 bpd from its outlook last month, citing a smaller-than-expected second-quarter decline.

- Reuters

IEA raised its forecast to 92.1 million bpd, up 400,000 bpd from its outlook last month, citing a smaller-than-expected second-quarter decline.

- Reuters

IEA: IF OPEC+ Cuts Stay In Place, 2020 Global Supply Will Fall By 7.1 Mln Bpd And Then Rise By 1.7 Mln Bpd In 2021
Estimates US Oil Production In May Fell By 1.3. Mln Bpd Month On Month And In June Fell By 500,000 Bpd

Shale production starting to fall off a cliff

IEA: IF OPEC+ Cuts Stay In Place, 2020 Global Supply Will Fall By 7.1 Mln Bpd And Then Rise By 1.7 Mln Bpd In 2021
Estimates US Oil Production In May Fell By 1.3. Mln Bpd Month On Month And In June Fell By 500,000 Bpd

Looks like US production is Actually falling, this will accelerate as wells dry up. Rig count out tonight

What ever way you look at it, oil demand has to increase.
https://www.eia.gov/outlooks/steo/report/global_oil.php

I've had to take advantage - added more

GS cannot manipulate the SP if it doesn't hold any stock, so when will they jump back in after jumping out at 47p ?
You can bet your bottom Dollar it will be before most.
How they manage to buy/sell such volume I have no idea !

Well it certainly given people a great second chance to buy