Member Info for NewKOTB

Both Shell (0.03%) and BP (0.86%) down less than 1% this morning.... the market is always ahead of the game.

JAdam, not sure on that one, RRE shown great resilience yesterday, almost as if the market know a deal is coming.

Unit Revenue $20.40/boe ($612k/day) vs Opex ~$13.00/barrel

Using Brent $19 / UKNatGas 14.3p / 1.23 conversion / all hedges / Gas 80%, oil 20%

Unit Revenue $21.13/boe ($633k/day) vs Opex ~$13.00/barrel

Using Brent $22 / UKNatGas 14.3p / 1.23 conversion / all hedges

Opex ~$13.00/barrel

Amena Bakr
@Amena__Bakr
·
17m
Producers in Alberta have already voluntarily cut 400,000-700,000 bpd- industry sources #OOTT #Canda
Amena Bakr
@Amena__Bakr
·
22m
According to US industry sources the shut-ins so far are around 1 million bpd #US #OOTT

Amena Bakr
@Amena__Bakr
·
12m
Surprise surprise
Quote Tweet

Giovanni Staunovo??
@staunovo
· 1h
#Mexico to shut valves of new wells as oil price falls - AMLO #oott
Amena Bakr
@Amena__Bakr
·
21m
The #Opec secretariat has organized a call with a number of ministers to discuss the current state of the market after WTI entered into negative territory yesterday- delegates #OOTT

Donald J. Trump
@realDonaldTrump
·
21m
We will never let the great U.S. Oil & Gas Industry down. I have instructed the Secretary of Energy and Secretary of the Treasury to formulate a plan which will make funds available so that these very important companies and jobs will be secured long into the future!

Donald J. Trump
@realDonaldTrump
·
21m
We will never let the great U.S. Oil & Gas Industry down. I have instructed the Secretary of Energy and Secretary of the Treasury to formulate a plan which will make funds available so that these very important companies and jobs will be secured long into the future!

Will be a cracking set of results, but no doubt tinged with a little sadness.

London, 21 April 2020 - Serica Energy plc (AIM: SQZ) will announce its Full Year results for the 12 months ended 31 December 2019 on Thursday 23 April 2020.

"If ever RRE was toying with the idea of approaching SQZ (merger or T/O) now must be the time for them to be seriously considering it, surely? - sasa..."

Just do it, I say .... amazing strength with both RRE and particularly SQZ today given Brent fell 23% at one point. That must hint at something ...

atb

Opec is believed to be looking to cut oil output immediately, rather than waiting until next month, to ease the pressure on price.

Hedge funds needed to make back their loss from yesterday .... they were always going to collapse Brent ... but as you you say, by 23% ..... think they must have all been working together on this one imo. Rules, what rules ffs

See what you have now attracted JAdam ... new avatar without the 'knowledge' of recent RNS's, although has 'been here' for sometime .. wanting to know, "the time it can last without making a profit " really asking that, ffs
JT4264, suggest you read the RNS and company site, get your calculator out and find your answer.

Dick,

Lovely summary ... thanks

I would think there will be a few awkward meeting this morning in some hedge funds et al. The speed of the fall yesterday was astounding to watch, just wonder if the Saudi Sovereign Fund may have 'contributed' to the way WTI played out yesterday. Can not believe so many hedges got this so wrong. Must have been some really, really massive positions having to unwind. Just goes to show how 'damaged' the footings are of the market nowadays !
atb

There are appox +700 VLCC, each can hold 2mmboe, in use atm are circa 80 (160m barrels worth) leaving >600 or 1.2bn barrels of storage). The world is running out of storage, but only the cheap type, (in the ground) that said we know US still have plenty of SPR space. Saudi and Russia along with RRC will act this week if they think they need too, imo one or more will. The US rig count dipped to 529. There were 1,012 rigs at work a year ago. Texas alone seen an 8% fall on last count last month. So re-balancing of the market is happening and fast. atb

The extreme selling you’re seeing in the front-month crude contract today, which will make the news everywhere today, is driven by this simple mechanism. There is extreme forced selling in this front-month contract because any speculators that can’t take physical delivery have to sell these contracts today, no matter what.

This isn’t happening in Brent simply because Brent crude contracts settle in cash. Thus, any speculator can take them to their expiry without being forced to sell at any price, a “luxury” not available in WTIC crude futures.

So, unlike WTI, Brent does NOT need physical storage and having to pay for that is the real issue here for WTI, hence the 'dumping' of contracts at any price. The spivs playing god with WTI had backed themselves into a corner, so had to get out at any cost.... lol

Today, just shows how damaged the system has become, built to make money ... nothing else counts.

The extreme selling you’re seeing in the front-month crude contract today, which will make the news everywhere today, is driven by this simple mechanism. There is extreme forced selling in this front-month contract because any speculators that can’t take physical delivery have to sell these contracts today, no matter what.

This isn’t happening in Brent simply because Brent crude contracts settle in cash. Thus, any speculator can take them to their expiry without being forced to sell at any price, a “luxury” not available in WTIC crude futures.

So, unlike WTI, Brent does NOT need physical storage and having to pay for that is the real issue here for WTI, hence the 'dumping' of contracts at any price.

Always amazes me how some avatars appear after holding an account for 11 years, 11 YEARS and only posting 4 posts, suddenly want to get 'chatty'. I can not remember my password after 11 days, let alone 11 years.

So you are either "looking to buy into TLW" or "waiting until Wednesday AM to top up"... which is it ..lol

Sleeper accounts, don't you just luv 'em.