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6mmb surprise crude draw takes Brent back to where it closed at 16.30. Now just need to find 45 points for the ftse....

Brrrr...Angry Head tonight, hope you’re not feeling betrayed by my post. Time for one of BATS best products to calm you down...?

PS I was talking about the Dow on support, and exasperated by the crude move....,,

PPS not many of you miss that extra l out of my name.

Sleep well

John Kemps column on Reuter’s this week is a good read on production in US but still not optimistic whilst the trade talks remain inconclusive

Tricky Market this week, that ISM manufacturing number was pants, but Apple is flying after Tim Cooks remarks yesterday so halting the rot on last weeks support area.

Chinese on holiday all week congratulating themselves on 70 years of communism, so little fresh news that end, but no doubt a new stimulus package on the way.

Drop in OPEC and US production numbers also supporting crude. Lower numbers take 6-12 months to stall the drilling, hence only just seeing the rigs drop in last few weeks. Will also take time to bring that production number back up, when Crude does find its legs again. Still amazed at how there had been no fresh news about the Houthi attacks and Iran chest thumping vanished..... still see the risk to the upside

Grippy doesn’t work for Premier Oil, but does speak to IR , which I recommend any LTH does rather than believe half the guff on this BB. I had the same conversation with them last week. In simple terms debt down, next refinancing becomes easier, less vultures and the , shorters will move to find another share to use as a proxy for oil. Until then....keeping the range traders happy.
Rationalee on the other channel also looks like he speaks to them as well.

They are always going to paint a positive picture to promote the company so bear that in mind, but if their was anything seriously wrong with the company operations they would have to release an RNS .

Best poster on here by far, in terms of knowledge, wit, humour and sophistication is that dodger chap.

Thanks members for remembering to use the right account tonight to reply....last night was careless. ...keep up the good work....Brent was under 60 dollars at one stage today, good recovery. Look forward to hearing from one of your multipe personalties next week... More heads than Worzel Gummidge. X

Triple bottom breakout though when it does, with $2 measured target to the upside.....

Great reentry level TR61, bet a few will be left wanting for those 67s. Crude romping back up in full recovery mode after all that fake news. Still 15 mins left to get back on the roller coaster....

Enjoy the weekend all. Stiff gin required

What you reckon, DBNO charting legend, on Brent making new highs for the day. Momentum is certainly with it post fake news, and good looking candlestick for the day currently?

Saudis ordering custom made parts from Japan to repair the facilities, not really an end of the month job

Under estimated!

Amazing how quickly the Algos wash out the weak and even strong length. Out there, counter intuitive to the fundamentals and risk premium...maybe options is the way forward...but then again can’t see the Algos taking too much short side risk, but any sign of weakness and boom trap door opens.

Still have utter belief that the production issues in Saudi are being estimated but wtf do I know, as I’m still 2 goals behind today

Algos are 2-0 up today.

WASHINGTON, Sept 27 (Reuters) – U.S. President Donald Trump said he had refused a request by Tehran to lift sanctions in exchange for talks, contradicting Iranian President Hassan Rouhani, who earlier on Friday said the United States had offered to lift restrictions to facilitate a meeting.

"Iran wanted me to lift the sanctions imposed on them in order to meet. I said, of course, NO!" Trump tweeted.

WSJ reporting Saudis looking at a partial ceasefire in Yemen

Just a shame these physical premiums are not translating into the futures markets...

But obviously a lot of reshuffling of cargoes post Saudi attack to make up the shortfalls to European and Asian refiners.... SA production back up but without the treatment facility how do they keep the sulphur levels down....?

On the brighter side, and to change the tedious GS chat (who are also writing CFDs for people who want to hold length) physical crude premiums are still very strong, so the unhedged portion of the production is providing an added bonus.

Sing 380 also seeing $30/mt premiums as there is s supply crunch ahead of IMO 2020 , good for PMO Indonesian gas prices.

And last weeks spike allowed more hedging to be done at respectable levels as the back end of the curve moved above 60 dollars.

I thought the RNS read that they reduced position on Monday....? Less to loan out

Coupled with the subtle narrative on here, it seems to be having the desired effect though....

Someone’s working hard with all the constant small sales. Wonder whether we will see the lunchtime corruption that happened last week....

Today’s low was just a little under the 50% retracement of the last move up as well.

I don’t blame anybody for getting out, as move doesn’t make any sense on the oil fundamentals or PMO fundamentals so trying to justify holding through this noise with my technicals.

Like a pack the sheep that short the stocks, moving on from tcg and intu etc..almost self fulfilling prophecy but fundamentals are stronger in PMO with oil around here. Let’s hope they got some more hedging away last week, although the backwardation was steep so not as much value further down the curve.

Zama sale will also steady a few nerves

RSI deeply oversold on hourly chart. Bounced off 50 day MA which is on the ascendancy looking like a golden cross over the 200 day later this week/next .

And held around the mythical 78 number , time to close some upward gaps.

Still very sceptical about Saudi loading rates. 16 vessels waiting to load. Too much Arab Heavy around.

Might also just be a short term fix to keep customers happy and not to lose market share, until they bring back production by the end of the month...,also exports may end up being more Arab Heavy after the damage to processing plant, which should keep sweet crude premiums elevated