Bp Share Discussion Threads

[imastu pidgitaswell] 09/10/2020 15:38

Yes, frankly I think it could be a lost cause for the forseeable. Quite happy to thrash around elsewhere and just keep the batch in the proverbial bottom drawer. Occasionally reminiscing about the magical days when the share price started with a 3. The days of a 4, 5 or higher might be gone forever.

[bracke] 09/10/2020 15:28

imastu

"Always good to hear from someone who knows what they're doing."
===================================================================

I only 'think' I know what I'm doing!

You need to observe what the share price does when it reaches the wedge lower trend line. It may rise straight through or retrace. A retrace is not a problem provided it doesn't form a lower low which would not be so good.

Unable to post a chart as ADVFN will not accept charts from the upload site I use.

I understand your confusion about 'higher low' it's been so long since BP. posted one on the Daily chart.

[novicetrade68] 09/10/2020 14:38

Global Oil Demand Won't Peak Before 2040, OPEC Says -- Update

Dow Jones News

Bp (LSE:BP.)
Intraday Stock Chart

Friday 9 October 2020

Click Here for more Bp Charts.By David Hodari and Rebecca Elliott
The world's thirst for oil is unlikely to peak for two more decades but may already have crested in the U.S. and other wealthier countries, according to a forecast by OPEC.

The demand estimate, from one of the oil market's most persistent bulls, punctuates the speed at which the coronavirus pandemic has upended the world's energy mix.

The Organization of the Petroleum Exporting Countries expects demand for its core product to fall more than 10% among the world's richest economies this year, and says it will never return to pre-pandemic 2019 levels.

Over the course of the next 25 years, it expects demand in those most developed countries to fall by about 27%, according to its closely watched annual oil supply and demand survey.

The steep forecast drop in demand among the Organization for Economic Cooperation and Development, a club of the world's richest economies, marks "an evolutionary shift in demand from developed to developing countries," said OPEC Secretary-General Mohammed Barkindo, during an online press conference unveiling the report Thursday.

In recent years, developing world demand has outpaced that of the developed world, as consumers in fast-growing economies, particularly China, drive cars, take vacations and buy and run air conditioners at a pace starting to approach their traditionally more affluent counterparts in the West.

The shift has been magnified by slow or stagnant population growth in richer countries, decades of fuel efficiency efforts and an accelerated embrace of alternatives to fossil fuels for powering everything from cars to electricity grids. Oil demand peaked in the OECD about a decade ago and fell steeply amid the global financial crisis. Since bottoming out, though, it had recently resumed a slow upward climb.

[imastu pidgitaswell] 09/10/2020 13:49

Felicitations bracke,

Always good to hear from someone who knows what they're doing. Doesn't happen to me
too much.

So in summary, you're saying wait and see. Until it goes up. Sounds good to me.

(PS - what is this 'higher low' of which you speak - I really don't see those too often... 😉)

[bracke] 09/10/2020 13:41

Good day imastu

You will no doubt be overjoyed to see that the share price has for the first time in a very, very long time formed a higher high and a higher low on the daily chart. (Pause to allow you to regain control of your emotions)That's the good news.

The moderate news is that the rise is from a very low base but you will no doubt take what you can get. The next obstacle to overcome is the lower trendline of the declining wedge through which the share price previously dropped. The share price needs to break back up into the declining wedge which means overcoming any resistance at the wedge lower line at approx 230.

If it can re-enter the wedge higher highs and higher lows are required to take it up to the wedge top line and then out of the wedge.

Good luck.

[spacedust] 09/10/2020 11:00

Oil is down on harrykane news

[philanderer] 09/10/2020 10:48

Bloomberg:

Oil in New York is poised for the biggest weekly gain since June with Hurricane Delta forcing operators to shut-in almost 92% of crude output in the Gulf of Mexico as the storm heads toward the U.S. coast.

Delta regained major hurricane strength and is forecast to slam into the already battered Louisiana coast on Friday after barreling across the Yucatan Peninsula earlier in the week. Prices have also been buoyed by an oil-workers strike in Norway, which is threatening almost a quarter of its the nation’s output.

[the grumpy old men] 09/10/2020 10:40

HERALDSCOTLAND.COM


North Sea pioneer says oil and gas industry still has vital role to play
Exclusive by Mark Williamson @MarkWHerald Group Business Correspondent


Fifty years ago, on 7th October 1970, BP announced the discovery of the Forties Field in 350 feet of water in the North Sea, 110 miles east of Peterhead. It was a discovery that would lead to momentous changes to UK energy supplies, open up a whole new industry, assist the nation to slowly wean itself off environmentally damaging coal and provide the underpinning needed to reshape the UK economy. On that date I had just arrived in the US to work on the other major discovery that BP had made, in Prudhoe Bay in Alaska.

Both discoveries were transformational for BP, which had been wholly dependent on Middle East reserves. 50 years on, with both Alaska and the North Sea well into their decline years and renewables beginning to take over from oil and gas as new technologies emerge, BP and other majors who have done so much for the North Sea are having to reinvent themselves.

The discoveries at Prudhoe bay and in the North Sea enabled young engineers such as myself to work on cutting edge technologies. It is hard, today, to remember that Forties was discovered just 15 months after the first moon landing and new engineering challenges, now commonplace, were being cracked. It was also a period when new commercial opportunities were emerging for risk-takers. Forties was developed against the backdrop of miners’ strikes, Arab oil embargoes, and a three-day working week whilst also using technologies which were considered state-of-the-art.

At the end of 1971 I returned to the UK to act as Project Co-ordinator on the Forties Field Development team. This was a privilege as it enabled me at the age of 28 to participate first-hand in a project which was to have such a profound impact on the UK. The North Sea oil and gas business was beginning to open-up to new companies and ideas.

I left BP in 1974 to form my first oil company. Although we had to compete against the short-lived creation of a British National Oil Corporation it was an exciting time. The period from 1970 to 1985, saw extraordinary growth in the number of oil and gas companies, big and small, operating in the North Sea and in the number of discoveries made and developed.

This was the boom time for exploration, generating massive wealth for the UK economy. Many of us trailblazers in the independent sector had come from large oil companies and felt that we had a major part to play in contributing to that growth. For the next 15 years, up to the turn of the millennium, UK oil production averaged a little over 2 million barrels daily and independents such as Monument Oil and Gas, LASMO and Enterprise Oil more than played their part.

Whilst the area west of Shetland still holds significant potential for larger companies, today we are firmly in the decline phase of the North Sea where fields and new finds are getting smaller and less relevant to the majors who have to refocus on their core business. But much value remains to be harvested. The UK has been in transition from coal to the ultimate target of a carbon free world for years and the energy provided by North Sea production has been a pivotal part of that transition.

The technologies that have been developed to bring the oil and gas ashore amid tough conditions will form the bedrock for offshore renewable technologies. These need investments of enormous scale which can only be provided by majors, and which they will have to divert from non-core legacy assets. But during this phase, oil and gas will still be needed. The environmental impact of producing North Sea gas is less than half that of imported LNG. By managing indigenous reserves efficiently, we can help reduce the UK’s carbon footprint while making a significant contribution to the economy.

To achieve the holy grail of zero carbon and optimum recovery of remaining North Sea reserves will require partnership between the larger companies, as they redirect their capital and refocus their strategies, and the independents, such as Serica Energy, who have the skills, experience and low cost base to provide the investment and commitment required to optimise recoveries efficiently, safely and environmentally sensitively. 50 years after the discovery of Forties there is much to play for in the North Sea and the legacy of the find will continue to play its part in the UK’s fortunes.

Tony Craven Walker is executive chairman of North Sea-focused Serica Energy.

[imastu pidgitaswell] 09/10/2020 10:19

Mmmm. Like an oil tanker turning. Perhaps...

Not keen to add - just the one batch at 281 (I have had far more), which I thought was a double bottom, incredible bargain etc. But if I did double up (or more?) I could be gone with a reasonable profit at 260-odd. 260 feels an awfully long way away, especially when there are so many better candidates for a 10-15% rise... Dunno.

[ukgeorge] 09/10/2020 09:27

Looks like it is getting ready for a nice rebound.

[sbb1x] 09/10/2020 07:52

Another day closer to the 29th October update I wonder if they will cut the dividend again ?Heading for 8 months of 40$ oil ouch.With the oil glut not expected to clear until next year I would expect next 2 updates to be awful.

[philanderer] 09/10/2020 00:19

Investors go on a "bargain hunt" snapping up BP, Shell and Rolls Royce shares

[waldron] 08/10/2020 17:36

Iain Gilbert
Sharecast News
08 Oct, 2020 16:52
Broker tips: BP, Volution Group
bpcb1

Analysts at Berenberg sounded a positive note on the long-term prospects for BP as it transitions towards renewable energies.

However, for the company to attain its stated goals for 2030, as per management's strategic update from 14-16 September, it had a lot of hard rowing ahead of it, including "huge" investments and even after those, the analysts said it would take time for investors to buy in.

"The company aims to have 20% of capital employed in transition businesses by 2025; we view this as a reasonable minimum level to achieve before market valuations start to give BP credit for the higher multiple potential of these businesses," they said.

In any case, for over the near-term, that is to say for the next 12 months, the key drivers of the stock would be: progress on asset sales, on reducing net debt, its success in cutting costs, a possible restart of share buybacks and "any recovery in oil prices".

Thus, while Berenberg bumped up its estimates for the outfit's adjusted earnings per share across 2020-22, it lowered its target price from 320.0p to 260.0p, while keeping its recommendation for the stock at 'hold'.

[philanderer] 08/10/2020 17:22

'Berenberg upbeat on BP long-term, less so on 12-month basis'

[trikytree] 08/10/2020 17:07

Bore off Sbb1x. Tw@t

[linton5] 08/10/2020 16:07

Exxon going to the moon up 5%

[trikytree] 08/10/2020 14:41

Finally the reversal started maybe 🙏🏻

[the stinger] 08/10/2020 14:33

Undervalued here. Dividends @ 4p x4 also. Oil isn't going anywhere for 25 yrs minimum!

[the stinger] 08/10/2020 08:09

Good dividend now either way...

[oakville] 08/10/2020 07:19

Having $5k not yet placed on a share how low or what sort of entry point to people see here? Is £1.80 too low?