Member Info for LONGWAIT

The latest percentage recovery rates are approximately: China 87, Diamond Princess 74, Hong Kong 47, Bahrain 37, Singapore 36, Algeria 36, Oman 33, Iraq 27, Taiwan 24, South Korea 23, UAE 22, Vietnam 21, Japan 20.

It's interesting that all the countries with 20 percent recovery rates or better are either Asian or Arab.

NI tried to read the article, DU, but got this:
'You have reached your limit of free articles, please register for a free account or log in to continue'
I take it you are looking beyond the doom and gloom headlines.
We get this every time.
The media just love it.
They are talking as though oil is finished and no-one will even use it again.

"it's not inconceivable that prices could go negative"

I suppose that would be equivalent to petrol stations paying customers to take their petrol or diesel, and also equivalent to casinos paying Double to accept chips with which to play.

Try removing the dots at both ends ....

Reuters
March 10, 2020

Brent oil prices jumped 10% on Tuesday above $37 per barrel after Russian energy minister Alexander Novak said Moscow was ready to discuss new measures with OPEC, effectively offering an olive branch to Riyadh.

But Saudi Arabia’s energy minister Prince Abdulaziz bin Salman appeared to rebuffed the idea.

"I fail to see the wisdom for holding meetings in May-June that would only demonstrate our failure in attending to what we should have done in a crisis like this and taking the necessary measures,” Prince Abdulaziz told Reuters.

https://finance.yahoo.com/news/saudi-arabia-russia-raise-stakes-123106547.html

I see what you mean: someone has been selling lots of 100,000 shares, and it's unlikely he's taking any profits.

Maybe he thinks he should get out before the price reaches zero.

Well, SG, if it's so bad for America, why doesn't Trump do something?
It seems that most OPEC members are unhappy about the price of oil; Russia too says she is unhappy.
Is Trump afraid of falling out with MBS, as with Erdogan?

' there are those on the BB dropping little hints of doubt, subtle deramping this morning'

(jointhedots)

You might take a look at my exchange today with Petercraigscot on UKOG.
He is predicting a rosy future for UKOG, but that HUR will be bust within six months.

I thought initially that the G20 members would actually be meeting in person in Saudi Arabia, but it seems the meeting will be a 'virtual' one, with everyone appearing on big screens.

Even so, it seems to be a misuse of 'virtual.'
Many would derive enormous comfort from the knowledge that MBS and Putin are 'not physically existing as such but made by software to appear to do so.'

adjective: virtual
1.almost or nearly as described, but not completely or according to strict definition.
"the virtual absence of border controls"
2. Computing
not physically existing as such but made by software to appear to do so.
"virtual images"
•carried out, accessed, or stored by means of a computer, especially over a network.
"a virtual library"

I actually featured that same article in my post timed at 12:47 yesterday, Sailplane.
Here's another:

Pavel Molchanov, an oil markets analyst with Raymond James & Associates, a multinational financial services company, told CNBC last week that at $30 per barrel the Saudi economy will collapse if the oil price war lasts for long.
Adding to the kingdom’s dilemma, the analyst said, is that Saudi Aramco is now a publicly traded company, meaning it must now answer to aggrieved shareholders.
“Those investors, mostly Saudi nationals who bought on the Saudi Aramco IPO last December, are sitting on losses. This puts immense pressure on [Saudi Crown Prince] Mohammed bin Salman,” he said.
He pointed to one scenario where Russia could possibly blink first after April 20, when Russia will hold a referendum on proposed legal changes that would allow Russian President Vladimir Putin to extend his rule beyond current legally mandated term limits.

“Once he gets past that, he’ll be in a position to show flexibility, including in foreign policy,” said Molchanov. “Until then, no way. There’s too much nationalistic fever he is going to still stoke.”

https://asiatimes.com/2020/03/who-will-cave-first-in-saudi-russia-oil-price-war/

I suggest you do what I did, Jimmy, and report him.

'Today 15:45
oil is going to 5 dollars a barrel....PMO is going to 1p...then bust'

(darientaylor)

Just in case anyone is inclined to take your comments seriously, here is an earlier post of yours:

'09 Mar 2020 09:56
almost criminal that PMO dont hedge some of their production'

'get 75% of any winnings you might achieve or, failing that a charge of, let’s say, a £10 a night accommodation charge ...'

I think what monsieur Canetois meant was: '75 percent of your winnings or £10 - per night - whichever is greater.'

Je tire seulement ta jambe, monsieur Double

I wondered what you were talking about, canetois, as today I've only been following the HUR SP here.
LSE never has been very reliable in that respect.
Isn't it curious that it has closed at above 9p on the last two trading days, especially after a fall in Brent to about $25.50 at the close today?

scaramanga has also posted his comment timed at 18:16 on five companies in five minutes.
I'm reporting that one too.

scaramanga is, as his screen name suggests, a scare monger.
I advise all genuine posters to check scaramanga's posting history, by clicking on his name.
They will then see that he posted the identical scaremongering comment, 'You can't stop what's comin' on six companies, including RRE - and all in the space of three minutes.
In his last post, he predicts a fall in the share price of 96 percent during the next two trading days.
I am now going to report both posts and suggest that all shareholders here do the same.

You know, Canetois, I've long been saying that when a politician says that something is 'totally unacceptable,' it means he isn't going to do anything about it.

You wrote a week ago, turfmoor:

'running costs continue and could even lead to a complete meltdown in the share price.'

I would be interested to know the annual running costs and how many years £270 million would last if, say, Brent fell to and remained at below $20.

I would venture a guess that the RRE balance sheet could outlast the Saudi balance sheet under such circumstances, not only because it has so much cash relative to its running costs, but because it produces much more gas relative to oil.

That's my reasoned reply to your comments, but frankly, I'm not sure they are even worthy of a reply.

Yes - you're right.
Schopenhauer certainly had a point about man not being rational.
It's interesting that in all our calculations, we assume that people will behave rationally, in spite of all the evidence to the contrary.

Eh bien, I know it's hard on you, Monsieur le Double, but Monsieur le Président Macron is asking you to make ze ultimate sacrifice - how you say, 'le sacrifice ultime,' pour la France, and give up playing poker until the epidemic is over.

And spare a thought for tindrumgambler: he announced gleefully that he had sold HUR for 38-39p and reinvested in TLW at about 135p.
Like all such people, including TSD, he obviously derives satisfaction from letting people know how much smarter he is and how his reading of the market is second to none.
He said smugly, 'I'm glad I bought Tullow,' meaning he was glad he hadn't stayed with a company like HUR, which because WE were still invested in it, obviously had no future.
TLW's SP is now lower than HUR's, yielding TDG a 95 percent loss compared with 77 percent for HUR.
And TLW still has all that debt.