Member Info for nhawan

Unemployment claims were 6.648m which is nearly double of forecasted 3.5m. Looks very bad for the general economy putting pressure on oil demand.

https://tradingeconomics.com/united-states/jobless-claims

Many are hoping Trump will sort it out but I very doubt the Saudis and Russians will go to all the effort to drop the oil price for it to go back up within a few weeks. The aim is to shut down those who they can't control through OPEC.

This will probably be dropping tomorrow as the big boys take their profits at the expense of pi's. Doesn't even make sense for the sp to rise when oil price is dropping and overall markets are down.

I reckon the sp is near it's weekly top again. Watch them dump tomorrow or Friday as usual.
BP appears to have detached from the dropping oil price this week but for how long?

Thmanagement is seriously bad at UKOG. The 'deferred' payment in shares has only added to the pain. If the £1m had been paid earlier then the shares issued would not have been over 255m. Even issuing a couple of months ago would have resulted in less than half of what was issued today. Absolutely ridiculous that the BoD did not see the sp drifting for months.

https://uk.investing.com/news/commodities-news/saudis-start-to-unleash-oil-wave-despite-us-political-pressure-2085827

Saudis have starting pumping already. Not sure a deal is coming so soon.

Probably a large chunk of that YA money goes to their inflated salaries at the expense of pi's. No wonder there is little interest here.

There won't be any deal without Saudi participation. It would have been a pointless decimation of the oil price and their economy if they buckle so easily before even starting with the production increase.
The markets appear to be playing the game where they pump at the start of the week and dump near the end.

All seems a ploy to manipulate the markets.
https://www.aljazeera.com/ajimpact/saudis-bowing-trump-admin-pressure-oil-price-war-200327195527029.html

The Saudis claim there are no talks planned with Russia. I wonder if Trump and his mates are playing the markets.

Deal or no deal the POO is gonna stay down due to the low demand caused by Lockdowns. The Saudis and Russia would have to reduce production significantly to actually affect the oil price in any meaningful way and I doubt they would do that. Their whole plan is to kill off US Shale and increasing price of oil is not the way to do it.

Because the following trade was reported at 16:32 so the system thinks that is the closing price.
16:32:34 318.40 7,041,000

It was most likely a sell from earlier on.

Check here mate. The real price is $24.6` right now.
https://uk.investing.com/commodities/brent-oil

Not sure why people keep using that other site where oil prices are a good couple of dollars higher than reality.

The US failed to pass the $3B required to buy up the cheap oil for reserves as part of the stimulus package. Not what the US oilers were expecting hence the downwards pressure. Could get ugly next week.

Seems to be in freefall now that the divi has been paid. The uturn of the US buying up oil is also a major factor now.

Will it hold 300p?

Sharp drop today. Anyone know why?

According to Investing.com Brent is $26 and dropping.

strange that different sites show different prices.

https://uk.investing.com/commodities/brent-oil

No idea where you get a 29.76 price. Investing.com live price never went past $28 and is now at $26.82.

The charts don't look very convincing. Range has narrowed significantly and it looks like it will make a move downwards rather than upwards. Negative pressure from next weeks Saudi increase will no doubt punish oil shares.

Luckily got out at 339p. Not a bad profit from 300p buy in. As we approach April the markets will probably drop in expectation of a saudi/Russia price war.