Bp Share Discussion Threads

[waldron] 01/7/2020 17:11

Oil Prices Edge Higher After Inventory Data
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By Amrith Ramkumar

Oil prices inched higher Wednesday, continuing a recent rebound after data showed U.S. crude stockpiles fell more than anticipated last week.

U.S. crude futures for August delivery were recently up 0.9% at $39.62 a barrel. Prices are near their highest level since early March, buoyed by recovering fuel demand and supply cuts by the Organization of the Petroleum Exporting Countries and allies including Russia.

Sliding U.S. crude output is also supporting the rally. On Tuesday, prices closed out their best quarter since 1990.

Wednesday's data showed inventories fell 7.2 million barrels last week, a much bigger drop than the 100,000-barrel decline expected by traders and analysts surveyed by The Wall Street Journal.

Still, stockpiles remain elevated after surging earlier in the year, and many analysts are concerned about a recent rise in coronavirus cases in key fuel-consuming states such as Texas, Florida and California. Recent data have indicated that the global economic recovery and rebound in oil consumption could be slowing down, a concerning development for bullish crude investors counting on surging demand.

At the same time, strong compliance from OPEC producers with recent supply cuts and indications that the cartel could act carefully in bringing back output continue to keep crude in its current trading range.

"Although there is still the danger of demand outages in view of increased new cases of Covid-19, OPEC+ seems to have the market under control at the moment," Commerzbank analysts said in a note.

Brent crude futures for September delivery, the global gauge of oil prices, added 1.4% to $41.83 a barrel on the Intercontinental Exchange Wednesday.

Traders are closely watching to see if OPEC producers and U.S. companies start bringing back output in response to higher prices. U.S. crude supply held steady at 11 million barrels a day last week, up from a recent low of 10.5 million barrels a day but well below an early year record of 13.1 million barrels a day, Wednesday's figures showed.

Investors were also weighing an announcement from Pfizer Inc. and BioNTech SE of positive early stage results in a human clinical trial for a coronavirus vaccine. The news helped lift stocks and crude prices. Optimism about vaccine development has buoyed stocks and oil in recent weeks, with investors hoping that eventual completion of a vaccine would support consumer confidence and the global economy.

Elsewhere in commodities, most actively traded gold futures fell 1.4% to $1,774.60 a troy ounce, paring some of their recent gains. The haven metal hit a nearly nine-year high above $1,800 on Tuesday and has surged lately with economic uncertainty and ultralow interest rates boosting demand.

Write to Amrith Ramkumar at [e-mail]



(END) Dow Jones Newswires

July 01, 2020 11:49 ET (15:49 GMT)

[imastu pidgitaswell] 01/7/2020 14:09

You did. 530? With these crude prices? He's having a laaaarf...

And so are GS.

[penycae] 01/7/2020 14:06

Did I ever tell you my monkey used to work for Goldies?

[optomistic] 01/7/2020 13:24

Looks to have good support @ 305/310.
And a nice gap to be filled around 340p

[maywillow] 01/7/2020 12:36

RDSB Goldman Sachs Buy down from 1,850.00 to 1,810.00 Reiterates

BP. Goldman Sachs Conviction Buy down from 550.00 to 530.00 Reiterates

RDSA UBS Buy 1,750.00 - Unchanged

RDSA Jefferies International Hold 1,150.00 - Reiterates


THE EXTREMES OF BROKERS

[skinny] 01/7/2020 11:05

FWIW :-

Goldman Sachs Conviction Buy 308.15 307.20 550.00 530.00 Reiterates

JP Morgan Cazenove Overweight 308.15 307.20 425.00 400.00 Reiterates

Barclays Capital Overweight 308.15 307.20 380.00 400.00 Reiterates

[ohojim] 01/7/2020 11:04

...Since April the longest time it has taken to get from 303 to 320 has been 6 trading days. This should be the 8th time. Good odds methinks.

[skinny] 01/7/2020 10:55

Looking at the chart since April, it reminds me of :-

[imastu pidgitaswell] 01/7/2020 10:35

This share reminds me of Geoffrey Howe (for those of a certain age)

[bracke] 01/7/2020 10:10

Good day Penycae

You have your bounce back up to resistance.

MORE! YOU WANT MORE!!!

[florenceorbis] 01/7/2020 09:02

07/01/2020 | 07:46am BST

Christyan Malek from JP Morgan retains his positive opinion on the stock with a Buy rating.

Previously set at GBX 425, the target price is lowered to GBX 400.

[florenceorbis] 01/7/2020 08:41

Barclays Capital Overweight up from 380.00 to 400.00 Reiterates

[waldron] 30/6/2020 20:16

Huge writedowns from Shell, BP signal stranded assets - Wood Mackenzie
Jun. 30, 2020 11:25 AM ET|About: Royal Dutch Shell plc (RDS.A)|By: Carl Surran, SA News Editor

Royal Dutch Shell's (RDS.A -3.1%) plan to write down the value of its assets by as much as $22B follows a $17.5B writedown from BP (BP -1.8%) earlier this month.

The broad reassessment of asset values by two of the sector's largest companies is about more than a response to COVID-19 and its impact on oil and gas prices - it's a signal that large amounts of oil and gas are likely to be left in the ground - says Wood Mackenzie's Luke Parker.

"It's about fundamental change hitting the entire oil and gas sector," Parker says. "Within this write down, Shell is giving us a message about stranded assets, just like BP did a few weeks ago."

Shell’s largest writedowns come from its gas business, where it faces a charge of up to $9B, including reductions to the value of its Prelude and Queensland Curtis liquefied natural gas projects in Australia.

Credit Suisse analyst Thomas Adolff calls Shell's news a "wake-up call" and that Q2 will be the toughest quarter for many oil and gas companies.

The company expects a 40% Y/Y drop in Q2 sales to ~4M bbl/day, although that was higher than its earlier forecast of 3.5M bbl/day.

[waldron] 30/6/2020 17:55

Looks like we can start referring to the Box channels,resistences and supports

THE WISH LIST


300 to 330p$$$$$$$$$$$WE ARE HERE$$$$$$$$$$$$$$$$$$
330 to 360p
360 to 390p
390 to 420p
420 to 450p
450 to 480p
480 to 510p





Strong support 304.60.40p,

Strong Resistence 333.50p

Current share price 307.20p

[waldron] 30/6/2020 17:15

Brent Crude Oil NYMEX 41.68 -0.33%
Gasoline NYMEX 1.22 +1.89%
Natural Gas NYMEX 1.73 +2.30%
WTI 39.67 USD +0.32%


FTSE 100
6,169.74 -0.90%
Dow Jones
25,598.78 +0.01%
CAC 40
4,935.99 -0.19%
SBF 120
3,884.04 -0.10%
Euro STOXX 50
3,240.4 +0.01%
DAX
12,310.93 +0.64%
Ftse Mib
19,402.36 -0.23%



Eni
8.49 -1.57%


Total
33.975 -1.66%



Engie
11 -1.70%

Orange
10.645 -0.37%


Bp
307.2 -2.45%

Vodafone
128.86 +0.83%

Royal Dutch Shell A
1,287 -3.94%



Royal Dutch Shell B
1,224 -3.68%

TULLOW OIL
(GBX)31.70 + 1.57%

[penycae] 30/6/2020 15:12

Back in at 306.59

Looking for a bounce tomorrow, start of a new quarter.

Trade well and prosper.....

[penycae] 30/6/2020 11:15

Morning all.

So, first quarter's GDP was disappointing. Now there's a surprise. Took that trade yesterday, but haven't re-bought this morning. I would have, but I went for an early walk with the dog. Still a good entry point sub 310, but to make it pay you'd have to go in with a larjwun, and be prepared to hold a bit if the day trade went wrong. BP will always come back to you, long or short, but you can end up chewing the edge of the rug if you get it wrong.

I'll look in when the Shermans open.

Trade well and prosper.......

[imastu pidgitaswell] 30/6/2020 10:44

Yes, I'm the man...

Also binned another one yesterday when it went further - losing faith in dear old BP, but now it is a much less harmful experience...

[bracke] 30/6/2020 10:35

Shame about the share price It did well yesterday to rise and close above resistance at 312 but unable to maintain pressure and back down this morning. imastu will be congratulating himself.

Meanwhile over in the land of leeks and corgis the arch carpetbagger will be plotting his next move with his trusty sidekick Monkey.

[kibes] 30/6/2020 09:17

BP slowly imploding as it sells off core businesses and has no idea what to do about oil and gas in future. It is rather painful to watch Ineos smugly walking away holding the baby while the bath water runs out.

[florenceorbis] 30/6/2020 08:44

Oil & Gas
Philip Whiterow

08:03 Tue 30 Jun 2020

Follow Philip on:

Shell to take US$20bn profit hit after oil price reassessment

Between S$4-6bn will be written off its North American shale operation and in Brazil.

Royal Dutch Shell PLC (LON:RDSB) said it is to take between a US$20-US$27bn hit to its profits this year after it lowered its assumptions of future oil and gas prices.

The move mirrors rival BP (LON:BP.) that two weeks ago said it would take an impairment charge of up to US$17.5bn after it also reduced its forecasts for future prices.

Shell, which will take the impairment charges in this quarter, said it now expects Brent crude prices only to recover to US$60 per barrel by 2023 and to stay at the level for the long- term.

Gas prices are also expected to make only a slow recovery to US$2.75 per therm over the same period.

After tax, the US$20-27bn pre-tax impairment will drop to a range of US$15-22bn, Shell said, with between US$4-6bn net written off its North American shale operation and in Brazil.

Shell also forecast an US$8-9bn net charge at its Australian gas assets and a further US$3-7bn across its portfolio of oil products.

As a result of the impairments, the oil group’s gearing or debt level rises by 3%.

Shell released the impairment announcement alongside its second-quarter update that also detailed write-offs of US$250-300mln for the weak LNG price.

Oil production is estimated to be between 2.300-2,400 barrels per day, but inventory write-downs are predicted to cost between US$200-400mln.

Refining margins are expected to be significantly lower compared with the first quarter 2020 and are expected to be offset by higher trading and optimisation results, said the statement.

Proactiveinvestors