Member Info for surprised

https://twitter.com/surprised_trade/status/1643303357354762264

OPEC is cutting production just as demand looks set to surge, a dynamic that sets the stage for tight supply well into the future

We think the price of oil now is mispriced relative to where inventories are,” Nuttall said

He expects oil prices to reach $100 per barrel by the end of 2023.

“Essentially, OPEC is going to overtighten the market, the price is going to spike higher

https://www.bnnbloomberg.ca/oil-prices-will-keep-rising-even-with-recession-concerns-eric-nuttall-1.1904314

https://twitter.com/SericaEnergyplc/status/1643494776396718080

Independent estimates of 2022 year end oil & gas reserves for Serica & Tailwind announced today show net upward reserves revision more than 3 times 2022 production taking 2P reserves to 130.4 mmboe at 31 December 2022, with a near even split of oil & gas.

https://www.bnnbloomberg.ca/oil-prices-will-keep-rising-even-with-recession-concerns-eric-nuttall-1.1904314

A prominent Canadian energy investor said he expects oil prices to rise, and he sees production cuts by the Organization of the Petroleum Exporting Countries (OPEC+) as a move to reassure market concerns about price impacts from a potential recession.

Eric Nuttall, partner and senior portfolio manager at Ninepoint Partners, told BNN Bloomberg on Tuesday that he thinks OPEC+ chose to “do something bold” to send a message that a recession won’t drive oil prices.

“We think the price of oil now is mispriced relative to where inventories are,” Nuttall said in a television interview.

He expects oil prices to reach $100 per barrel by the end of 2023.

“Essentially, OPEC is going to overtighten the market, the price is going to spike higher

https://www.barrons.com/articles/opec-cut-oil-prices-7784f508

OPEC is cutting production just as demand looks set to surge, a dynamic that sets the stage for tight supply well into the future

https://twitter.com/surprised_trade/status/1643303357354762264

OPEC is cutting production just as demand looks set to surge, a dynamic that sets the stage for tight supply well into the future

https://www.barrons.com/articles/opec-cut-oil-prices-7784f508

lol....indeed, however, it's all about the forward look from here and thankfully SQZ have oil now :-)

share buybacks to begin, 13% quarterly divi, EBITDA $274m (mcap £340), bond debt cleared & forecast greater FCF....broker has 150p target

https://twitter.com/surprised_trade/status/1641326697223004162

https://www.bloomberg.com/news/articles/2023-04-03/opec-wants-to-make-oil-speculators-think-twice-with-shock-cut?sref=f2E6A62x

Oil supply will continue to reduce, oil prices will eventually hit all time highs' OPEC+ Output Cut Set to Wipe Out This Quarters Oil Surplus

OPEC+ Wants to Make Oil Speculators Think Twice With Shock Cut

Saudis intend to inflict pain on short-sellers of crude oil

https://twitter.com/surprised_trade/status/1643146000368914435

'Oil supply will continue to reduce, oil prices will eventually hit all time highs' OPEC+ Output Cut Set to Wipe Out This Quarters Oil Surplus

https://www.bloomberg.com/news/articles/2023-04-03/opec-wants-to-make-oil-speculators-think-twice-with-shock-cut?sref=f2E6A62x

OPEC+ Wants to Make Oil Speculators Think Twice With Shock Cut

Saudis intend to inflict pain on short-sellers of crude oil

https://twitter.com/surprised_trade/status/1643146000368914435

'Oil supply will continue to reduce, oil prices will eventually hit all time highs' OPEC+ Output Cut Set to Wipe Out This Quarter’s Oil Surplus

https://www.bloomberg.com/news/articles/2023-04-03/opec-wants-to-make-oil-speculators-think-twice-with-shock-cut?sref=f2E6A62x

OPEC+ Wants to Make Oil Speculators Think Twice With Shock Cut

Saudis intend to inflict pain on short-sellers of crude oil

https://twitter.com/OilandEnergy/status/1642986120693653505

This time around, Saudi Oil Minister Prince Adbulaziz didn't warn the short sellers like he did back in 2020:

The Opec-plus voluntary cuts sends a strong warning shot to speculators who have been “manipulating” prices through negative sentiment. The move also reflects the type of preemptive and proactive market management decision which happened previously in October, but this time its to counter negative sentiment rather than an upcoming slowdown in demand.

“We will never leave this market unattended. I want the guys in the trading floors to be as jumpy as possible. I’m going to make sure whoever gambles on this market will be ouching like hell,”

https://twitter.com/Amena__Bakr/status/1643018924328382467

Energy and commodities at Bloomberg

'In OPEC+ matters, the Kremlin's honesty is refreshing:

The oil production cuts were intended to keep "crude oil and petroleum product prices at a certain level," the Kremlin spokesman Dmitry Peskov said, according to Russian news agency Interfax. '

https://twitter.com/JavierBlas/status/1642830532533796870

Energy and commodities at Bloomberg

'In OPEC+ matters, the Kremlin's honesty is refreshing:

The oil production cuts were intended to keep "crude oil and petroleum product prices at a certain level," the Kremlin spokesman Dmitry Peskov said, according to Russian news agency Interfax. '

https://twitter.com/JavierBlas/status/1642830532533796870

"Global oil demand growth started 2023 with a whimper but is projected to end the year with a bang," the IEA said ".... Rebounding jet fuel use and a resurgent China will see an overall Q1-Q4 ramp-up of 3.2 million b/d, the largest relative in-year increase since 2010 with oil use surging to 103.2 million b/d in second-half 2023.

https://www.spglobal.com/commodityinsights/en/market-insights/latest-news/oil/031523-world-oil-demand-to-hit-fresh-highs-in-2023-as-china-rebounds-iea

in addition the Saudi's stated they wish to see inventories reduced to ensure they are producing oil in to a stable market with competitive prices, although they have no set price in mind (clearly they act to support $80+

they do if the price is not competitive and less availability means increased prices..global oil demand appears to be increasing :-)

https://www.thetimes.co.uk/article/never-mind-inflation-reduction-we-need-a-tax-simplification-act-xrfz9jhk8

'The oil and gas wft is being redrawn less than a year after it came in shows how flawed it was.
The government is still haggling over the windfall tax with operators, rejiging the tax with price floors.
Harbour have warned they will cut UK investment'

the EPL is being rejigged as Investment is leaving the UK and energy security is under threat from relying on costly imports etc..the OPEC cuts actually reinforce the need to put a floor in the wft and a possible sliding scale of tax above the normal oil price to ensure security/investment etc

https://twitter.com/surprised_trade/status/1642547391080419331

Oil price being defended....