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Oil Price Cap in Focus. Senior US Official saying without oil price cap oil then could see $140 per barrel. Then Russia saying if get price cap oil will rise much more. Oil rationing pushing up prices. So upwards oil price pressure in a dire supply situation.

Trading updates take may take a couple days for investors to respond. All I was saying is that the Shell trading update was not so clear. There were big positives, negatives like production levels down due to maintenance issues. However Shell has huge cash generation & there were promises of Dividend hikes & more share buybacks.
Today after the Shell update:
Goldman Sachs raises Shell price target to 42 (39) EUR - ”Buy”

The oil industry in the U.K. are saying that tax concessions won when Rishi Sunak was Chancelor. They want more tax concessions & next Monday a bill was going through The Commons. If so this may be positive for Shell.

Jim800: I trade shares. Try to get in on aweful days. So I tell it how it is. I do not reveal everything I do as that’s for me to know. I missed today’s up share action. If Shell’s results were so well received, then why is BP up 5.5% & Shell up only 3%. The impairment issue is a plus but the whole FTSE100 is up on Boris resigning & Brent going up a bit. I’m not sure it is down to Shell’s trading update today.

Shell update today not great. Like can’t see full picture. Shares likely to drift lower until July I think. I’m in cash & was going to buy. Not now. These oil companies are paying whopping total taxes I see.

Everyone has to do what is right for them. There is a balance where oil demand, supply sits at a certain oil price. This price no one can say for sure. Until then oil company shares will drift downwards or take a knocking downwards. GLA whatever you do.

Brent Oil now $99. How much more downside, that is the question? Shell below 2000p as I suspected.

WTi oil at $98, Brent likely below $100. Whip saws likely to continue with lots of volatility. Brent over 10% down today, big move will take time to tame, then likely several other legs down. Some up share action amongst this but like catching a falling knife. Ever so difficult to time things, key events may quicken things ups & downs.

Company profits next shoe to drop. Slow spiral downwards. So not sudden crash we hope. Market anticipating all of this but I think today is ok. The future who knows ??

The American Fed is causing a recession. Central Bankers are squarely to blame. Too slow for economic policy responses!

The Atlanta Fed’s GDPNow gauge sees the second-quarter running at negative 1%.
Coupled with the first-quarter’s decline of 1.6%, that would fit the technical definition of recession.

Libya stopping all exports as beset by problems. Libya was already down by 1 millions barrels per day. Biden says will not press OPEC to increase production any more. So gives OPEC open hand to increase oil prices.

We "still see risks to prices as skewed to the upside on tight inventories, limited spare capacity and muted non-OPEC+ supply response," Barclays (LON:BARC) said in a note today.

Saxo Banks take:
“We still believe – and fear – that worries about demand destruction will be more than offset by supply constraints,” Hansen added.
“Crude oil remains rangebound on a continued battle between macroeconomic focused traders, selling “paper” oil through futures as a hedge against recession, and the physical market where price supportive tightness remains,” Ole Hansen, Head of Commodity Strategy at Saxo Bank, said in an analysis on Thursday.

Libya says oil output down 1 millions barrels per day. Norway’s oil strike affects 4% output, maybe more.

I wonder if oil peak demand will be strong as usual? This July/Aug oil demand. With very little spare refining capacity sayIng the main players. Maybe Brent crude prices will push higher.

Iran oil deal faces Biden opposition. Trust issues.

Still going to be Oil, Gas shortages. No prospects of new sources immediately. Today’s shares reversal due to Fed, ECB comments. We all know slowdown in economies coming & higher interest rates. They said this again but no new policy news here. Share markets balancing this news with better news about China economy opening, energy shortages & Ukraine war may last longer. Shell shares uptrend line still holding for now

2222p upwards more. Yes, went with my gut instincts. Like it when it’s a winner !

Boyobach: What Brent price you looking for your Shell analysis? Ice is showing Aug 22 delivery at now $118.8
Then again Investing.com showing Brent Spot at $114.78. Which one you prefer?