Member Info for tintin35

I don't think the Saudis really thought this one through. They assumed they could just dump their cheap oil anywhere in the world and destroy other country's oil companies - but what happens is protectionism. They will have to take it back and store it themselves...and serves them right.....
https://www.theguardian.com/business/2020/apr/22/brent-crude-oil-price-hits-21-year-low-amid-glut

yep - HUGE spread...but I will grasp at whatever straws there are and as we've said before - there are so few shares here that it doesn't take much (a rumour) to send this rocketing.

We must one of the few businesses completely unaffected by the virus (as nothing has happened for years anyway and the ore hasn't gone anywhere) - so a safe bet in these tough times...Also, I suspect Sweden will finally come to their senses about the need for businesses that make money and pay taxes....

Are prices likely to recover?

Yes, and quite quickly. The negative US oil price referred specifically to the price for crude delivered in May, the month in which oil demand is expected to be lowest and supplies are expected to be highest. From Tuesday, oil traders will begin trading barrels for delivery in June in earnest, and these are expected to fetch far higher prices. A meaningful recovery of oil market prices will depend on how quickly demand for transport fuels increases – a speedy end to lockdown would accelerate a market price recovery, but a slow emergence from the Covid-19 crisis could mean further financial pain for oil producers until 2021.

Worldwide oil supply to be cut by almost 10%

Oil-producing countries have agreed to a deal to cut global production by almost 10% in response to the coronavirus pandemic.

The price of oil has slumped this year because of the crisis.

The negotiations included the Organization of the Petroleum Exporting Countries (OPEC), Russia, the United States of America and Mexico.

It amounts to a worldwide reduction of about 9.7 million oil barrels every day from 1 May.

It could also mark the end of a price war between Saudi Arabia and Russia.

probably need a bigger cut in the short term but all looking good for CASP

https://www.theguardian.com/business/2020/apr/10/opec-russia-reduce-oil-production-prop-up-prices

6.3p paid now - mind, that would have been cr*p two months ago....

:)

4.7p paid - over 25% up leak? or just v undervalued?

China one of the biggest economies - supply chains back to work - light at the end of the tunnel etc.... 4.42p paid...

up 11%

something about a broken pipe?

anyway - for clarity;

For the avoidance of doubt the existing producing wells will continue to be operated and the production sold, as will the New Wells 150 & 153 as they come into production, and as will any of the three Deep Wells that flow following the acid treatment referred to above.

https://www.theguardian.com/business/2020/apr/02/oil-price-rebounds-on-hopes-saudi-arabia-and-russia-will-reach-deal

another one today - and below 3p! Can't see Saudi's and Russia pushing this brinkmanship for much longer....

https://www.bbc.co.uk/news/business-52115442

a 2m and 1.7m at top price... :)

see post yesterday morning about 7.30am - lse got virus too

well, you've just missed a 30% rise already by thinking too hard. Max had only one drill which they ****ed up. This can carry on profitably just on the shallows (just look at news yesterday). Saudi's thinking is flawed (just like last time) - if the Yanks go bust the drills will still be there - someone will by them cheap and produce as soon as the price goes back up.

last chance to get in below 3p?

https://www.theguardian.com/business/2020/mar/30/oil-rig-closures-rising-as-prices-hit-18-year-lows-due-to-coronavirus