Tribe Technology set to deliver healthy pipeline of orders from Tier-One miners. Watch the video here.
WoW, much more deramping going on than normal here. Some from Tullow also appearing (filtered).
Always happy to pick up some more shares if this drops and I am sure there are many like me in this position.
So many filtered messages. Lovely! No more reading nonsense from two in particular who will remain nameless.
Much more buying than selling (twice as much as yesterday). I wonder how many shares the MMs have in their floats?
Managed to top up under 20 this morning. Things will get better in the fulness of time. OPEC plus announcing cuts this month would be a start- see WSJ article where this is being considered.
Snowman10andy- agreed. Suspect there is a lot of pressure behind the scenes being applied to OPEC plus to be seen to act this month. I would say soft diplomacy although it might be more like hardball tactics.
Saudi Arabia and other OPEC members are considering cutting their oil output now to reverse price crash, rather than wait until pact with U.S. and Russia to lower production is set to begin in May
Whites123 contribution over on the other discussion board. Reposting as it again because it echos the sentiment expressed by some here today:
If people understood contracts they would know that after Tuesday WTI is likely to jump to $20. Something that’s never happened in the oil market is happening today: Negative prices for oil contracts. While many people may see this and think the overall price of oil is negative, there’s nuance. The short answer is that no, not all oil is free. The picture in the market is not as bleak as this eye-popping headline would suggest. Futures contracts are tied to a specific delivery date. Toward the end of a contract’s expiration date, the price typically converges with the physical price of oil as the final buyers of these contracts are entities like refineries or airlines that are going to take actual physical delivery of the oil. Futures contracts ultimately are contracts for physical delivery of the underlying commodity or security. While some people in the market speculate on the contracts, others are buying and selling because they have use for the commodity itself. Near the contract’s expiration, traders just start buying the next month’s futures contract. Those who stay in the position to the final day are typically buying the physical commodity, such as a refiner. The West Texas Intermediate crude contract that fell more than 100% on Monday is for May delivery, and it expires Tuesday. With the coronavirus pandemic leading to unprecedented demand loss, and with storage tanks quickly filling up, there is no demand for this oil contract expiring Tuesday. That’s why it turned negative, meaning producers would pay to get this oil off their hands because there is no one that needs that oil this week with the country shutdown. Futures contracts trade by the month. The contract for June delivery traded 16% lower at $21.04 per barrel. So after that contract expires on Tuesday, oil will be back above $20. It does amaze me how some idiots link WTI to TLW when TLW trades Brent Crude. And has majority of 2020 production hedged at > $57 Back to switching off I think....
Not the spot price is that important but this has pulled back early losses....28.60 as a type this....rebound.....
https://www.ifcm.co.uk/market-data/commodities-prices/brent
New article on oilprce.com. Nothing unusual as this is part of the OPEC plus cuts for May onwards. For placing things into perspective I have copied below one important sentence:
Lukoil expects oil prices to rise to $30 a barrel after the new agreement takes force in May, according to Lukoil.
28.24 and rising on IFC Markets
https://www.ifcm.co.uk/market-data/commodities-prices/brent
Shale is clearly going down although do not conflate this with Brent
Today's stats. Bottom line, more buying than selling. MMs are likely getting to a point where they are short of shares. This will go up just as quickly as it went down in the closing minutes of today's trading.
# Trades 2,908
Vol. Sold 12,260,924
Sold Value £2m
Vol. Bought 16,008,072
Bought Value £3m