NEW YORK (Reuters) - Crude oil futures fell about 2 percent on Tuesday, resuming their slide after a one-day pause, as oversupply concerns returned to suppress a market briefly lifted by geopolitical worries linked to the Paris attacks.

A Reuters poll of analysts forecast that U.S. crude stockpiles rose for an eight straight week last week, building by 1.6 million barrels to reach near-record highs above 490 million barrels seen in April.

Industry group American Petroleum Institute will issue its own preliminary report on the stockpile situation at 4:30 p.m. EST (2130 GMT), two hours after market settlement.

Official inventory data from the U.S. government's Energy Information Administration is due on Wednesday.

Will see this counter drop further below 0.10 by year end !

Russia’s central bank recently warned about the growing financial risks to the Russian economy from Saudi Arabia encroaching upon its traditional export market for crude oil. Russia sends 70 percent of its oil to Europe, but Saudi Arabia has been making inroads in the European market amid the oil price downturn.

The result is a heavier discount for Russia’s crude oil, the so-called Urals blend. Bloomberg reported that the Urals typically lands in Rotterdam, a major European destination, at a discount to Brent of around $2 or less. But the discount has widened to $3.50 lately due to increased competition from Saudi Arabia. “Oil supplies to Europe from Saudi Arabia are probably adversely affecting Urals prices,” the Russian central bank warned in a recent report.

Russian officials have accused Saudi Arabia of “dumping” its oil in Europe, a move that Rosneft chief Igor Sechin said would “backfire.”

Russia’s economy has been battered by the collapse in crude prices, compounded by the screws of western sanctions. The Russian economy could shrink by 3.2 percent this year.

Related: U.S. Oil Production Holding Its Own, Which Can Only Mean One Thing…

Oil exports account for around half of the revenue taken in by the Russian government. And for an economy so dependent on oil, it is no surprise that the plummeting crude oil price has led to a dramatic depreciation of the ruble, although over the past month the currency regained some lost ground. The weakening currency has pushed up inflation, which creates a conundrum for the Russian central bank.

To stop the ruble from plunging further and to keep inflation from spiraling ever upwards, the Russian central bank took aggressive action by hiking interest rates to as high as 17 percent at the beginning of 2015. However, that has negatively impacted the economy. As the ruble stabilized, the bank dialed the interest rate back to 11 percent, where it stands today.

In response to the tough financial circumstances that Russia has found itself in, it sees no choice but to squeeze as much oil out of its aging fields as it can. So far, it has succeeded to some extent. Russian oil production is expected to rise by a modest 70,000 barrels per day in 2015, averaging 10.75 million barrels per day (mb/d) over the course of this year. Output hit a post-Soviet record of 10.78 mb/d in October, according to OPEC’s latest monthly report.

Related: Is The Oil Industry Really Subsidized?



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However, the upside to Russia’s oil production is limited. The Russian government needs revenue, so is not keen to cut taxes. The government is mulling a delay in the planned cut in export taxes, which, according to OPEC, could result in oil companies paying an additional $2 to $3 billion more in taxes. That could modestly cut into overall Russian oil production, perhaps pushing output down by 0.1 to 0.2 mb/d. In any case, Russia probably can’t boost output any further. OPEC predicts Russia’s oil production will remain flat through next year.

Related: Oil Tankers Are Filling Up As Global Storage Space Runs Low

Globally, the competition between oil exporters won’t ease in the near term. There are still too many barrels of crude floating around. OPEC predicts that non-OPEC supply will contract by just 0.13 mb/d in 2016, a rather trivial amount considering the extreme cut backs in investment and drilling activity.

Despite the fact that OPEC officials have consistently put on a brave face in public, insisting that markets will balance relatively quickly, OPEC’s numbers tell a different story. The cartel sees U.S. shale contracting by just 100,000 barrels per day in 2016 from 2015, a volume that is nearly offset by several new projects beginning operations in the Gulf of Mexico.

Which brings us back to Europe. Saudi Arabia could be playing a longer game, intensifying its market share strategy by encroaching on Russia’s traditional market in Europe. An increase in Saudi oil flowing to Europe threatens to undermine Russia’s principle market. In its November report, OPEC reported that the Urals discount to Brent “almost tripled in October amid plentiful supplies, sagging refinery margins and wide availability of alternative grades from the Middle East.”

I predict this counter share price will keep dropping till below 0.10 by year end !

OPEC’s meeting in Vienna is less than a month away, and oil producers – countries and companies alike – have been raising their concerns at an energy conference in the United Arab Emirates over the cartel’s strategy to keep prices low.

The issue arose on Monday when Mohammed bin Hamad al-Rumhy, the oil minister of Oman – not a member of OPEC – told the annual Abu Dhabi International Petroleum Exhibition and Conference that oil production is at “irresponsible” levels, leaving little latitude for variations in production.

“This is [a] man-made crisis in our industry we have created,” al-Rhumy said. “And I think all we’re doing is irresponsible.”

Related: Can Russia Withstand Saudi Onslaught In The European Oil Market?

Al-Rhumy added, “This is a commodity that if you have 1 million barrels a day extra in the market, you just destroy the market. We are hurting, we are feeling the pain, and we’re taking it like a God-driven crisis. Sorry, I don’t buy this, I think we’ve created it ourselves.”

The next day, al-Rhumy’s concerns, if not his criticism, were shared by executives of leading international oil companies: ExxonMobil of the United States, BP of Britain and Total of France. All said they expect the current glut of oil, and the resultant depression in oil prices, to last longer than anyone expected – months longer, if not years longer.

“I’m not sure we will exit from low prices before many months,” Total CEO Patrick Pouyanne said.

Lamar McKay, the director of exploration and production for BP, said he expects oil prices will stay low for some time, and Michael Townshend, the company’s director for Middle East operations, said he expects the price of a barrel of oil will rise no higher than about $60 for three more years.

Related: IEA Sees No Oil Price Rebound For Years

These gloomy forecasts contrasted with the OPEC view. The group’s secretary general, Abdullah al-Badri, told the conference on Tuesday that 2016 is likely to be a year for positive momentum in oil markets. And on Monday, UAE Oil Minister Suhail al-Mazrouei, said a decision by OPEC to cut production to shore up oil prices would only play into the hands of its competitors.

As a result, al-Mazrouei said, he doesn’t expect OPEC to change its strategy when it meets Dec. 4. “When you are the least expensive oil, you should be the base producer,” he said.

At its meeting in November 2014, OPEC adopted Saudi Oil Minister Ali al-Naimi’s strategy of keeping production at 30 million barrels a day, despite the fall in oil prices caused by a rapid increase in production by non-members, especially the United States, which had ramped up production of shale oil.

The goal was to wage a price war that would keep oil prices so low that such producers, who rely on relatively expensive hydraulic fracturing, or fracking, can’t afford to drill for oil. The break-even point for fracking is around $60 per barrel, and oil now averages about $50 per barrel, leading to a noticeable drop in U.S. drilling.

I think this counter can drop below 0.10 by end of this month ...be careful, Guys !

Don't dreaming la ....3rd Q worst than 2nd Q .....

Ooi , I thought you already sold out all your Penta shares and got tremendous profit , congratulations! But I feel sad for those investors that lost theirs money to you , tomorrow will see force selling on this share ......

That fellow OTB spread rumous that biased those investors to buy in this counter , so that he can sell out their on hand shares easily!

Wait until it drops below 0.50 , then collect ......

Run...run...all big fish already sold out all their on hand stocks , will see this stock drop back to 0.51 .....

Analysts given advice for this Penta stock , quickly sell out and keep sidelines , wait it drop below 0.40 then collect back !

Now cannot reveal la , you all please keep sapu lo , after that you all will know , but already trapped !

hanhan07 , today closing can hit to RM1.20 , next week up again to RM1.60 , all information from my Nepal friend work inside Penta !

hanhan07 , please buy more , share prices can hit RM1.99 by next month!

I already fed up talk to ikan bilis hanhan07 , see today price....will continue drop further ! No need argue too much , time will tell .....

Big kaki told me they already sold all to all ikan bilis sohai , they wait till 0.35 then collect back from hanhan07 .......ha...ha....

hanhan07 , you profit tak profit also non of my business , I concern you still keep collecting Penta bo ! If collect now , when it price drop to 0.35 , then you sell all your Penta shares to Jason & me ! Dun bluff us la , we know Penta better than what your Nepal cleaner friends la .......

Tak kira you watching silent , watching whole or watching overnight ......from today onwards , Penta will keep drop , drop , drop till 0.35 , then I will collect it la .....but if you want to collect now , also can la ....ha...ha....

hanhan07, your Nepal friend told you he want going back bo ? See its price from today onwards will drop .....is your opportunity to collect more , I beg you to collect more , please !

Monday sure drop la.........

hanhan07 , I confirmed your friend work inside Penta was Nepal cleaner ! Sure bring you to holland la !

hanhan07 , dun dreaming liao , see today price & its volume......drop back to 0.40 !

hanhan07 , no need wait till quarter 2 , today 5 pm will release quarter 1 results , worst than previous , next Monday sure , not just sure , is very very sure drop !

As I know 1st quarter result no good compare with preceding year corresponding quarter .....

Yellen in SF, oil trade gets messy & biotechs hit a bump: What to watch
The sudden bump higher in crude-oil prices (CLK15.NYM) in response to air strikes in Yemen and generally growing strike in the Middle East gave only the mildest lift yesterday to energy stocks.
This is partly because the sector had outperformed nicely the day before in a weak tape. But it also suggests that stock investors surveying this sector refuse to extrapolate a geopolitically driven price hike as a real recovery trend for oil.
The Market Vectors Oil Services ETF (OIH) is just about the rawest nerve in the stock market when it comes to responding to signals about crude oil prospects. It has lost a third of its value over six months, but zooming in more recently it has stabilized.
The oil-services trade remains a messy one. Everyone well knows the abundance of oil hunting for storage, the soft demand picture in the emerging world, the fragile finances of many leveraged North American producers, the steady stream of secondary stock offerings from cash-strapped energy companies and the headwind of a stronger dollar.
And yet the stocks are trying to find their footing. They’ve incorrectly front-run a sustainable recovery in crude prices before in recent months. At some point they’ll probably get it right.

Yellen in SF, oil trade gets messy & biotechs hit a bump: What to watch
The sudden bump higher in crude-oil prices (CLK15.NYM) in response to air strikes in Yemen and generally growing strike in the Middle East gave only the mildest lift yesterday to energy stocks.
This is partly because the sector had outperformed nicely the day before in a weak tape. But it also suggests that stock investors surveying this sector refuse to extrapolate a geopolitically driven price hike as a real recovery trend for oil.
The Market Vectors Oil Services ETF (OIH) is just about the rawest nerve in the stock market when it comes to responding to signals about crude oil prospects. It has lost a third of its value over six months, but zooming in more recently it has stabilized.
The oil-services trade remains a messy one. Everyone well knows the abundance of oil hunting for storage, the soft demand picture in the emerging world, the fragile finances of many leveraged North American producers, the steady stream of secondary stock offerings from cash-strapped energy companies and the headwind of a stronger dollar.
And yet the stocks are trying to find their footing. They’ve incorrectly front-run a sustainable recovery in crude prices before in recent months. At some point they’ll probably get it right.

Yellen in SF, oil trade gets messy & biotechs hit a bump: What to watch
The sudden bump higher in crude-oil prices (CLK15.NYM) in response to air strikes in Yemen and generally growing strike in the Middle East gave only the mildest lift yesterday to energy stocks.
This is partly because the sector had outperformed nicely the day before in a weak tape. But it also suggests that stock investors surveying this sector refuse to extrapolate a geopolitically driven price hike as a real recovery trend for oil.
The Market Vectors Oil Services ETF (OIH) is just about the rawest nerve in the stock market when it comes to responding to signals about crude oil prospects. It has lost a third of its value over six months, but zooming in more recently it has stabilized.
The oil-services trade remains a messy one. Everyone well knows the abundance of oil hunting for storage, the soft demand picture in the emerging world, the fragile finances of many leveraged North American producers, the steady stream of secondary stock offerings from cash-strapped energy companies and the headwind of a stronger dollar.
And yet the stocks are trying to find their footing. They’ve incorrectly front-run a sustainable recovery in crude prices before in recent months. At some point they’ll probably get it right.

Depressed Crude Oil Prices Keep the Oil Rig Count Down
WTI crude oil price and rig counts
Although the current rig count indicates a production lag, it’s important to keep in mind that the number of active oil rigs loosely follows prices. Oil producers tend to only increase the number of active rigs if crude oil prices make production profitable.
When prices increase, rig additions may accelerate. When prices fall, rig additions may slow down. For the number of oil rigs to fall or show a clear downward trend, crude oil prices need to fall to levels that make drilling unprofitable. Although this kind of fall rarely happens, it does occur, as we saw following the 2008 financial crisis.

Why The Price Of Oil Is More Likely To Fall To 20 Rather Than Rise To 80
By Michael Snyder of The Economic Collapse
Monday, February 16, 2015 6:02 AM EDT
This is just the beginning of the oil crisis. Over the past couple of weeks, the price of U.S. oil has rallied back above 50 dollars a barrel. In fact, as I write this, it is sitting at $52.93. But this rally will not last. In fact, analysts at the big banks are warning that we could soon see U.S. oil hit the $20 mark. The reason for this is that the production of oil globally is still way above the current level of demand. Things have gotten so bad that millions of barrels of oil are being stored at sea as companies wait for the price of oil to go back up. But the price is not going to go back up any time soon.

Why The Price Of Oil Is More Likely To Fall To 20 Rather Than Rise To 80
By Michael Snyder of The Economic Collapse
Monday, February 16, 2015 6:02 AM EDT
This is just the beginning of the oil crisis. Over the past couple of weeks, the price of U.S. oil has rallied back above 50 dollars a barrel. In fact, as I write this, it is sitting at $52.93. But this rally will not last. In fact, analysts at the big banks are warning that we could soon see U.S. oil hit the $20 mark. The reason for this is that the production of oil globally is still way above the current level of demand. Things have gotten so bad that millions of barrels of oil are being stored at sea as companies wait for the price of oil to go back up. But the price is not going to go back up any time soon.

Why The Price Of Oil Is More Likely To Fall To 20 Rather Than Rise To 80
By Michael Snyder of The Economic Collapse
Monday, February 16, 2015 6:02 AM EDT
This is just the beginning of the oil crisis. Over the past couple of weeks, the price of U.S. oil has rallied back above 50 dollars a barrel. In fact, as I write this, it is sitting at $52.93. But this rally will not last. In fact, analysts at the big banks are warning that we could soon see U.S. oil hit the $20 mark. The reason for this is that the production of oil globally is still way above the current level of demand. Things have gotten so bad that millions of barrels of oil are being stored at sea as companies wait for the price of oil to go back up. But the price is not going to go back up any time soon.

(Bloomberg) -- Oil pared gains after a government report showed that U.S. crude inventories and production climbed to the highest levels in more than three decades.
Crude supplies increased 8.17 million barrels to 466.7 million last week, the most in records compiled since August 1982 by the Energy Information Administration. A gain of 4.75 million was the median of eight analyst estimates in a Bloomberg survey. Futures advanced earlier as a falling dollar bolstered the appeal of commodities to investors.

(Bloomberg) -- Oil pared gains after a government report showed that U.S. crude inventories and production climbed to the highest levels in more than three decades.
Crude supplies increased 8.17 million barrels to 466.7 million last week, the most in records compiled since August 1982 by the Energy Information Administration. A gain of 4.75 million was the median of eight analyst estimates in a Bloomberg survey. Futures advanced earlier as a falling dollar bolstered the appeal of commodities to investors.

From last year until now Director disposed their shares . (News) guy's, please collect more , this is your opportunity to buy in more !

Penta share fair value at around 0.28 ~ 0.32 ..........now its share price already overvalue , not worth at existing price .

Agree with Jason Lim , Penta got business or not , I think Jason n me known better than that guy call 'news' , this guy always spread faults rumous only la......

see who will trap above 0.50........

BP boss Bob Dudley: Oil prices 'low for up to 3 years'
The boss of oil giant BP's boss Bob Dudley has said that oil prices could remain low for up to three years.He added that could send UK petrol prices below £1 per litre.He told BBC Business editor Kamal Ahmed in Davos BP was planning for low oil prices for years to come.That is expected to lead to job losses and falling investment in the North Sea oil industry and elsewhere, curbing supply and eventually forcing the price back up.Italian oil group Eni has said the next spike could be around $200 a barrel.Eni's chief executive, Claudio Descalzi, said the oil industry would cut capital spending by 10-13% this year because of slumping prices.He said that would create longer-term shortages and sharp price rises in four to five years' time, if the Opec cartel fails to cut supplies.

Sona Petroleum aborts purchase
15 Jan 2015
KUALA LUMPUR: Sona Petroleum Bhd has scrapped its plan to acquire a 40% stake in UK-listed Salamader Energy plc’s Thai unit Salamander Energy (Bualang Holdings) Ltd for US$281 million (RM912 million). This leaves the oil and gas (O&G) special purpose acquisition company (SPAC) still without an asset. It has until July 2016 to complete its qualifying acquisition (QA). If it fails to complete a QA within this time frame, the company will be liquidated and the amount held in the trust account will be distributed back to shareholders. In a filing with Bursa Malaysia yesterday, Sona ...

mother share price (0.64) minus (-) warrant exercise price (0.50) = 0.14 ( warrant actual price now )..but its lower price 0.10....so guys , wait until below 0.10 then collect la........ , right ??

Foreign funds sold RM535.2 million Malaysian equity last week
KUALA LUMPUR (Jan 12): Investors classified as “foreigners” sold RM587.2 million of Malaysian equity in the first six trading days of 2015 on Bursa Malaysia, according to MIDF Research.
In his weekly Fund Flow report today, MIDF Research head Zulkifli Hamzah said that after six trading days into 2015, the writing on the wall is not so auspicious for Malaysia, although he added that he would not interprete it as being ominous.
He said that last week, foreign investors sold local equity in the open market (i.e excluding off-market deals) amounting to RM535.2 million net.
He eplained that in the first six days, the net outflow was M587.2 million, higher than the corresponding period in 2014 of RM497.2 million.

Foreign funds sold RM535.2 million Malaysian equity last week
KUALA LUMPUR (Jan 12): Investors classified as “foreigners” sold RM587.2 million of Malaysian equity in the first six trading days of 2015 on Bursa Malaysia, according to MIDF Research.
In his weekly Fund Flow report today, MIDF Research head Zulkifli Hamzah said that after six trading days into 2015, the writing on the wall is not so auspicious for Malaysia, although he added that he would not interprete it as being ominous.
He said that last week, foreign investors sold local equity in the open market (i.e excluding off-market deals) amounting to RM535.2 million net.
He eplained that in the first six days, the net outflow was M587.2 million, higher than the corresponding period in 2014 of RM497.2 million.

Foreign funds sold RM535.2 million Malaysian equity last week
KUALA LUMPUR (Jan 12): Investors classified as “foreigners” sold RM587.2 million of Malaysian equity in the first six trading days of 2015 on Bursa Malaysia, according to MIDF Research.
In his weekly Fund Flow report today, MIDF Research head Zulkifli Hamzah said that after six trading days into 2015, the writing on the wall is not so auspicious for Malaysia, although he added that he would not interprete it as being ominous.
He said that last week, foreign investors sold local equity in the open market (i.e excluding off-market deals) amounting to RM535.2 million net.
He eplained that in the first six days, the net outflow was M587.2 million, higher than the corresponding period in 2014 of RM497.2 million.

Foreign funds sold RM535.2 million Malaysian equity last week
KUALA LUMPUR (Jan 12): Investors classified as “foreigners” sold RM587.2 million of Malaysian equity in the first six trading days of 2015 on Bursa Malaysia, according to MIDF Research.
In his weekly Fund Flow report today, MIDF Research head Zulkifli Hamzah said that after six trading days into 2015, the writing on the wall is not so auspicious for Malaysia, although he added that he would not interprete it as being ominous.
He said that last week, foreign investors sold local equity in the open market (i.e excluding off-market deals) amounting to RM535.2 million net.
He eplained that in the first six days, the net outflow was M587.2 million, higher than the corresponding period in 2014 of RM497.2 million.

mother share price (0.41) minus (-) warrant exercise price (0.35) = 0.06 ( warrant actual price now )......so guys..........you all know how to do , right ??

SYDNEY (Reuters) - The euro hit a nine-year trough on Wednesday as collapsing oil prices and worries about the world economy drove skittish investors into the arms of safe-haven sovereign debt.
Overshadowing sentiment were worries about what the breakneck decline in oil would mean for earnings of oil companies and disinflationary pressures worldwide.
Brent (LCOc1) eased another 17 cents to $50.93 a barrel having already shed almost 10 percent so far this week. U.S. crude (CLc1) dipped 13 cents to $47.80, after plumbing an April 2009 low of $47.55.
With fears of deflation rampant, yields on longer-dated Japanese, German, French, Dutch, Austrian, Belgian, Finnish, Canadian and Australian bonds all touched record lows.

ssboy , no more argument , time will tell you ...dreaming or this stock down to 0.05 , ha...ha....

Asian markets open sharply lower amid oil fears
Wall Street declined overnight following the relentless fall in oil prices. Energy stocks led a broad decline on Wall Street overnight, as crude prices dropped to fresh five-and-a-half-year lows amid concerns about growth beyond the U.S.
Read More This week's market watch list: China, Australia data Keeping an eye on Greece Political uncertainty in Greece has raised fears of a Greek exit from the euro zone. The country announced snap general elections for January, with Syriza, the far-left opposition party which has vowed to overthrow the onerous terms of Greece's international bailout, likely in the lead. Along with bets on quantitative easing by the European Central Bank, the euro tumbled to its weakest level since June 2010 on Monday. In early Asian trade, the currency was quoted at $1,193 to the dollar.

Asian markets open sharply lower amid oil fears
Wall Street declined overnight following the relentless fall in oil prices. Energy stocks led a broad decline on Wall Street overnight, as crude prices dropped to fresh five-and-a-half-year lows amid concerns about growth beyond the U.S.
Read More This week's market watch list: China, Australia data Keeping an eye on Greece Political uncertainty in Greece has raised fears of a Greek exit from the euro zone. The country announced snap general elections for January, with Syriza, the far-left opposition party which has vowed to overthrow the onerous terms of Greece's international bailout, likely in the lead. Along with bets on quantitative easing by the European Central Bank, the euro tumbled to its weakest level since June 2010 on Monday. In early Asian trade, the currency was quoted at $1,193 to the dollar.