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Oil Market bottom

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8 years 2 months ago #266 by Gambler
Gambler replied the topic: Oil Market bottom
Love that Bankers, going to the Bank with that one

This article is quite interesting, Saudis taking more control of U.S. oil taking full control of biggest U.S refinery in Texas.

The article also says - The U.S. imported 1.2 million barrels of Saudi oil per day as of the end of February, according to the U.S. Energy Information Administration. That's nearly twice as much as the year before.

Another sign the US and Saudis are in cohoots about this oil market. I wonder if behind the scenes this refinery deal is a golden hand shake for their co-operation mmmmmmmm!

money.cnn.com/2016/03/21/investing/saudi...section=money_latest

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8 years 2 months ago #264 by GoldnBoy
GoldnBoy replied the topic: Oil Market bottom
Great news with Bankers, BNK a takeover at $2.20 per share will be more that a double for my portfolio

www.stockhouse.com/news/press-releases/2...to-be-acquired-by-an

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8 years 2 months ago #237 by GoldnBoy
GoldnBoy replied the topic: Oil Market bottom
Another sign of a bottom. The International Energy Agency said Friday prices have "recovered remarkably" in recent weeks, because of supply outages in Iraq, Nigeria and the United Arab Emirates, and signs that non-OPEC supply is falling faster than expected.
"There are signs that prices might have bottomed out," the agency said in its monthly oil market report.

money.cnn.com/2016/03/11/news/economy/oi...section=money_latest

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8 years 3 months ago #184 by lynnsa10
lynnsa10 replied the topic: Oil Market bottom
More on drilling cuts to reduce supply

Global oil supply growth is plunging as drillers slash capital expenditures severely, Europe's energy policy group said Monday, which could eventually result in an energy shock.

Reduced spending by energy companies will lead to a more balanced market in 2017, but "investment cuts pose supply security risks down the road," according to a Monday report from the International Energy Agency.

"It is easy for consumers to be lulled into complacency by ample stocks and low prices today, but they should heed the writing on the wall: the historic investment cuts we are seeing raise the odds of unpleasant oil-security surprises in the not-too-distant-future," said IEA Executive Director Fatih Birol.

www.ctvnews.ca/business/slashed-spending...e-iea-says-1.2787267

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8 years 3 months ago #179 by Gambler
Gambler replied the topic: Oil Market bottom
Big drop in UK oil production on the horizon. Spending plunging 90%


A new report by Oil & Gas UK predicts that 43% of British oil fields in the North Sea will lose money this year if oil prices remain around $30 per barrel.

The trade association expects spending on new oil projects will fall below £1 billion ($1.4 billion) in 2016, compared to £8 billion ($11.3 billion) in a typical year.

"We are an industry at the edge of a chasm," said Deirdre Michie, CEO of Oil & Gas UK, in a statement.
money.cnn.com/2016/02/23/news/economy/uk...section=money_latest

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8 years 3 months ago #177 by DearJohn
DearJohn replied the topic: Oil Market bottom
Good start to a new topic. It might be of interest on how badly Canada is effected by low oild prices, basically the Alberta cash tap the Canadian government shuts off

Between 2000 and 2014, on a net basis, Alberta’s individual and corporate taxpayers shipped an estimated $200 billion-plus to the federal government.

To put that lofty figure in perspective, it’s nearly 12 times the value of the $17.4 billion Alberta Heritage Savings Trust Fund. No other province — including Ontario, with three times Alberta’s population — even comes close to matching this province’s contribution to the federation.

Article worth reading

calgaryherald.com/storyline/lamphier-how...ottawa-a-lot?ref=yfp

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8 years 3 months ago #176 by RonS
RonS replied the topic: Oil Market bottom
It is time to start looking for the bottom in Oil starting with this long term chart from macrotrends

What stands out here is this type of decline has occurred in past recessions, the shaded areas. We have also gone below the 2008 lows but are on a zone between $20 and $40 that has a lot of support, a long term base so to speak. It may take a while for the bottom to form and a new uptrend to start – however it is a good time to bottom fish for the long term.



What we can see here on the daily chart is that we are still in the down trend channel. I am expecting we will see some sideways trading to establish a bottom. So I would also expect further tests to the down side and that is when I would be a buyer of Oil stocks, like IPL

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8 years 3 months ago #157 by RonS
RonS created the topic: Oil Market bottom
I thought a good time to start a topic here. There is still quite a glut on the supply side but demand remains strong. It is just a matter of time before the market balances itself again, so we should be in bottoming phase this year

Oil Demand
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