Current Oil Price

[kenneal - lagger]

Oil price is on its way down again so hopefully the price at the pumps will follow after rising from 115.9 to 117.9 recently.

I've been meaning to keep a record of the per barrel price and the pump price to see how long the delays are in price movements but haven't got around to it. Nice to do but I've got better things to do!

[PS_RalphW]

Oil bounces sharply after US quells hints of an interest rate rise, and presumably the dollar falls sharply. A rate rise in any major currency is now impossible as it would trigger major bankruptcies and rapid financial collapse in cascade. We will end up with hyper inflation because the banks cannoit risk deflation. Oil prices will start rising when demand recovers and supply falls, probably before year end, and this will trigger a rapid inflation and unrest as the next round of austerity starts to bite.

Enjoy the feel good whilst it lasts !

[raspberry-blower]

Oil bounces sharply after US quells hints of an interest rate rise, and presumably the dollar falls sharply.

Zero Hedge: Dollar Flash Crashes: Currency Pulverized As Dollar Implodes After Close

One of the troubles of an automated trading system is the potential for flash crashes.

Another problem is that they can be rigged - for such outcomes

[raspberry-blower]

Normal service has been resumed: WTI below $43 a barrel Brent below $55

Greenback recovered its losses from yesterday

[adam2]

Oil bounces sharply after US quells hints of an interest rate rise, and presumably the dollar falls sharply.

Zero Hedge: Dollar Flash Crashes: Currency Pulverized As Dollar Implodes After Close

One of the troubles of an automated trading system is the potential for flash crashes.

Another problem is that they can be rigged - for such outcomes

Crash, implodes, and pulverised are somewhat alarmist terms to use for a change of 1.5% in the relative values of currencies.
Especially after normal trading hours when volumes traded are less and prices therefore more volatile.

[biffvernon]

And today's contribution from ZeroHedge -

There's a great message here for the UK fracking scene, where costs will be much higher than for Bakkan owing to more complex geology and tighter environmental control. The message is that the industry is running a Ponzi scheme that will never turn a profit.

http://www.zerohedge.com/news/2015-03-1 ... alert-none

[emordnilap]

There's a great message here for the UK fracking scene, where costs will be much higher than for Bakkan owing to more complex geology and tighter environmental control.

So they'll have to be subsidised by the taxpayer. That's the way it works, isn't it?

[Tarrel]

A rather crowded Cromarty Firth this afternoon:



I counted a total of around nine rigs and a couple of service vessels in the Firth undergoing or awaiting service as I came over the Cromarty Bridge today. Never seen that many in at once.

If they're in the Firth, they're not working. But if they're not working I suppose they may as well be in the Firth!

[raspberry-blower]

WTI & Brent both surging this morning - both up over 4% - following Saudi Arabia's air strikes against Houthi militia in Yemen

[biffvernon]

Lifting Iranian sanctions puts downward pressure on oil price:
http://www.theguardian.com/business/201 ... e-exporter

[raspberry-blower]

Shell buys BG for £47 billion. More mega merges to come?

[vtsnowedin]

Shell buys BG for £47 billion. More mega merges to come?

Any details about the recoverable reserves these two had in hand? Considering the pace of new discoveries working fields with a known production end game should be worth a lot more then leases in undrilled areas.

[raspberry-blower]

Shell buys BG for £47 billion. More mega merges to come?

Any details about the recoverable reserves these two had in hand? Considering the pace of new discoveries working fields with a known production end game should be worth a lot more then leases in undrilled areas.

BG Full Year Results

From quite near the end of the report:
Proved 3,612 mmboe
Probable 2,913 mmboe
Discovered resources 6,279 mmboe
Risked exploration 4,212 mmboe
Total reserve 17,016 mmboe

Shell reserves total proved reserves 13.1 billion boe
That is what is quoted in Shell's report - they have been known to have told the LSE porkies before about their reserves...

Shell Q4 results 2014

[PS_RalphW]

Remember , boe = barrels of oil equivalent. Ie. Combined oil and gas reserves . they quote boe to hide the fact that their oil reserves are falling.

[vtsnowedin]

Shell buys BG for £47 billion. More mega merges to come?

Any details about the recoverable reserves these two had in hand? Considering the pace of new discoveries working fields with a known production end game should be worth a lot more then leases in undrilled areas.

BG Full Year Results

From quite near the end of the report:
Proved 3,612 mmboe
Probable 2,913 mmboe
Discovered resources 6,279 mmboe
Risked exploration 4,212 mmboe
Total reserve 17,016 mmboe

Shell reserves total proved reserves 13.1 billion boe
That is what is quoted in Shell's report - they have been known to have told the LSE porkies before about their reserves...

Shell Q4 results 2014

SO 13 plus 4 equals a nice boost to their reserves. That is probably the real value in the deal.