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1.) Both Saudis and Russia are blaming each other for walking away from the first talks and causing the mess. That means they both at least acknowledge it’s a bad situation that they need to talk about to resolve and they are both trying to save a bit of face before they meet again.

2.) UK Reuters is reporting that the emergency videocall merting scheduled for Sunday night is now postponed to allow more talks to take place to enable a more sustainable resolution to the crisis to be found.

Both very positive developments.

Apologies for reposting. All the posts disappeared back to Friday on my feed.

People are missing the point of what this meeting will be about and the “trump card” that the orange man has in his pocket and that’s the constant threat of war in the region and the fact that the US has thousands of troops and AirPower on the ground in KSA defending Saudi assets. Putin has spent billions backing the Syrian regime to quell rebels and eradicate isis from the region.
The US voting public don’t like their cash being spent to deploy troops in the Middle East the best of times. Senators are already making noises about the US pulling out of KSA, asking why US troops are being used to protect Saudi oil installations that are pumping with a specific goal of putting US Shale out of business. Trump pulling out of KSA would go down very well with American voters, especially in Texas.
That’s a big card that Trump has in his pocket. An escalation of conflict in the region and the Iranians kicking off with KSA as they undoubtedly want to would lead to an inevitable rise in PoO anyway and also cost both KSA and the Russians billions more in military deployment commitments.
That’s their motivation to sort it out. My money is on Big Donny to close the deal and everyone’s a winner without any unnecessary escalation of conflict in the region. They all know it makes sense. I’ll be buying more here and PMO on Monday morning. GLA.

BTFATH1. I disagree with such a pessimistic outlook. We have to look at what caused these huge drops in PoO and that was a double whammy, a perfect storm of the Covid panic and the breakout of an oil price war. Those are the fundamentals that affected the PoO.
If one of those factors is resolved, ie the over supply then I’d expect at least a 50% sustainable recovery to see PoO at around €40-42. Illogical to suppose that the oil price will fall further after one of the factors that caused the tumble is resolved.
The sp drop in oilers was largely overdone and that caused panic in the markets and some stocks that were looking a bit vulnerable and had recently released some less than bullish news were affected the worst as investors panicked for the door, fearing the company would go bust. Many sold out at a big loss, fearing they could lose everything. We have to live to fight another day right.
Yesterday was the first day of the fight back IMO and more coming as those that sold out at a loss have to FOMO back in and the shorts have to close. Once the money is back in, the majority of it will stay in. The day traders will take their buttons every Friday afternoon as usual of course.

BREAKING: TEXAS WOULD AGREE TO OIL PRODUCTION CURBS IF PRESIDENT TRUMP REACHES AN INTERNATIONAL DEAL -STATE REGULATOR IN CNBC INTERVIEW TONIGHT.

No doubt more on this will come out today.

People are missing the point of what this meeting will be about and the “trump card” that the orange man has in his pocket and that’s the constant threat of war in the region and the fact that the US has thousands of troops and AirPower on the ground in KSA defending Saudi assets. Putin has spent billions backing the Syrian regime to quell rebels and eradicate isis from the region.
The US voting public don’t like their cash being spent to deploy troops in the Middle East the best of times. Senators are already making noises about the US pulling out of KSA, asking why US troops are being used to protect Saudi oil installations that are pumping with a specific goal of putting US Shale out of business. Trump pulling out of KSA would go down very well with American voters, especially in Texas.
That’s a big card that Trump has in his pocket. An escalation of conflict in the region and the Iranians kicking off with KSA as they undoubtedly want to would lead to an inevitable rise in PoO anyway and also cost both KSA and the Russians billions more in military deployment commitments.
That’s their motivation to sort it out. My money is on Big Donny to close the deal and everyone’s a winner without any unnecessary escalation of conflict in the region. They all know it makes sense. I’ll be buying more here and PMO on Monday morning. GLA.

To come up with the goods. The orange man has been making fools of his critics and doubters for 4 years. He’s a deal maker and so is Putin. That’s why I stayed in this afternoon, both here and PMO. A deal was on the cards as soon as he tweeted it. Orange man good!! Lol .....

Zero Hedge.....

https://t.co/QKiqmPaq4p?amp=1

Breaking: Russia’s oil industry is ready to agree cuts to production together with Saudi Arabia and other major producers in a desperate bid to halt the slide in prices.

https://www.bloomberg.com/news/articles/2020-04-03/russian-producers-ready-for-oil-cuts-in-bid-to-stop-price-rout

BP and shell are only red but they’re the most liquid and stable and easiest stocks to take £20k out of. Punters selling some today to transfer into Isas on Monday and start buying back other oilers or just buy back into those on Monday. Many punters, myself included, can’t be bothered with the rigmarole of negotiated price stock rollovers to Isas. Easier just to free up the cash and move it.
Could be a little perfect storm here and Tullow on Monday. A few more positive noises coming out of trump, Saudis or Ruskis re Opec+ meeting and a flood of cash into Isas could see a little pump here and Tullow next week.
I’m buying here and Tullow today. GLA.

The Company obviously think the news would have been negatively received by the market in this volatile environment, hence why they waited until after hours to release it.
It will be interesting to see how it is received tomorrow morning. Opinions?

How nice it is to buy here depends on the subsequent price action. If it continues to drop because of more bad PR regarding infighting with the BoD and rumours of a fundraise via rights issue then buying here ain’t so nice. I bought this morning then sold again as I read a bit too much negative news re the above. Only lost £100 and dodged a bullet with the drop this afternoon.
Will buy in for the recovery when the negative noise dies down.

Ready to jump back in to producing oilers with healthy cash balances Chris but not ready to jump into over hyped basket cases with unproven assets that the market has totally lost faith in.

Meanwhile oil going lower and bit of light reading for you here....

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

Is possibly coming this month in my opinion.
All the evidence points to the Saudis continued pumping. They want POO much higher long term, largely due to the Aramco float and the only way to do that is to do a better job of putting US shale out of business than they did last time.
The majors will drop further in the next few months and might even have to cut their divi.
I stay in cash for the foreseeable as I don’t see junior oilers shpunking their cash balance in this environment until a bit of certainty resumes. Hence, nothing happening and the sp might well continue to drift lower as investors need to free up cash to get them through tough times. This looks like a trend across the markets and not just at UJO of course so this is a general comment on the direct of oilers in the next few months.
In my opinion there is a very real chance of buys here being further underwater in the near to medium term but as always DYOR.

Let’s hope so numbers. I’m certainly not here to chat bs. I know very little about it. I just took a punt on the off chance that they can still do something with Iclaprim. Stranger things have happened but it’s obviously a high risk punt. Let’s hope for the best for all holders. I sincerely hope you get your money back.

A grands worry lol. That’s supposed to be a grands worth but worry is probably more appropriate ha ha.

This 50% spread is nuts. I just took a grands worry and I’m immediately nearly 500 quid down lol. HL were quoting 0.06/0.03, I got in for somewhere in the 5s but I’ve been mugged obviously. I did a dummy quote for £5k worth of stock and the price was 0.1098 so that would have been an immediate 70% loss for anybody mad enough to take it. That’s just nuts.

Ponkey, I was in RDSB from the lows and sold out on the recovery. It’s a totally false rally. Both RDSB and BP recovered far too quickly with no significant change in the conditions that caused the drop. Both will drop back again to test their previous lows as the reality of this situation hits home both in the UK and USA. My guess is the junior Oiler market in general will follow as investors derisk across the board. It will be an interesting week but I’m forecasting a worsening situation for at least the next 2-3 weeks and some big sell offs and drops. DYOR

Storage is going to be a big problem Ninetails. Non industry people seem to think production facilities can just be turned off with a valve but they can’t. Shutdowns are planned for all year and are like military operations with all necessary equipment and manpower on hand to see it goes smoothly. A nightmare to try to shut down a platform or any facility in this Covid 19 environment. A total mess.

Yaaaaayyyyyy....All set for Jam in 2021 then!!! Lol.

I first posted this article on the UJO board for information of other shareholders as I am invested there. However I have been attacked by a lunatic there and accused of some sort of bias against UJO. In light of this I am also posting the article here. It’s an interesting read.

See the Reuter’s article below. Physical oil is trading at well below what futures are currently trading for. Important to look at the reality of the big picture currently, put aside emotional connections to beloved stocks and coldly asses the crisis situation that the global economy finds itself in, and the oil industry in particular.
Key quotes from the piece and a link to it are below. DYOR.

“Brent oil futures may be trading at $27 per barrel but oil producers are selling their crude in the physical market at lower prices not seen since the aftermath of the Asian financial crisis of the late 1990s.”

“In extreme cases, once discounts and other costs have been applied, the value of some producers’ oil is close to $10 a barrel while Venezuela’s Merey crude sold for as little as $8 last week, according to Refinitiv data and traders.”

“This week, Russia got as little as $18 per barrel for its benchmark export grade medium sour Urals while Saudi Arabia was selling its Arab Light in Europe for $16, according to Reuters calculations based on official Saudi prices and Urals deals.”

https://uk.reuters.com/article/uk-global-oil-crude-prices/in-oil-markets-its-back-to-1998-crisis-pricing-idUKKBN21D2OO