The latest Investing Matters Podcast episode with London Stock Exchange Group's Chris Mayo has just been released. Listen here.
With all the positive up side information taken into account we could possibly reach £16 by the end of March. Maybe that’s a little optimistic but the end of April is definitely doable, then swiftly onto £17 by the end of the second quarter if they continue with the production cuts. IMO
The attack caused the oil price to jump briefly above $71 pb but, if they had hit something major and killed people it could all be very different today.
I doesn’t take much for everything to go pear shaped in a day, if the Saudi government bomb Iran all hell could break loose.
The Houthi rebels who are backed by the Iranian government launched 14 drones, and 8 ballistic missiles attacking the Saudi Aramco oil storage yards in the eastern ports export terminal. All air defences failed so it was lucky no one was hurt.
Barrie Lol yes Trillion I hadn’t had my second cup of coffee.
The last time Trump paid out $600 cheques many poor starving Americans bought Bitcoin with the money, and they did very nicely thank you very much.
The C19 relief bill has been passes by the Senate and now goes back to the House on Tuesday then Biden’s desk on Thursday. They say this $1.9 Billion will start to be sent out before the end of the month. This should get the economy going.
The Canadians will be pumping out 500,000 bpd less shale oil due to maintenance. In Canada they seem to be more concerned about their carbon footprint than their neighbours to the south. The American shale producers may not start pumping out huge quantities of oil just because of the higher oil price, this is due to Biden and their investors are demanding dividend payments which are rare.
So all of these things combined should lead to a higher oil price.
Tuppence
Yes very similar to my story except a mate who used to trade told me in 09, every ten years there’s a boom bust cycle so in ten years time make sure you have a big chunk of change to invest. Yes it was a virus and not a recession but it slotted in nicely. Some of the best advice I have ever had and in ten years time if I still have a pulse I will do the same thing again.
I bought 39,000 TW. shares in the financial 09 crash for .39p ps. They said last week they are reinstating the dividend on the 1st April, and their juicy loyalty bonus will follow later in the year.
I retire next year so it’s more of a pension investment with TW. and BP dividends as well, so that’s why I’m holding on to them and won’t risk trying to trade.
Yep hold them tight Steve.
I missed the bottom but bought 4200 at £9.60 so I’m a happy bunny.
Soon there will be the $1.9 billion stimulus plan coming through, and they say the Americans have $2 billion stuffed in their mattresses ready to spend.
Plus maybe 6 million more people back to work in the US this year.
£15.08 and rising.
We would of sailed through £15 yesterday if it was not for Powell’s speech when he took a shot across the bow of the markets.
The US has also been waiting for the Nonfarm payrolls jobs report which was excellent they expected 250,00 but it came in at 379,000.
Back in the green £14.76 up .64%
£15 yes no
Sorry my reply was to Barrieprov not Zaman.
Also the Saudi oil minister said we don’t care about the prices/money and their own personal cuts were open ended. He went on to say at present they are not worried about US shale unlike the Russians.
Zaman, Besides the NASDAQ it the S&P 500 that’s tech heavy not the DOW which is industrials including oil but what do I know. The Dow did get hit yesterday and dropped 700points but soon came back up along with the SP. In the US the SP dropped $1.32 but also came back up 50%.
The Saudi minister said we don’t care about money!
Brent futures $68 pb and well on the way to $75pb.
With the expected growth coming out of the plague a $100pb is highly lightly next year. Will we pass £15 today maybe, who knows but £16 is around the corner.
Closing at £14.66 and hopefully £15 tomorrow
Amazing no change at OPEC+ output unchanged.
Oil jumps 5%. RDSB over $41
Oil surges after record a US fuel supply drop from the deep freeze
I think many were on their last legs for whatever reason so decommissioning was already on the cards. As far as getting them back on line it would depend if they have been maintained or not because the rot would set in quickly especially as they are usually next to the coast. If they are past their use by date there’s no way they are going to throw good money down the drain firing them up again. I read some countries were just going to farm out the refining altogether, if however the plan was to replace them with new refineries then that will cost a lot of money and take a long time.
NSS
Yes lack of exploration, appraisal and development but there’s also fewer refineries around the world due to cut backs