Andrada Mining acquisition elevates the miner to emerging mid-tier status. Watch the video here.
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down more than double the drop in Shell - as I have said before, there is no exact correlation between Brent and the Shell share price.
Shell follows Brent except when it doesn't. And when it doesn't things get interesting - spot the point divergence: https://invst.ly/wq1t2
RDS has hit an interesting support level at nominally 1560 (give or take 20p) and ended the day about 50p up on what might otherwise have been expected. Whether it holds on remains to be seen - it's like a shock-absorber that's averaging out the bumps.
A significant day for oil, with the discount of WTI to Brent increasing to nearly $5 - can't be soon enough for Biden:
https://invst.ly/wq232
Have they released their strategic reserves yet? Now may be a good time to do so for maximum effect…. pushing against an unlatched door.
Meanwhile Brent is testing the nineteen month recovery trend since it fell to $20 (blue). Will the trend hold or will Brent level off until Q1 22?
https://invst.ly/wq25z
Hi Boyo here is the details and timetable of the US oil release, it looks like it will be done between December to April.
https://www.energy.gov/fecm/articles/summary-50-million-barrel-release-strategic-petroleum-reserve
That's an interesting table Larry, not that I have much clue about the process. I guess that the WTI futures prices for the return dates become rather significant together with the premium charged in terms of volume. To me the offer appears to approximate to a 'free loan' provided it is managed correctly. I think it equates to about five days of US production, so not a magic bullet in terms of reversing the nineteen month trend. Supply and demand will ultimately rule but the difference this time will be that US producers seem very unlikely to fight OPEC+ for market share, which has proved to be highly counterproductive since 2014.
You are right Boyo I also think Supply and Demand will dictate in long term and I hope the Shale industry have learned from the Pump and Dump with borrowed policies of the past, certainly this will make OPEC+ focus not to increase supply over the next 3 to 6 months . But this coordinated Oil releases around the World and Covid uncertainties during Winter And Spring might create a volatility in short term IMHO.