Member Info for meoryou

Morning Jakers ( and Spights)

In my simple view if the market is responding to fundamentals it moves in a direction, perhaps overshoots, then hangs about there until either things change or we get used to the new normal.

Markets no longer appear to work like that.

Is it manipulation?

Someone is certainly making money out of it.

U.S. crude oil refinery inputs averaged 16.5 million barrels per day during the week ending

November 8, 2024, which was 175 thousand barrels per day more than the previous week’s

average. Refineries operated at 91.4% of their operable capacity last week. Gasoline production

increased last week, averaging 10.3 million barrels per day. Distillate fuel production decreased

last week, averaging 5.0 million barrels per day.

U.S. crude oil imports averaged 6.5 million barrels per day last week, increased by 269 thousand

barrels per day from the previous week. Over the past four weeks, crude oil imports averaged

about 6.3 million barrels per day, 0.2% less than the same four-week period last year. Total

motor gasoline imports (including both finished gasoline and gasoline blending components) last

week averaged 628 thousand barrels per day, and distillate fuel imports averaged 108 thousand

barrels per day.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve)

increased by 2.1 million barrels from the previous week. At 429.7 million barrels, U.S. crude oil

inventories are about 4% below the five year average for this time of year. Total motor gasoline

inventories decreased by 4.4 million barrels from last week and are about 4% below the five year

average for this time of year. Both finished gasoline and blending components inventories

decreased last week. Distillate fuel inventories decreased by 1.4 million barrels last week and are

about 5% below the five year average for this time of year. Propane/propylene inventories

decreased by 2.1 million barrels from last week and are 9% above the five year average for this

time of year. Total commercial petroleum inventories decreased by 6.5 million barrels last week.

Total products supplied over the last four-week period averaged 20.8 million barrels a day, up by

1.8% from the same period last year. Over the past four weeks, motor gasoline product supplied

averaged 9.1 million barrels a day, up by 0.6% from the same period last year. Distillate fuel

product supplied averaged 3.9 million barrels a day over the past four weeks, down by 4.0%

from the same period last year. Jet fuel product supplied was down 4.6% compared with the four-week period last year.

https://ir.eia.gov/wpsr/wpsrsummary.pdf

The BP-Eni joint venture, Azule Energy, is preparing plans to drill three important and very different exploration wells offshore Angola in 2025, according to its top executive.

Azule operates three major production blocks in the African nation — 15/06, 18/15 and 31/21 — and also controls a 10-strong swathe of exploration blocks straddling three of Angola’s four petroleum basins.

In a June 2024 presentation, the joint venture highlighted that it would drill 16 exploration wells through to 2028, many of them infrastructure-led exploration opportunities in the three producing blocks, while some will be drilled by the Natural Gas Consortium (NGC) in which BP and Eni are key partners.

Protesters shut down oil distribution valves in response to the kidnapping of a senior intelligence officer, for which they blame the government in Tripoli.

The valves connect the Sharara field, Libya’s largest, and the El Feel field, to a refinery in Zawya, media reported. The facility has a processing capacity of 350,000 barrels daily or roughly a third of Libya’s oil production.

Brigadier General Mustafa al-Whayshi, director of Libya’s Central Security Department, a unit of the intelligence services, was kidnapped earlier this week. The kidnappers have not declared themselves and the government, according to the protesters, is not responding appropriately to the official’s disappearance.

Intelligence officers, however, issued a statement, saying that AL-Whayshi’s kidnapping was likely related to “ongoing investigations into cases impacting Libyan national security.” The North Africa Post noted in a report that kidnappings of government officials were a frequent occurrence in Libya during investigations into corruption that involved members of the numerous militias in the country.

The new oil production disruption comes a month after output recovered following yet another outage caused by a field blockade. The blockade was imposed by the Libyan National Army, a militia affiliated with the eastern government in Tobruk, which had a disagreement with the Tripoli government about the new central bank governor.

Germany’s economy ministry has warned the operators of its LNG import terminals to refuse acceptance of cargoes from Russia until further notice, as the import of Russian LNG undermines the very concept of rushing to set up LNG ports in the first place—cutting off dependence on Russian gas supply.

The German Ministry of Economy sent last week a letter to Deutsche Energy Terminal, advising it “not to accept any deliveries of Russian LNG,” the Financial Times reported on Thursday, quoting the letter it had seen.

The ministry was informed by Deutsche Energy Terminal that the LNG import facility was scheduled to receive a cargo of LNG from Russia.

So, the economy ministry said in the letter seen by FT that by allowing this shipment to be accepted, the import facility would undermine the reason for Germany installing several such import terminals since 2022—to make Europe’s biggest economy “independent of Russian gas”.

Jediknight

I usually post the exchange rate on here the day it’s announced.

As Jakers says it’s the 3 day average prior to announcement day.

5 th Dec.

Yes BP site says 5 th Dec

Crude oil inventories in the United fell by 777,000 barrels for the week ending November 1, according to The American Petroleum Institute (API). Analysts had expected a build of 1.0 million barrels.

Gasoline inventories rose this week by 312,000 barrels compared to last week’s 928,000-barrel decrease. As of last week, gasoline inventories are 2% below the five-year average for this time of year, according to the latest EIA data.

Distillate inventories rose by 1.136 million barrels, compared to last week’s 852,000-barrel decrease. Distillates were already about 6% below the five-year average as of the week ending November 1, the latest EIA data shows

Https://oilprice.com/Latest-Energy-News/World-News/Oil-Rises-On-Surprise-Crude-Draw.html

Crude oil inventories in the United fell by 777,000 barrels for the week ending November 1, according to The American Petroleum Institute (API). Analysts had expected a build of 1.0 million barrels.

Gasoline inventories rose this week by 312,000 barrels compared to last week’s 928,000-barrel decrease. As of last week, gasoline inventories are 2% below the five-year average for this time of year, according to the latest EIA data.

Distillate inventories rose by 1.136 million barrels, compared to last week’s 852,000-barrel decrease. Distillates were already about 6% below the five-year average as of the week ending November 1, the latest EIA data shows

WP

In a nut shell

The market clearly rates chance of a take over as actually less than zero.

But we truly live in strange times

Further thought

Could one reason there is no bit from Shell be.

They hope an American company comes in.

Then they can ride to the rescue,and because BP is being kept British ,and European instead of American regulators let them away with more than if they had been first bidder,

Only a though and perhaps I should have kept it to myself

Happy

I never thought an American firm would have any chance,but Trump and Stammer?

I’m now not so sure.

Any thoughts on which company is best fit with BP.

I kind of think if an American company came in Shell would counter bid.

But something keeps them all from bidding!

Censoring going Mad

It’s the s h a f a g Solar power plant

elsewhere during the cop29 summit, british oil giant bp signed an investment agreement with azerbaijan’s ministry of energy for the construction of a 240mw solar pv plant. investment in the sha*** solar power plant is estimated to be around us$200 million.

Https://www.egypttoday.com/Article/3/136113/BP-to-begin-drilling-two-new-gas-wells-in-Egypt%E2%80%99s

“ More useful is the replacement cost eps which for Q3 was 13.89 cents and likely to be near 60 for the year. Last year was just under 80 cents.”

So 60 against 80 last year is 75%.

75% of last Feb sp which was around £4.80 gives us £3.60

Oh dear hope my simplistic view is wrong.

Https://www.swissinfo.ch/eng/bp-efforts-to-scale-back-renewables-won't-affect-jv-with-enbw/88114578

Https://seekingalpha.com/article/4736153-bp-stock-out-of-the-doghouse-rating-upgrade-buy

You might have to google the title yourself as link may take you behind paywall.

But personally found it interesting,positive, but questioning

I know not everyone likes them, but the fact

That we are very roughly buying back the same amount of shares ( as we were at our highs £5.30-£5.70) for one third less money.

Must start to mean something sometime.

At the very least we are wasting less cash.

Personally rather buybacks were below £4 ( but wish the sp was above £5)

Max

They will just move to the US and have another go at a different oil company.

Probably Exxon ( maybe in a California court)