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BPT Tea leaves analysis, page-402

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g12m0

3,902 Posts.

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18/06/20

11:25

Post #: 45295314
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Originally posted by hindmost ↑

Interesting report. NB. I often don't open a link in a comment unless the comment says something about what's in it, so a little bit of info in your comment would have been helpful.

- It's the SMH, so of course it's negative.
- But this time I don't think they have had to do their usual distortion to reach the negatives.
- On the plus side (and they do hint at it), oil price is driven far more by supply than by demand, and supply dries up when the price is low. So price is sort of self-correcting. The recent drive into negative prices was from a supply drive by Russia and Saudi much more than it was from a demand drop, and it corrected very quickly.
- Of particular interest is their headline "Oil's bleak outlook is bad news for the global economy". Funny thing is that the SMH has been at the forefront of the campaign against fossil fuels. Last time I looked, oil was a fossil fuel, so how good for the economy is their anti-fossil-fuel campaign? But don't expect the SMH ever to connect those particular dots.

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With low oil prices, suppliers cut production and reduced Capex. Didn’t matter where demand is.
Same with state of play of domestic gas prices in Australia’s east coast. Low domestic spot market gas prices are putting a pause on gas drilling.

BPT Price at posting: $1.59 Sentiment: Buy Disclosure: Held
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0 Great analysis

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