Still can go up?

Among all sectors and industries...the worst hit or shall we say it's already collapsed is the O&G...it will need a big miracle to recover

A lot of bad news already in store and more worse news spilling out in the oil industry. Don't believe? Let's see below....all latest news!!!!

Big Oil’s Dilemma: Cut Dividends Or Cut Operations (26 Apr 2020)
https://oilprice.com/Energy/Crude-Oil/Big-Oils-Dilemma-Cut-Dividends-Or-Cut-Operations.html

Op-ed: For Big Oil, this crisis will be different, and it may be irreversible (27 Apr 2020)
https://www.cnbc.com/2020/04/26/big-oil-crisis-caused-by-coronavirus-may-be-irreversible.html

Oil Slides Back Near $16 on Glut While Producers Start Cuts (27 Apr 2020)
https://finance.yahoo.com/news/oil-under-renewed-pressure-glut-222933789.html

Bank of China Clients Said to Lose $1 Billion on Oil Bets (26 Apr 2020)
https://www.bloomberg.com/news/articles/2020-04-26/bank-of-china-clients-said-to-have-1-billion-losses-on-oil-bet

Brokers Warn Clients Against ‘Dangerous’ Oil Futures (23 Apr 2020)
https://oilprice.com/Latest-Energy-News/World-News/Brokers-Warn-Clients-Against-Dangerous-Oil-Futures.html

This Oil Rally Is Only Temporary
https://www.forbes.com/sites/greatspeculations/2020/04/26/this-oil-rally-is-only-temporary/#5c8d20613828

The next chapter of the oil crisis: the industry shuts down (26 Apr 2020)
https://www.straitstimes.com/business/economy/the-next-chapter-of-the-oil-crisis-the-industry-shuts-down

Demand for oil also gone kaput!

Oil market collapsed... Hibiscus sure will burn cash to keep lantern alight at night at the darkest hour

Woahhh! U mean ppl can trust Alan than FITCH? Who is Alan?

Even FITCH has given NEGATIVE outlook for PETRONAS....see what u can twist

Some of those news and words coming out from Petronas. Don't twist your facts again

Don't be mad ya. All just real news and FACTS. I hope u open your eyes bigger to read the following

Drilling, deepwater projects face uncertain future in Southeast Asia (Mar 31st, 2020)
https://www.offshore-mag.com/drilling-completion/article/14173109/drilling-deepwater-projects-face-uncertain-future-in-southeast-asia

SE Asia Rig Market Set for Decline. Deepwater Projects at Risk (31 March 2020)
https://www.oedigital.com/news/477130-se-asia-rig-market-set-for-decline-deepwater-projects-at-risk

Petronas says risks of project delays rising, aims to maintain local capex (13 APR 2020)
https://www.thesundaily.my/business/petronas-says-risks-of-project-delays-rising-aims-to-maintain-local-capex-YB2254450

Petronas warns of project delays as Covid-19 pandemic spreads (14 April 2020)
https://www.upstreamonline.com/finance/petronas-warns-of-project-delays-as-covid-19-pandemic-spreads/2-1-791350

Fitch Revises PETRONAS's Outlook to Negative, Affirms 'A-' Rating (14 Apr 2020)
https://www.fitchratings.com/research/corporate-finance/fitch-revises-petronas-outlook-to-negative-affirms-a-rating-14-04-2020

PETRONAS SHUTS DOWN 14 PROJECTS....!!!! Read below....

https://www.nst.com.my/business/2020/04/587082/petronas-shuts-down-14-projects-until-oil-price-recovers

Big TSUNAMI coming!! Better RUN before collapse!!!!

Bleak 2020 for oil and gas sector
https://www.thestar.com.my/business/business-news/2020/04/23/bleak-2020-for-oil-and-gas-sector

KUALA LUMPUR: Petroliam Nasional Bhd (Petronas) is said to have reduced the number of its fully active rigs from 18 to four since oil price began dropping late last year.

The national oil company had shut down or warm-stacked 14 projects until oil price recovers to break even levels, an industry publication reported, quoting sources.

Warm-stacking involves temporarily shutting down operations but maintaining minimal activity as a cost-saving measure.

"Petronas is unable to maintain its operation at the current price because its rigs are mainly in deepwater, which are more expensive to run," the report said, putting the break even level at around US$70 a barrel.

Petronas did not respond to the New Straits Times' queries at press time.

Petronas' purported cost-cutting measure reflects the sentiments of the global oil and gas industry.

In the past few months, oil prices had plummeted from nearly US$100 a barrel to under US$20 a barrel now.

Consequently, oil majors have made substantial budget cuts on the back of the Covid-19 pandemic and the Saudi-Russia price war that has sent the oil prices, particularly the US' crude West Texas Intermediate (WTI), down to historic lows.

Norwegian energy intelligence company Rystad Energy recently said new deepwater projects currently under evaluation by operators in Southeast Asia were likely to face delays.

Rystad said the Limbayong project in Malaysia, Abadi in Indonesia, Shew Yee Htun in block A6 in Myanmar and the Kelidang Cluster in Brunei, were all considered to be at risk in the current oil price environment.

Petronas previously stated that it would strive to maintain its domestic capital expenditure (capex) programme of RM26 billion-RM28 billion this year, while cutting the overseas capex.

https://www.nst.com.my/business/2020/04/587082/petronas-shuts-down-14-projects-until-oil-price-recovers

Contra traders selling

4pm comes many selling down. Run fast

a laughing stock! lol

malton to be downgraded. can expect quarterly losses next

Lol! this is a laughing stock. Now it has to rely on one off gain to post positive profit? In fact it is suffering worst sales and dramatic drop in profits. A warning sign! Next few quarters will go into worse results.