Member Info for Primetime51

Thanks Ted for informing me

Maybe short's closing ahead of the Opec meet ?

What ever all moves up in Brent are welcome

The spurt is due to Iran preparing for an attack?

Can not find that News & i hope it does not happen

@West

Yep could not agree more

+ with China now in the Mix pumping money in to Stimulate their economy.

I know i have started posting a lot on BP bb

to set record straight i saw a good entry point to trade. in profit but under £4 is not were imo think BP should be.

Hoping Opec meet tomorrow does not kill off oil

GLA

Only another 200+ million barrels to buy to get back to 2021 level :-0

The U.S. is buying 6 million barrels of oil to refill the Strategic Petroleum Reserve.

The oil will be delivered between February and May 2025 at a price below $70 per barrel.

This purchase aims to rebuild reserves after emergency sales in 2021 and secure long-term oil security.

Press Rumour or Not we will find out Wednesday

At the same time, OPEC is sitting on a large amount of spare production capacity, they said, which also provides the market with some comfort.

OPEC+'s Joint Ministerial Monitoring Committee will meet on Wednesday and may offer some clues to production plans.

The event is likely to have the "biggest potential impact for the oil market," with traders looking for "whether the countries remain committed to production cuts or if there are cracks in their solidarity emerging," said Colin Cieszynski, portfolio manager and chief market strategist at SIA Wealth Management. "In particular, whether Saudi Arabia confirms or rejects recent rumours, that it may be looking to break ranks and start increasing production to regain market share, could have a significant impact on oil pricing."

@88

I think as long as Opec do not unwind the cut's oil may bounce around $70 / $75 which is ok

below $70 to $65 is were i think most of us will wish we were not holding oil shares & the shorts on oil got it right.

As you say the wars have done sod all for oil

GLA

Https://oilprice.com/Energy/Crude-Oil/Rumors-of-New-Saudi-Oil-Price-Target-Are-Warning-to-OPEC-Cut-Violators.html

Worth a read

https://oilprice.com/Energy/Crude-Oil/Goldman-Sachs-Highlights-Oil-Markets-Vulnerability-to-Geopolitical-Risks.html

Despite recent rumors, sources within OPEC+ have confirmed there's no specific price target for crude oil, including the oft-discussed $100 per barrel. This comes in response to speculation that Saudi Arabia, a key player in the group, may allow lower prices to reclaim market share by boosting production. Anonymous OPEC+ members who spoke to Argus today quickly dismissed these claims, insisting that their strategy is driven by market fundamentals, such as the five-year average of global crude inventories, rather than a set price

Full story in link

https://oilprice.com/Energy/Crude-Oil/OPEC-Confirms-it-Has-No-Specific-Price-Target-For-Crude-Oil.html

Worth a read

GLA

Inflation in France and Spain fell more than expected during September, underscoring expectations of a further cut in interest rates by the European Central Bank next month.

Annual consumer price inflation in France fell to 1.2 per cent from 1.8 per cent in August, according to national statistics data released on Friday, well below the 1.6 per cent rate forecast by economists in a Reuters poll.

In Spain, the rate fell sharply to 1.5 per cent from 2.3 per cent in August. Economists had expected 1.9 per cent.

The data will fuel expectations of a 0.25 percentage point rate cut at the ECB’s October meeting. Swaps market traders were pricing a 94 per cent chance of a cut shortly after the data was released, up from just under 90 per cent beforehand.

Also as i said yesterday

US economy had a 3% annual growth rate in the second quarter

China's Big Stimulus.

Short options in Oil might be high at the moment

But once all the good news starts to filter through imo we should see a rebound in oil

These rate cuts are coming US, Europe & hopefully UK China might do more

Were will it End as i'm going round the Bend

Even the Labour Voters i know are not happy with the party so far.

Not seeing a strong recovery in Brent today so will expect the damage done is due to US funds shorting Oil

Was thinking Friday we would have a good bounce in Brent

Sundezena

I was not having a go at you.

i also see Value here & profits to be made that's why we trade

I'm down on my position but happy with my holding in BP

GLA

As you know Sundezena

No matter what anyone rights on here we can not SWING the share price but nice to get people's thoughts on what they see .

Chinese president Xi Jinping yesterday vowed to unleash a fresh wave of stimulus just days after the central bank launched its biggest intervention since the Covid-19 pandemic

I'm a Swinger Alright :-)

Missed

US Crude draw down's

US Strategic Reserve's at there lowest so will need to be replaced

How Low can Oil go ?

If another take down in BP's sp Monday / Tues i will be looking at adding more

BP's Dividend is starting to look good.

Were i stand i will sell out at a price i am happy with so not ramping just saying as i see it and under £4 is not cutting it .

Some saying £3.50 coming i look forward to that . Could happen maybe not

Which ever way you swing it long or short good luck

Naked shorts on oil

Are not taking any notice of

US 50% interest rate cut

China's stimulus

US gdp Growth

Have i missed anything ?

Thing is these take time to filter through .

The short's can only take it Oil down so far before they close or Opec step in imo

Was reading about a week ago that largest net short position in oil for several years.

So until they unwind we are at there mercy