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Range Resources

Price of West Texas Crude

(ASX:RRS / AIM:RRL / PINK:RGRLF & RGRYY)
Informed Discussion. No ramping. No deramping.

Price of West Texas Crude

Post Mon May 07, 2018 10:43 pm

It is now at US$70 so that can only help our cash flow.

It will also mean a greater likelihood of more contract work for RRDSL.

Moving the share price is another matter and will only come with better cashflow results and profits.
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Rexco
 
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Re: Price of West Texas Crude

Post Wed May 09, 2018 2:16 pm

According to BBC reports from America the average American is afraid petrol prices will rise because of Trump's stance on Iran and that will only happen if oil prices rise. Could we see $80+ per barrel in the very near future?
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Re: Price of West Texas Crude

Post Thu May 10, 2018 7:26 am

I genuinely think we will hit $90/bbl but on recent evidence that might take time to filter through to a higher SP.
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Re: Price of West Texas Crude

Post Thu May 10, 2018 7:31 am

There was a good article if you google it making the case for $300. I disagree with the figure, but I think it was more to make a point if you can find it.
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Re: Price of West Texas Crude

Post Thu May 10, 2018 12:35 pm

Interesting, it wont get that high though. Rising price would be good for oil extractors, perhaps that will cause a rethink in how we use RRDSL.
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Momo
 
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Re: Price of West Texas Crude

Post Thu May 10, 2018 4:53 pm

Momo

I don't think it will change the current plan. We do not have a lot of cash and we have some significant repayments to make in the not too far future. I think these guys are being smart in managing risk in:

1) Pursuing the water flood - lowish costs in relation to the outputs and £ income (assuming it goes as planned)

2) Getting the rigs hired out - these will be getting a good £ income rate because there are not many available and that scarcity increases as the POO has been rising (shale boys very busy again). In the interim they have been swabbing our own drills which will improve the drill crew effectiveness and efficiency - which will make them:
- more sellable to other operators
- more valuable and productive to us when we bring them back in RRL drills

3) Not being tempted to roll the dice on a $5m Hererra deep drill - way way to high risk for us just now. If it failed it could crash the whole company.

The oil is not going anywhere so we need to manage the technical and financial risks in ways that keep us out of cash and debt repayment trouble.

I think that investors, funders and bankers are going to be looking for evidence that we have 'good habits' that have replaced the previous regime's highly toxic legacy. We need to show a track record of:

- having a (credible) plan
- sticking to the plan
- delivering the plan

......over and over again...then we will be seen as competent 'grown-ups' financially, technically and operationally.

When we get there the share price will reflect that.

Happily I think we making progress - may not be as fast as we would like - but it is progress.
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Re: Price of West Texas Crude

Post Thu May 10, 2018 5:02 pm

tennents
"We need to show a track record of:

- having a (credible) plan
- sticking to the plan
- delivering the plan"
I think the major problem now with the SP is that no investors know the plan as we haven't been given one and on that basis we don't know if they are sticking to it or delivering anything.
Like many on the board I can think of things that are going on in the background but that won't keep the SP at its present level never mind increasing it.
The price of oil is now nearly double what it was and every indication that it will continue to climb - why are the other T&T companies not fighting each other for our drills?
We can only wait so long for these "choice" contracts that are in the wings!
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Re: Price of West Texas Crude

Post Fri May 11, 2018 9:20 am

Ned - no disagreement, we need to see further material increases in production and some good drilling contracts. We don't know what the position re contracting and will not until each deal is finally signed off. The uncertainty is not great....but that is the nature of the beast.

On 'the plan', i understand it as waterflood, keep production up on the shallow drills (swabbing), two new drills, win some drilling contracts, get Perlak going and keep costs down. Not sure what else we could expect given where we are at the moment.
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Re: Price of West Texas Crude

Post Fri May 11, 2018 9:36 am

tennents
THe big problem as has always been with this BOD is what appears to be a total lack of understanding on communication. They drop the bombshell that because of a cock up with pumps there is a drop in production but have never come back to us and said the problem has been resolved and production has again started to increase - current bopd now ………
Perlak seemed to be going quicker than first predicted but to what extent.
They could do a lot more on the communication side instead of leaving people thinking same old Range, same old Range no news is bad news!
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Re: Price of West Texas Crude

Post Fri May 11, 2018 10:32 am

EXACTLY Ned!!! The long radio silences and lack of communication follow up is killing this.

And who gives a monkey how much progress there is if the share price isn't going up.
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Re: Price of West Texas Crude

Post Fri May 11, 2018 10:49 am

Ned - As we all know the 'price sensitive' factor is deployed regularly here. Perhaps unhappily, that is reasonable and appropriate as some of the things we want to know are indeed price sensitive.

I think we still suffer from the hangover of previous managements, and the impact that has had on how this company is perceived by the market. That is not going to change overnight no matter how much we would want it to.

As I see it there are some 'good' things emerging in the pattern of communications:

1) They are to a programme and they seem to be sticking to that i.e. a disciplined
approach
2) We no longer have endless 'leaks' - that were mostly bull**** i.e. straight lies
3) They are telling us that they have made some mistakes i.e. the truth
4) They RNS anything that indicates some small, but strategic, impact e.g.winning a 10
day contract with Shell i.e. key indicators of progress

Personally I prefer this approach to our previous experience, however I accept that brings some 'culture shock' for those here.

RRL has had a near death experience and we are still very much 'in recovery', but i think we are genuinely recovering slowly but surely. I think the communications processes look much more like a recovering and 'real' business. We just need them do deliver - and tell us as that goes along.

Just my views on it.
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Re: Price of West Texas Crude

Post Fri May 11, 2018 10:53 am

Razzledazzle wrote:
> EXACTLY Ned!!! The long radio silences and lack of communication follow up
> is killing this.
>
> And who gives a monkey how much progress there is if the share price isn't
> going up.



And how do you expect the share price to go up if there is not progress ?
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Re: Price of West Texas Crude

Post Fri May 11, 2018 11:16 am

tennents
It's the price sensitive information I want them to disclose!
There doesn't seem to be a reason why they can't disclose the info if it is price sensitive in the form of an RNA.
There are so many positives with the company but they don't seem to capitalise on them.
Add to the fact that the wet season is only a month away and most things seem to grind to a halt for a couple of months and then there is no source of positive news.
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Re: Price of West Texas Crude

Post Fri May 11, 2018 11:39 am

Ned i get the frustration - I want the share price to go up too !

They seem to have a strategy communicating to the programme with exceptions 'on merit'.

Given our production from old wells and waterflood is incremental increase (daily?) do you think a day by day report would be valuable or would that just fuel more nonsense discussion in here and convince external readers (investors) that we are a bunch of unprofessional clowns ?

Also to be fair they have done the drill announcement, spud and completion RNS as appropriate - just we are not doing much of that just now.

I think the way they are telling the story is primarily directed at external readers - the ones that, when they have confidence in it, will buy the story and the shares, and the price will go up.

For those of us here - we just have to wait, or sell - because there is nothing that we can do with additional information that will meaningfully drive the price up. We need 'new' money and that is who they are targeting the communications strategy/process towards.

A bit frustrating and painful for us perhaps in the short medium term, but until the non-holding market is convinced of the case to buy in, we have to suck it up.

Putting it in context, we probably should not still be in business - but we are.
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Re: Price of West Texas Crude

Post Fri May 11, 2018 12:38 pm

tennents
The last thing I want or expect is a day by day, blow by blow report. My main concern at the moment is that they left us out to dry with the last report that disclosed the reason for the fall in production but haven't followed it up by a follow on confirming the steps they took to rectify the situation have worked and bopd is once again on the way up. As it is it has left the view that no news is bad news and investors are steering clear of RRL. The last we heard on Perlak was of a local disaster on our field but honest mister it wasn't our fault.
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Re: Price of West Texas Crude

Post Fri May 11, 2018 1:11 pm

I really really hate to say this...no really I do...but I think Ned is right.

I can fully understand not being able to give full details of drill plans/workovers incase things change with contract work but basic follow ups like Perlak & recent dip in production & what being done & by when is something Range can & should provide in a timely & honest manner.


We are back to the aged old Range problem of PR & Communications...both of which seem to come from Eva...told what to say etc.....

2016 Director fees in wages/fees £561,467
2017 Director fees in wages/fees £906,725

Wouldn't it be great if we had say a Director of Communications & PR whose sole job was to keep communications open, honest, real, timely & not hidden ?

I do now think things will not change until newbies see the full year accounts - mainly because past few years have been dire - what with low bopd/receipts due to WTI and enormous write offs of goodwill. On the plus side for this full years accounts, receipts will be massively up, write offs massively down & maybe even positive goodwill added from RRDSL for some $5m as mentioned in prev RNS

In the meantime, if no new contracts added, Id expect bopd to accelerate as they do more & more workovers etc....

Whatever next....me agreeing with Razz or Razz being super upbeat ? !!!
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Loadsamoney
 
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Re: Price of West Texas Crude

Post Fri May 11, 2018 5:36 pm

This is from the corporate page...do we all agree this is being done?

CORPORATE
EXISTING PRODUCTION – generating revenues
SIGNIFICANT GROWTH – from existing assets and new opportunities
STABLE FINANCIAL POSITION – existing cash with medium-term debt maturity
ENHANCED LIQUIDITY – AIM and ASX-listed
RAMP UP IN ACTIVITY – to provide newsflow and results
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Momo
 
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Re: Price of West Texas Crude

Post Fri May 11, 2018 6:03 pm

Momo wrote:
> This is from the corporate page...do we all agree this is being done?
>
> CORPORATE
> EXISTING PRODUCTION – generating revenues Thanks to the increase in the POO we are cash generating. In the quarterlies we were making $12 pb and oil has jumped since then
> SIGNIFICANT GROWTH – from existing assets and new opportunities Don't know as they aren't telling
> STABLE FINANCIAL POSITION – existing cash with medium-term debt maturity Probably more stable than they have ever been in their history
> ENHANCED LIQUIDITY – AIM and ASX-listed ???????????????????????????????
> RAMP UP IN ACTIVITY – to provide newsflow and results 32 RNAs since 1st January
18 Price monitors
3 Perlak updates including not our fault fatalities
1 company presentation
1 new director
1 Columbia update
2 Q&A
1 quarterly
1 half year
1 RRDSL payment
1RRDSL contract
2 T&T updates
Not a lot of newsflow in 5 months so a failure on that front
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Re: Price of West Texas Crude

Post Sat May 12, 2018 1:57 am

Interesting when you see it like that Ned. Quarterlies do not count as newsflow in AIM. For instance imagine what might have happened if they dad released a seperate RNS highlighting that Trinidad was cash flow positive for the first time. Or highlighting favourable tax breaks.

Eva said in an email to me that the company would be providing regular and detailed updates on the workplan.

The submission doc mentioned webcasts and frequent q and a.

The recent presentation indicated ramp up in activities and news flow.

And what do we have. Radio silence. As usual.

How many years have we said.. This will take time, and management are doing their best etc etc. They took over 4 years ago.

Would an online petition be of interest to anyone requesting the company follow up on issues and generally communicate better with shareholders as they promised they would? I'm happy to set one up
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Re: Price of West Texas Crude

Post Sat May 12, 2018 10:13 am

I know, next Monday morning at 8am, lets all hold up placards outside RR Towers in London & we can sing to Eva
What do we want ?
Daily Communications
When do we want it ?
Now
What do we want ?
Daily Communications
When do we want it ?
Now

Or how about hounding Abrahams to vote down all the resolutions in Nov & then the Board will resign and we can demand to on the interview panel and can ask lots of communication questions !

Be careful, you two are starting to make Bounty sound intelligent....and pompous !

Chillax ffs its the weekend. Even OmatrollSurely is having a break !
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Re: Price of West Texas Crude

Post Sat May 12, 2018 11:47 am

Loadsa
I don't think anyone wants daily updates but Razz does highlight the news about being cash positive - possibly for the first time, and the news being combined with other details.
Perhaps it isn't so much about more news but a better use of what news there is.
It is all very well the BOD doing great works behind the scenes to make the company better but damn all use to the shareholders and the SP if the results aren't announced in a manner to capitalise on investor impact.
The company needs someone with PR and marketing skills to work on contracts and maximising the PR side of the business.
We need to do something to stop the one step forward, news drought for weeks, two steps back pattern that exists.
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Re: Price of West Texas Crude

Post Sat May 12, 2018 2:33 pm

Ned
NO chance in hell am I going to say I agree with you TWICE in 1 week

So I will just say, you agree with me that Range needs someone dedicated to PR & Communications & Id personally like them on the Board too as its that important

Have a good weekend
Loadsa
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Re: Price of West Texas Crude

Post Thu Jun 07, 2018 6:30 pm

Oil price
Who would be an oil trader with such odd moves that propel WTI and Brent in differing directions even on published data? Yesterday’s EIA inventory stats were much worse than the teenage scribblers had predicted with crude building 2.1m barrels against guesses of a draw of 2.2m, now you know why I call them guesses. The ultimate irony is that the differential of over ten bucks is making WTO attractive to overseas buyers who can handle their crude, whilst last week the US doubled their imports of oil from Saudi Arabia…

https://www.malcysblog.com/2018/06/oil- ... d-finally/
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Re: Price of West Texas Crude

Post Thu Jun 07, 2018 6:45 pm

WTI is finally having a bit of a breather after 10 months of virtually continually increasing from $46.70 to just over $65 today
Ave / Month
Jul-17 46.70
Aug-17 48.06
Sep-17 49.65
Oct-17 51.59
Nov-17 56.74
Dec-17 57.98
Jan-18 63.59
Feb-18 62.17
Mar-18 62.91
Apr-18 66.37
May-18 69.88
Jun-18 65.32

or by quarter
Ave
wti + / - + / - %
Q3-2017 48.16
Q4-2017 55.40 7.24 15.0%
Q1-2018 62.92 7.52 13.6%
Q2-2018 67.91 4.99 7.9%
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Loadsamoney
 
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Re: Price of West Texas Crude

Post Fri Jun 08, 2018 7:49 am

The drop in price on WTI is largely down to the mere suggestion that the OPEC/Non-Opec meeting on June 22nd will increase production. It is also down to over-production in the US where it seems Trump is running roughshod over every trade deal in existence. Firstly I think OPEC will see this recent drop as a warning to tread carefully as they won't want to push the POO down any further and secondly, despite the high production levels in the US their pipelines are running at capacity so any further increase in production is not viable. It is also worth noting that the small US fracking comes suffered worst when the POO dropped to below $40 they will not want to go back there. I believe this is a temporary retrace in WTI and that post June 22nd it will continue on its upward path. There are also other geo-political factors that will have a positive effect, Venezuela is struggling with its oil industry, Iran faces further sanctions and there is still a deficit between production in the US and demand, who recently increased their oil imports. Doesn't sound as if they are quite there yet in self sufficiency.
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Re: Price of West Texas Crude

Post Fri Jun 08, 2018 12:26 pm

From Malcy’s blog today:

Oil price
Oil prices got back down to $65 and $75 so it was time to rally and apart from the strong greenback most of the news was positive. Firstly, news gets worse in Venezuela where PDVSA are apparently not meeting their contractual obligations leading to empty tankers queuing around the block and no sign of anything getting any better. The two Chevron workers have been released from jail but i’m sure that their tales will hardly inspire anyone to work there.

In the discussion about whether to increase production or not two countries yesterday helped the price spike by suggesting that there should be no increase in production. The Algerian Oil Minister wants to keep the market tight but balanced whilst the Iraqi minister went further by saying that no production increase is to be discussed at the June 22nd meeting. As I said earlier in the week, positions being taken for the meeting even earlier than ever and it also looks like $75 is the price to defend.
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Re: Price of West Texas Crude

Post Mon Jun 11, 2018 2:09 pm

Interesting to note from malice's blog that production in Venezuela this year has fallen by more than the increase in US production:

Malcy's Blog/Oil price
Oil was down modestly on Friday and pushed it into negative territory for the week, WTI lost just 7c and Brent 33c after the usual ups and downs. There are still opposing forces operating which will likely keep things range bound at least until the Opec meeting on 22nd of this month. With 11 days to go posturing is very much underway, at the weekend Iran, unsurprisingly, took offence at the US appeal to the Saudis to increase production to keep prices down.

What Opec/Non-Opec will do may well be decided on Thursday as I understand that senior Saudis have been invited to Moscow to watch the opening fixture of the World Cup which is between Russia and Saudi Arabia, who would have guessed at such a coincidence?

Some oil watchers are still pinning their hopes on a price fall led by ever increasing US production, last week it reached 10.8m b/d but still short of having any real impact of the market. The rig count showed a rise of 2 units overall, and up by only 1 in oil to 862 units which won’t rock the boat too much I would have thought, to put it into perspective Venezuelan production has fallen by more this year than the US has risen…

At this stage I still think the Opec meeting will decide to carefully monitor the situation and where necessary ensure that the market is supplied with crude oil as and when the situation demands, or something similar, certainly not a free-for-all which would delight Iran.
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Re: Price of West Texas Crude

Post Mon Jun 11, 2018 4:02 pm

Ok how many spotted the deliberate typo?
Celticheart07
 
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Re: Price of West Texas Crude

Post Mon Jun 11, 2018 4:59 pm

Your mom.

And really the poo is not impacting on our SP it is purely about investor confidence on delivery of targets.

Until we achieve or exceed 1000 it will not matter a jot if the poo is even 100 dollars.
Indi
 
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Re: Price of West Texas Crude

Post Tue Jun 12, 2018 1:31 pm

Ignoring the fact that my mother passed away several years ago, but what's that to you?

Crude oil edged up but stopped short of showing directional conviction as traders await guidance on the fate of an OPEC-led production cut scheme.

Russia and Saudi Arabia have voiced support for relaxing output quotas in response to supply disruption in Venezuela and the re-imposition of sanctions on Iran. Other participants in the supply reduction program – such as Iraq, for example – have pushed back against such a move.

A decision may emerge from the upcoming OPEC meeting on June 22 in Vienna. In the meantime, investors will look to soundbites from the sidelines of a World Cup match between Saudi Arabia and Russia this Thursday in Moscow. The leaders of both countries are expected to attend.

https://www.dailyfx.com/forex/fundament ... Focus.html
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Re: Price of West Texas Crude

Post Wed Jun 13, 2018 9:08 am

"...the price of oil. It does not matter to us." Really?

And cut out the abuse theres a good lad
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Re: Price of West Texas Crude

Post Wed Jun 13, 2018 9:48 am

No need to be vile Indi - please leave that to Oma and Yuff in their various multiple ids across multiple message boards

And "....shut the f*** up about the price of oil. It does not matter to us." - REALLY !
Its up about 30 percent in a year which means 30 percent more receipts to Range (gross)

And that doesnt matter ?

Next you'll be telling knowledgeable shareholders BOPD doesn't matter either !
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Re: Price of West Texas Crude

Post Wed Jun 13, 2018 2:15 pm

From Malcy's Blog today re the POO:

Oil price
Well, you can as they used to say, you pays your money and takes your choice with regard to what might happen in the oil market in the run up too and after, the Opec meeting next Friday. Pretty much all options are still on the table and made more complicated with this week’s publication of the three state of the market oil reports. Firstly the facts, or as close to as we can, Opec produced 31.9m b’s last month with the KSA still below 10m b/d up only 85/- b/d which is no big deal. Indeed if you remember my old adage about the Saudis having to produce more in the summer to satisfy domestic demand then it could easily go higher with no need to panic.

All the rest are forecasts, even guesses of various types, the EIA STEO has US production of 10.7m b/d in May but only 10.8m b/d for 2018 as a whole and 11.8m in 2019 which is not up from previous forecasts. It has US imports falling, last year was 3.7m b/d this year to 2.5m b/d and next year to a low of 1.6m b/d tough on Venezuela whatever happens…It also has a significant uptick in global consumption in the second half of this year, joining me and others on breaking the world demand figure of 100m b/d. Finally it seems that global stockpiles are now 26m barrels below the five year average, comfortably in line with Opec’s targets in their 2016 pact.

Finally the IEA, and usually correctly so as it rarely justifies its existence, they have worries about a ‘supply gap’ and have actually also trimmed US production figures for next year to a rise of only 970/- b/d. All this can lead you, as I started with, anywhere you like and it is why the discussions at and pre Opec so delicate. The most important pre meeting is ironically likely to be tomorrow as the opening fixture of the World Cup pitches Russia against Saudi Arabia in a game of both irony and significance. Putin has invited MbS as his guest and Novak has Al Fatih and whatever the outcome of the game, Opec should be stitched up before the game is over. PS, funny how that is the easiest group in the tournament….

Much talk has been that given most of the above draws on the market, combined with the well documented supply problems, could lead to a roll back to output 2016 levels. The feeling with this result has its merits, we know that there is still a tight market which is confirmed by better demand estimates, slowing US expansion and Venezuela and latterly Iran probably missing those numbers. In addition it avoids the worry of the market thinking about $100 and the demand weakness that might cause and the participants know that if needed, reversion to quotas should fix any price weakness.
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Re: Price of West Texas Crude

Post Thu Jun 14, 2018 10:30 am

I see that's 3 or 4 days running now WTI has shown slight increases in price
It seems to be holding above $65 which is good. Its been on a great run from way back to when Range suspended over a year ago so cant complain - unless your called Indi & apparently the price Range get for its oil doesnt matter !!!
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Re: Price of West Texas Crude

Post Thu Jun 14, 2018 3:50 pm

Range have posted a twitter article today from a newspaper highlighting how Range have already exceeded their target for this quarter at 800 plus bopd and looking to still improve, with production up 43% since last year.

Nothing new as such but nice to get some positive coverage and at least they are mildly promoting positive news
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Re: Price of West Texas Crude

Post Thu Jun 14, 2018 4:45 pm

Thanks Fubar, as you say at least it is good to get some positive media exposure at last
Celticheart07
 
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Re: Price of West Texas Crude

Post Thu Jun 14, 2018 5:08 pm

as you say Fubar........mildly promoting !
Evas clearly reading her Dummies Guide to Twitter book & testing it out !

As you say, production up 43% and WTI up 30% is a good combo IMO
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Loadsamoney
 
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Re: Price of West Texas Crude

Post Fri Jun 15, 2018 7:12 am

Still down 25 precent on Asx overnight on decent volume
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Razzledazzle
 
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Re: Price of West Texas Crude

Post Fri Jun 15, 2018 10:18 am

Razz
Not like you to point out a negative !

but seriously, is it down ?
when i google asx rrs it says 0.004 no change
in advfv it says 0.004-0.005 no change
when i look at the trades, the last few were buys with a range of 0.003-0.004 so maybe those last buys ticked it back up to level ?
Also ASX website says no change

In UK, does look like the ask has dropped to 0.22p tho - surprised you didnt mention that !

News imminent being Indo update on the workovers and confirmation of 500 barrel tank being installed mid June

So what questions you put in for q&a Razz? You must have loads
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Loadsamoney
 
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Re: Price of West Texas Crude

Post Fri Jun 15, 2018 11:50 am

Macy's Blog / Oil price
Once again prices were very mixed yesterday, even the differential is back into single figures after Brent fell and WTI strengthened. Another very strong day for the dollar didn’t help but the terrorist attacks in Libya which closed both the Es Sider and Ras Lanuf ports, trimming 250/- b/d of crude should have helped on the upside.

The trouble is there are the usual gossip around next week’s Opec conference with bears continually saying that 1.5m b/d will reappear immediately, what rubbish they spout sometimes. With Saudi Minister Khalid al-Falih not enjoying himself in Moscow after a 5-0 thrashing, he nevertheless said that the meeting would provide a ‘reasonable and moderate agreement’ next week which sounds about right to me. Just to reiterate, the market is a bit short which can be sorted and all parties know that they can go back to the 11/16 production levels if any tightening is needed.
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Re: Price of West Texas Crude

Post Fri Jun 15, 2018 5:22 pm

Loadsa, what's this about the tank? I must have missed that... Is that the bigger water tank?
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Razzledazzle
 
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Re: Price of West Texas Crude

Post Fri Jun 15, 2018 5:49 pm

WTI looked pretty volatile today ahead of next week's OPEC meeting on 22nd, so many mixed messages around. Will wait with interest for the outcome but even if they agree an increase in production it will only be to take up the slack left by the collapse of Venezuela's oil industry. For the record their production dropped more this year than the US production increased. We are still in the mid $60 a barrel range so substantially up on last year and I am hopeful that next week we will see a return to the high $60 even low $70 a barrel mark provided we get the right outcome.
Celticheart07
 
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Re: Price of West Texas Crude

Post Fri Jun 15, 2018 7:30 pm

Razz

From 24th May RNS

"The Company is also working on upgrading its oil storage facilities at the Beach Marcelle field by installing an additional 500-barrel tank, which will increase the oil storage capacity at the field to 2,100 barrels. Work is underway and the Company expects to complete the installation by mid-June 2018, subject to government approvals."

Loadsa
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Loadsamoney
 
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Re: Price of West Texas Crude

Post Thu Jun 21, 2018 9:55 am

Tomorrow is the OPEC/Non-OPEC meeting to discuss quotas. There is a clear divide between the that was to increase production and those that don't. Even if they do agree to increase I doubt it will be as much as the decline in Venezuela this year which is greater than the growth in US production. Will be interesting too see what happens next week. My gut feeling is that the drop in anticipation of this meeting has been overdone. Next week will give a clearer picture.
Celticheart07
 
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Re: Price of West Texas Crude

Post Fri Jun 22, 2018 10:31 am

The differential between WTI and Brent is now around 7.5 pence with WTI back above $66 and Brent around $74. Will be interesting to see what happens after todays OPEC/non-OPEC meeting.
Celticheart07
 
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Re: Price of West Texas Crude

Post Fri Jun 22, 2018 1:02 pm

There appears to be no link between the price of oil and the Range share price.
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Momo
 
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Re: Price of West Texas Crude

Post Fri Jun 22, 2018 1:12 pm

Your right Momo there doesnt seem to be a link between WTI & SP.
In the same way there is no link between Range performance in bopd and SP
Nor a link between Income and SP
Or between P&L improvements and SP

BUT, sooner or later the SP has to catch up, probably when the full year accounts confirm the huge improvements in this current year as we have already seen

But, as Celtic highlights, WTI has been on a big increase over past year & that does have knock on effect to Income received by Range who already, recent;y, reported operational profits
At least WTI isnt back at the sub $40 we say a year or so back !
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Loadsamoney
 
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Re: Price of West Texas Crude

Post Fri Jun 22, 2018 1:17 pm

That should have read a differential in dollars lol
Celticheart07
 
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Re: Price of West Texas Crude

Post Fri Jun 22, 2018 1:19 pm

My worry Loadsa, is that this doesn't appear to be a factor for the BOD, who could get rolled at some point leaving the whole thing in a whole new round of chaos.
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Momo
 
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