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guards80 Supreme	21-Apr-2020 08:31        guards80 About Contact  Quote this Post!
x 1   x 0  Alert Admin	Oil price crashes into negative territory for the first time in history amid pandemic [NEW YORK] US crude oil futures collapsed below US$0 on Monday for the first time in history, amid a coronavirus-induced supply glut, ending the day at a stunning minus US$37.63 a barrel as desperate traders paid to get rid of oil. Brent crude, the international benchmark, also slumped, but that contract was nowhere near as weak because more storage is available worldwide. While US oil prices are trading in negative territory for the first time ever, it is unclear whether that will trickle down to consumers, who typically see lower oil prices translate into cheaper petrol at the pump. As billions of people around the globe stay home to slow the spread of the novel coronavirus, physical demand for crude has dried up, creating a global supply glut. Traders fled from the expiring May US oil futures contract in a frenzy on Monday with no place to put the crude, but the June WTI contract settled at a much higher level of US$20.43 a barrel. " Normally this would be stimulative to the economy around the world," said John Kilduff, partner at hedge fund Again Capital LLC in New York. " It normally would be good for an extra 2 per cent on the GDP. You' re not seeing the savings because no one is spending on the fuels." The May US WTI contract fell US$55.90, or 306 per cent, to settle at a discount of US$37.63 a barrel after touching an all-time low of -US$40.32 a barrel. Brent was down US$2.51, or 9 per cent, to settle at US$25.57 a barrel. " It' s like trying to explain something that is unprecedented and seemingly unreal," said Louise Dickson, oil markets analyst at Rystad Energy. " Pricey shut-ins or even bankruptcies could now be cheaper for some operators, instead of paying tens of dollars to get rid of what they produce." Refiners are processing much less crude than normal, so hundreds of millions of barrels have gushed into storage facilities worldwide. Traders have hired vessels just to anchor them and fill them with the excess oil. A record 160 million barrels is sitting in tankers around the world. US crude stockpiles at Cushing rose 9 per cent in the week to April 17, totaling around 61 million barrels, market analysts said, citing a Monday report from Genscape. The spread between May and June at one point widened to US$60.76, the widest in history for the two nearest monthly contracts. Investors bailed out of the May contract ahead of expiry later on Monday because of lack of demand for the actual oil. When a futures contract expires, traders must decide whether to take delivery of the oil or roll their positions into another futures contract for a later month. Usually this process is relatively uncomplicated, but this time there are very few counterparties that will buy from investors and take delivery of the oil. Storage is filling quickly at Cushing in Oklahoma, which is where the crude is delivered. " The storage is too full for speculators to buy this contract, and the refiners are running at low levels because we haven' t lifted stay-at-home orders in most states," said Phil Flynn, an analyst at Price Futures Group in Chicago. " There' s not a lot of hope that things are going to change in 24 hours." Prices have been pressured for weeks with the coronavirus outbreak hammering demand while Saudi Arabia and Russia fought a price war and pumped more. The two sides agreed more than a week ago to cut supply by 9.7 million barrels per day (bpd), but that will not quickly reduce the global glut. Saudi Arabia is considering applying oil cuts as soon as possible, rather than starting from May, a Wall Street Journal reporter said on Twitter, citing sources. Brent oil prices have collapsed around 60 per cent since the start of the year, while US crude futures have fallen around 130 per cent to levels well below break-even costs necessary for many shale drillers. This has led to drilling halts and drastic spending cuts. MORE DATA SPARKS GLOBAL ECONOMIC CONCERNS Weak global economic data also pressured prices. The German economy is in severe recession and recovery is unlikely to be quick as coronavirus-related restrictions could stay in place for an extended period, the Bundesbank said. Japanese exports declined the most in nearly four years in March as US-bound shipments, including cars, fell at their fastest rate since 2011. US oilfield services giant Halliburton Co on Monday reported a US$1 billion first-quarter loss on charges and outlined the largest budget cut yet among top energy companies. http://www.businesstimes.com.sg/energy-commodities/oil-price-crashes-into-negative-territory-for-the-first-time-in-history-amid
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Shifu8888 Supreme	21-Apr-2020 08:30        Shifu8888 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Where is the demand? Is the demand going to improve? Will there be buyer for Rex assets? Will Rex continue the ordinary course of business? Everything about oil has stopped and has to stop. Rex and all oil counters are in cash burning stage. Good thing about Rex is low or no debt but how long this cash pile can last? It is for all to guess. Certainly it needs a massive correction, a double bottom beckoning. It cannot he trading at this price. It has to go down to some huge discount off their book. This common sense. We don need Icerburg or Murky Water to issue short sell call. By then it will be all too late. Easy sip urine and eat 💩 now. Shifu8888      ( Date: 21-Apr-2020 06:31) Posted: Like it or not, it has happened, we had witnessed the unprecedented majestic fall of the oil price to an uncharted territory. I had said donkey monkey times, Rex share price must CRASH. Mark this. If the share price does not correct to reflect oil price, it shows the price is hugely manipulated. Rex is in oil exploration business and their assets now are JUNK. Do not turn a blind eye and lie to ownself. It has to correct to a level unfathomable. What I said: 1. OPEC cut is NOT enough. They had to totally STOP production for the supply glut to be used up. Not happening 2. Prevailing oil price, no MNC will engage in exploratory work and capex is cut. So Rex is affected for sure 3. No more storage space. Oil price going single digit and negative beckoning. 4. Captain Cunning luring passengers onboard his titanic to crash into OilBerg. By manipulating his price, he created a pseudo that his price is supported and scared off shortists. How long can he do it? We will see. Rex has to CRASH. It must crash to render credence to the stock market.
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benjidog Supreme	21-Apr-2020 08:27        benjidog About Contact  Quote this Post!
x 0   x 0  Alert Admin	Just love how the naysayers come to spread fear so they can short..... Yet no one wants to point out that Brent price is holding steady (Rex oil is Brent based) and current WTI contract for June is not negative. The lower the oil price the better for Rex at this moment....it takes out the competition....so that when Rex actually produces....the oil price will be higher by then....
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guavaMoment Senior	21-Apr-2020 08:14        guavaMoment About Contact  Quote this Post!
x 0   x 0  Alert Admin	There may be some panic reaction which will fuel the shortist on selling down. But I also agree with you that REX is in the upstream of this and should not be impacted much. They are not like Hin Leong with buy contracts to make good. So correspondingly, if there are people who recognise value with REX, even as the shortist sells, they may be buying. Just my view from having seen how often  the market always surprises. Either way. idwish      ( Date: 21-Apr-2020 08:07) Posted: The negative price only affects oil deliveries due on Tuesday and the US oil futures for delivery in May is at US$20.43 per barrel. See no reason why Rex will crash because of this so before you dump..think carefully
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StevenKan Master	21-Apr-2020 08:13        StevenKan About Contact  Quote this Post!
x 0   x 0  Alert Admin	I really hope it won't happen. Shifu8888      ( Date: 21-Apr-2020 08:11) Posted: Rat Rex needs to run for cover.
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gregtan123 Supreme	21-Apr-2020 08:11        gregtan123 About Contact  Quote this Post!
x 0   x 0  Alert Admin	WTI Crude: Negative 2.72 MARS US: Negative 30.03 What happened? Is there a way to buy these at the -30 on the idea that surely it will go up eventually? or the WTI which just went up +34?
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Shifu8888 Supreme	21-Apr-2020 08:11        Shifu8888 About Contact  Quote this Post!
x 0   x 1  Alert Admin	Rat Rex needs to run for cover.
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Sgvale Supreme	21-Apr-2020 08:11        Sgvale About Contact  Quote this Post!
x 0   x 0  Alert Admin	If Oil at $0. What's the use of Rex producing oil?
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StevenKan Master	21-Apr-2020 08:09        StevenKan About Contact  Quote this Post!
x 0   x 0  Alert Admin	Perhaps got some people here want to pick up cheap cheap price. idwish      ( Date: 21-Apr-2020 08:07) Posted: The negative price only affects oil deliveries due on Tuesday and the US oil futures for delivery in May is at US$20.43 per barrel. See no reason why Rex will crash because of this so before you dump..think carefully
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lovetoshare Elite	21-Apr-2020 08:08        lovetoshare About Contact  Quote this Post!
x 0   x 0  Alert Admin	I recalled long time ago, the earth has already dug out OVERLY supply of oil. And what they do next, they find a place to BURN OFF all these excess of oil and many the supply lower. BUT that is a serious air pollution and wastages in million tons.... Then they continue to dig oil again.... soon the earth will game over.. But for now, let see how BB want to gamble . Shifu8888      ( Date: 21-Apr-2020 06:31) Posted: Like it or not, it has happened, we had witnessed the unprecedented majestic fall of the oil price to an uncharted territory. I had said donkey monkey times, Rex share price must CRASH. Mark this. If the share price does not correct to reflect oil price, it shows the price is hugely manipulated. Rex is in oil exploration business and their assets now are JUNK. Do not turn a blind eye and lie to ownself. It has to correct to a level unfathomable. What I said: 1. OPEC cut is NOT enough. They had to totally STOP production for the supply glut to be used up. Not happening 2. Prevailing oil price, no MNC will engage in exploratory work and capex is cut. So Rex is affected for sure 3. No more storage space. Oil price going single digit and negative beckoning. 4. Captain Cunning luring passengers onboard his titanic to crash into OilBerg. By manipulating his price, he created a pseudo that his price is supported and scared off shortists. How long can he do it? We will see. Rex has to CRASH. It must crash to render credence to the stock market.
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idwish Senior	21-Apr-2020 08:07        idwish About Contact  Quote this Post!
x 0   x 0  Alert Admin	The negative price only affects oil deliveries due on Tuesday and the US oil futures for delivery in May is at US$20.43 per barrel. See no reason why Rex will crash because of this so before you dump..think carefully
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StevenKan Master	21-Apr-2020 08:07        StevenKan About Contact  Quote this Post!
x 0   x 0  Alert Admin	I agree with this comment. If u have invested, dun panic sell it. Just hold it. I am neutral here. If u have not vested yet, make your own judgement. But dun do shorting lar.... dun put salt on people's wound. Redstar8730      ( Date: 21-Apr-2020 07:59) Posted: Today don' t panic sell ok. Otherwise the tp will avalanche
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Redstar8730 Master	21-Apr-2020 07:59        Redstar8730 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Today don' t panic sell ok. Otherwise the tp will avalanche
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dollarsense Veteran	21-Apr-2020 07:51        dollarsense About Contact  Quote this Post!
x 0   x 0  Alert Admin	why? you can see the prices are recovering. by tmr all back to normal Integrity      ( Date: 21-Apr-2020 07:46) Posted: Open below 110?
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Integrity Elite	21-Apr-2020 07:46        Integrity About Contact  Quote this Post!
x 0   x 0  Alert Admin	Open below 110?
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Ryuuenji Elite	21-Apr-2020 07:38        Ryuuenji About Contact  Quote this Post!
x 0   x 0  Alert Admin	Ya, agreed, just like Singapore Pump Price... " it shows the price is hugely manipulated." ...lol Shifu8888      ( Date: 21-Apr-2020 06:31) Posted: Like it or not, it has happened, we had witnessed the unprecedented majestic fall of the oil price to an uncharted territory. I had said donkey monkey times, Rex share price must CRASH. Mark this. If the share price does not correct to reflect oil price, it shows the price is hugely manipulated. Rex is in oil exploration business and their assets now are JUNK. Do not turn a blind eye and lie to ownself. It has to correct to a level unfathomable. What I said: 1. OPEC cut is NOT enough. They had to totally STOP production for the supply glut to be used up. Not happening 2. Prevailing oil price, no MNC will engage in exploratory work and capex is cut. So Rex is affected for sure 3. No more storage space. Oil price going single digit and negative beckoning. 4. Captain Cunning luring passengers onboard his titanic to crash into OilBerg. By manipulating his price, he created a pseudo that his price is supported and scared off shortists. How long can he do it? We will see. Rex has to CRASH. It must crash to render credence to the stock market.
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boyboy61 Supreme	21-Apr-2020 07:31        boyboy61 About Contact  Quote this Post!
x 0   x 0  Alert Admin	I might be wrong but WTI price should not affect Rex price so drastically..... Shifu8888      ( Date: 21-Apr-2020 06:31) Posted: Like it or not, it has happened, we had witnessed the unprecedented majestic fall of the oil price to an uncharted territory. I had said donkey monkey times, Rex share price must CRASH. Mark this. If the share price does not correct to reflect oil price, it shows the price is hugely manipulated. Rex is in oil exploration business and their assets now are JUNK. Do not turn a blind eye and lie to ownself. It has to correct to a level unfathomable. What I said: 1. OPEC cut is NOT enough. They had to totally STOP production for the supply glut to be used up. Not happening 2. Prevailing oil price, no MNC will engage in exploratory work and capex is cut. So Rex is affected for sure 3. No more storage space. Oil price going single digit and negative beckoning. 4. Captain Cunning luring passengers onboard his titanic to crash into OilBerg. By manipulating his price, he created a pseudo that his price is supported and scared off shortists. How long can he do it? We will see. Rex has to CRASH. It must crash to render credence to the stock market.
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Observers Elite	21-Apr-2020 07:09        Observers About Contact  Quote this Post!
x 0   x 0  Alert Admin	I thought I still in lala land, eye see sala, came here to confirm. lnblcf      ( Date: 21-Apr-2020 02:47) Posted: wtf negative oil price??? tmr rex will collapse anot
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Shifu8888 Supreme	21-Apr-2020 06:31        Shifu8888 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Like it or not, it has happened, we had witnessed the unprecedented majestic fall of the oil price to an uncharted territory. I had said donkey monkey times, Rex share price must CRASH. Mark this. If the share price does not correct to reflect oil price, it shows the price is hugely manipulated. Rex is in oil exploration business and their assets now are JUNK. Do not turn a blind eye and lie to ownself. It has to correct to a level unfathomable. What I said: 1. OPEC cut is NOT enough. They had to totally STOP production for the supply glut to be used up. Not happening 2. Prevailing oil price, no MNC will engage in exploratory work and capex is cut. So Rex is affected for sure 3. No more storage space. Oil price going single digit and negative beckoning. 4. Captain Cunning luring passengers onboard his titanic to crash into OilBerg. By manipulating his price, he created a pseudo that his price is supported and scared off shortists. How long can he do it? We will see. Rex has to CRASH. It must crash to render credence to the stock market.
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WL123456 Supreme	21-Apr-2020 03:34        WL123456 About Contact  Quote this Post!
x 0   x 0  Alert Admin	You can still buy the oil contracts which pays you $30-$40 usd but you will have to take physical delivery for those. Storage cost at Cushing is about $18-$20 per barrel with other associative cost in but problem is Cushing is full and you have to pay more for the transportation of the barrels of oil which is why now you get traders willing to pay you to take their oil? Never in history is traders paying others to take their oil. The world?s economy is GG. And companies like rex would not survive unless they issue new shares through rights issue. I foresee rex price going back to 2-3cents in about 6-9 months time after the issue of new shares to survive. However I doubt existing share holders would want to contribute to the cash burn. And because of HLT incident, banks will be weary about lending to the O and G industry. See you Rex in 6-9 months for the price target review.
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