Petronas capping on investments. Opec/Saudi Arabia won't cut production. Fracking continue at high cost. China can't buy anymore because 1st and 2nd phase of strategic stockpile full. All bad news for O&G sector. Coastal included and looks likely to go down further if the the jack-up rig to be delivered soon can't be leased out or even sold. TP will then go south to below RM2.00
Campany share buy back @ Directors buy back share now is doesnt bring any good sign to the campany already. World oil price and weakness of Ringgit is the 2 keys point to guide investors whether buy in or sell out OG stocks.
Earnings largely secured by RM2.5bn orderbook which includes OSV orders and a long term gas compression contract • New rig contract is uncertain • Oversold at current levels, Maintain BUY, TP lowered to RM3.80 Earnings largely secured
Stupid man. Oil price has nose dived to below USD44, people still want to buy..
Oil extended losses to trade near $45 a barrel amid speculation that U.S. crude stockpiles will increase, exacerbating a global supply glut that’s driven prices to the lowest in more than 5 1/2 years.
Futures fell as much as 1.7 percent in New York, declining for a third day. Crude inventories probably gained by 1.75 million barrels last week, a Bloomberg News survey shows before government data tomorrow. The United Arab Emirates, a member of the Organization of Petroleum Exporting Countries, will stand by its plan to expand output capacity even with “unstable oil prices,” according to Energy Minister Suhail Al Mazrouei.
The United Arab Emirates will stick with a plan to increase oil-production capacity to 3.5 million barrels a day in 2017 even as an oversupply pushed prices to the lowest in more than five years.
“In this time of unstable oil prices, we are showing in Abu Dhabi and across the country that we remain dedicated to reach our long-term production goals,” Energy Minister Suhail Al Mazrouei said in a presentation in Abu Dhabi yesterday. “Our investments remain there.”
Oil fell to the lowest level since March 2009 yesterday after Goldman Sachs Group Inc. and Societe Generale SA cut their price forecasts. Venezuela called on producers in the Organization of Petroleum Exporting Countries to work together to lift prices back toward $100 a barrel. The U.A.E., the fifth- largest OPEC member, produced 2.7 million barrels a day last month and has a current capacity of 3 million barrels a day, according to data compiled by Bloomberg.
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
kewyy
76 posts
Posted by kewyy > 2014-11-28 09:07 | Report Abuse
Today drop again