Oil price

[GoldenPhil]

22 hours ago, GoldenPhil said:

I just picked up some oil. Wish me luck. 

Nice. Bought in at $7 sold at $7.47. Thank you for the silver forum luck. I am now shorting Highland Gold. Wish me luck. 

[silvernewbie]

https://www.hl.co.uk/shares/shares-search-results/d/db-x-trackers-stoxx-europe-600-oil-and-gas

what do people think of this etc?  it hasn't really gone down much..

[KDave]

1 hour ago, silvernewbie said:

https://www.hl.co.uk/shares/shares-search-results/d/db-x-trackers-stoxx-europe-600-oil-and-gas

what do people think of this etc?  it hasn't really gone down much..

Perhaps this one will be worth a look when things calm down and the minors that are going to have already gone bust. Until then the smaller spectrum of oil shares are an issue personally, but as it is a good mix mostly weighted in the majors with less exposure to the riskier all the way down to the explorers, I like it and will put it on the list cheers.  

[RichmondStacker]

2 hours ago, GoldenPhil said:

Nice. Bought in at $7 sold at $7.47. Thank you for the silver forum luck. I am now shorting Highland Gold. Wish me luck. 

I’m sure the long term holders wish you nothing but bad luck. 😂 They released their results yesterday which were pretty strong and the mining operations are unaffected by the covid-19.  Not sure they will be having too much bad news to lower the price, unless the parasites plan to attack.

[Bumble]

I am somewhat surprised that brokers are willing to absorb trading losses that result in negative balances. It seems to create moral hazard. Interactive Brokers website does say "Negative balance protection applies to trading-related debt only and is not available to professional traders."  eToro provides negative balance protection. On the other hand, Saxo's terms and conditions provide for negative balances, and the client is liable to the broker for the balance and for 8% interest. But then Saxo is also a bank, so a negative balance is effectively an overdraft.

[Bumble]

[GoldenPhil]

On 23/04/2020 at 15:40, GoldenPhil said:

Nice. Bought in at $7 sold at $7.47. Thank you for the silver forum luck. I am now shorting Highland Gold. Wish me luck. 

In at 240 out near 230 . No need to be greedy 

[GoldenPhil]

The latest on oil

https://oilprice.com/Energy/Crude-Oil/Goldman-Sachs-Expects-Another-Oil-Price-Crash.html

 

[GoldenPhil]

33 minutes ago, zhoutonged said:

Oil price is obviously closely linked to Global GDP and we have never had oil prices like this. The most horrible economic depression is unavoidable now Im sure. It's like the Nation is sipping wine on the decks of the Titanic and clapping the band, it's surreal.

Maybe the ignorance of the global population will save us all. Markets react to confidence or lack there of  

[KDave]

https://www.cbsnews.com/news/rockefeller-family-is-exiting-the-oil-business/

This was brought to my attention by themarketsniper channel on youtube, the parasites are getting out of oil, specifically Exxon. 

"It's not surprising that they're divesting from the company since they're already funding a conspiracy against us," Alan Jeffers, a spokesman for Exxon, said in an emailed statement to CBS MoneyWatch about the Rockfeller fund's announcement.

 

[Roy]

Tankers?

[KDave]

Had a couple of emails this morning reference BP 

BP profit slumps 67%, maintains dividend

Underlying replacement cost profit, used as a proxy for net profit, at BP (NYSE:BP) slid 67% Y/Y in Q1 to $800M after bolstering its financial reserves (with a new $10B credit facility and selling $7B of bonds) during the initial stages of the coronavirus pandemic.

"Our industry has been hit by supply and demand shocks on a scale never seen before," said CEO Bernard Looney, who took the company reins earlier this year.

The company also maintained its dividend, having increased it to 10.5 cents in the previous quarter, as the sustainability of Big Oil's payouts fall under renewed scrutiny.

Revenue of $59.65B (-10.0% Y/Y)

Results reflected lower prices, demand destruction in the downstream particularly in March, a lower estimated result from Rosneft and a lower contribution from oil trading. It was also impacted by $0.2 billion non-cash underlying FX effects in other businesses and corporate, including FX translation impacts of finance debt in the BP Bunge Bioenergia joint venture.

Q2 outlook: Material impact in downstream. Product demand in fuels marketing to be significantly lower in European and North America businesses. In refining, decline product sales will lead to reduced utilization and significantly lower refining margins. In addition, a lower level of North American heavy crude discounts is expected.

Shares -1.5% in London.

[GoldenPhil]

4 hours ago, KDave said:

Had a couple of emails this morning reference BP 

BP profit slumps 67%, maintains dividend

Underlying replacement cost profit, used as a proxy for net profit, at BP (NYSE:BP) slid 67% Y/Y in Q1 to $800M after bolstering its financial reserves (with a new $10B credit facility and selling $7B of bonds) during the initial stages of the coronavirus pandemic.

"Our industry has been hit by supply and demand shocks on a scale never seen before," said CEO Bernard Looney, who took the company reins earlier this year.

The company also maintained its dividend, having increased it to 10.5 cents in the previous quarter, as the sustainability of Big Oil's payouts fall under renewed scrutiny.

Revenue of $59.65B (-10.0% Y/Y)

Results reflected lower prices, demand destruction in the downstream particularly in March, a lower estimated result from Rosneft and a lower contribution from oil trading. It was also impacted by $0.2 billion non-cash underlying FX effects in other businesses and corporate, including FX translation impacts of finance debt in the BP Bunge Bioenergia joint venture.

Q2 outlook: Material impact in downstream. Product demand in fuels marketing to be significantly lower in European and North America businesses. In refining, decline product sales will lead to reduced utilization and significantly lower refining margins. In addition, a lower level of North American heavy crude discounts is expected.

Shares -1.5% in London.

Amazing it has only fallen 1.5%

[KDave]

56 minutes ago, GoldenPhil said:

Amazing it has only fallen 1.5%

Up on the day now. I read that as they are still in profit and are paying a huge dividend. Q3 might be a different story of course! 

[Oldun]

https://www.bloomberg.com/news/articles/2020-05-08/oil-crash-busted-a-broker-s-computers-and-inflicted-huge-losses?srnd=premium