Member Info for Krakenoil

That's it, bunker down and wait for Shale production to drop

Exxon stated they are reducing capex this year. Its a start !

I couldn't resist a entry buy ! I'm in for a dabble now, Opec will turn the price movement north im sure

If oil moves back to $70 in Q4 this year then expect to pay £1 per share.

$10b in assets and a low BE cost, huge reserves Tullow must be a high Target for a takeover

The moment the panic resides and oil stops falling then this will turn very very quick, back above 40p in a flash.
Mark my words

Oil is way oversold now, should hold or move up towards the end of play. Russia will agree to the cuts otherwise they wouldn’t be at the meeting tomorrow.
China is getting back to burning through 10m bbls, and we use around 8m bbls per day on flights worldwide, currently around 7mbbls. Also OPEC now producing at the same level it was in 2003, with world demand at 78m per day, currently we are still using 97m per day.
Fundamentals point towards a big bounce, especially with US plateauing this year.

Will see Brent push back towards $55 Monday

Most of them are only down 2-3% so far. While the UK oillies have taken another big kicking, doesn't make much sense does it

This is a perfect set up to force Shale into huge capex cuts, If OPEC no don’t agree then the Shale sector will have to do something drastic, probably why Russia are so against any further cuts, are they smelling blood ?

Apparently Lybia don't want to cut and are happy with current oil prices lol - You've cut over 1m bbs on your own .. lol

The trouble at the moment is the market is shorting every slight upward movement in oil and oil stocks with ease due to fear.
So even if Opec cut upto 1mbbs and we get a nice rise the short brigade with jump all over it. We have to wait until this virus threat is in full flow to see what it will do to oil demand. Hopefully in H2 this starts to die down … excuse the pun

If we get a build tonight then we could be in for a bit of pain tomorrow. Oil prices probably wont recover until H2 to be frankly honest even with Opec cutting 1m barrels, but that will certainly pressure Shale tipping some over the edge.

Gives Shale more available cheap borrowing so might delay capex falling this year unfortunately.

Can you imagine the carnage is OPEC and Russia agree no cut ! What would the US producers do about that apart from sheer panic

Some starting to panic again looking at the markets

https://www.dailymail.co.uk/news/article-8054769/Israeli-scientists-say-just-WEEKS-away-developing-vaccine-beat-coronavirus.html

Jan - We have a few gaps to fill between 30p and 40p ! Is that ok ?

Oil bounced off the years lows, China soon to be back burning through 10m plus barrels a day
Europeans more likely to be using cars rather than public transportation.

90% of state run factories are back on line.
~ South China Morning Post