SCOMI ENERGY SERVICES BHD

KLSE (MYR): SCOMIES (7045)

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0.055

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-0.005 (8.33%)

Day's Change

0.055 - 0.06

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906,700


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4,775 comment(s). Last comment by bullmarket1628 18 hours ago

Posted by bullmarket1628 > 2022-01-05 06:59 | Report Abuse

Jan 4 (Reuters) - Global benchmark Brent crudejumped on Tuesday to $80 a barrel, its highest since November, as OPEC+ agreed to stick with its planned increase for February based on indications that the Omicron coronavirus variant would have only a mild impact on demand.

Brent futures settled up $1.02, or 1.3%, at $80 a barrel, almost back to the level they were at on Nov. 26 when reports of the new variant first appeared, sparking a more than 10% decline in prices on that day.
U.S. West Texas Intermediate (WTI) crude rose 91 cents, or 1.2%, to $76.99.

"The oil market is bullish today as a result of optimism sourced from today's monthly OPEC+ meeting, which is helping oil prices trade higher," said Rystad Energy's head of oil markets, Bjornar Tonhaugen.
OPEC+, comprising of the Organization of the Petroleum Exporting Countries and allies, agreed to stick to its planned increase of 400,000 barrels per day (bpd) in oil output in February.
Its decision reflects easing concerns over a big surplus in the first quarter, as well as a wish to provide consistent guidance to the market. Crude stockpiles in the United States, the world's top consumer, were forecast to have dropped for a sixth consecutive week, analysts polled by Reuters estimated ahead of weekly industry data due at 4:30 p.m. EST (2130 GMT), followed by the government's report on Wednesday.
The White House welcomed the decision by OPEC+ to continue increases in production which will help facilitate economic recovery, a spokesperson said.
"It appears that the market is making the bet that Omicron is the beginning of the end of COVID-19," said Scott Shelton, an energy specialist at United ICAP.
In Britain, people being hospitalised with COVID-19 were generally showing less severe symptoms than previously.
While in France, the finance minister said some sectors were being disrupted by the surge of the fast-spreading Omicron variant, but there was no risk of it "paralysing" the economy and stuck to a forecast of 4% GDP growth in 2022.
Global manufacturing activity remained strong in December, suggesting Omicron's impact on output had been subdued.
However, analysts warned OPEC+ may have to change tack if tension between the West and Russia over Ukraine flares up and hits fuel supplies, or if Iran's nuclear talks with major powers make progress, which would lead to an end to oil sanctions on Tehran.
"We think these two events represent major wildcards that could quickly alter the price trajectory and test OPEC's rapid response mechanism," RBC analysts said in a note.
The U.S. State Department said talks with Iran have shown modest progress and that United States hopes to build on that this week.
Libyan output is likely to be about 500,000-600,000 bpd lower in the coming weeks, more than offseting the planned monthly increase in OPEC+ production, chief commodities economist at Capital Economics Caroline Bain said.

Libya's state oil firm said on Saturday oil output would be reduced by 200,000 bpd for a week due to maintenance on a main pipeline, adding to disruptions two weeks ago after militia blocked operations at the Sharara and Wafa oilfields.
However, Bain said Capital Economics remained of the view that as OPEC+ continues to raise production in the coming months and demand growth normalises, oil prices will come under downward pressure. Capital Economics' year end-2022 forecast for Brent crude is just $60 per barrel.

Posted by bullmarket1628 > 2022-01-07 07:02 | Report Abuse

Walaoeh, oil price continue to spike up to sky high !
Brent closed at=> $82.06 +$1.26 +1.56 percent!

Like that today Scomies going to limit up already liao lah !
Huat ah, Heng ah, Ong ah !

Posted by bullmarket1628 > 2022-01-07 07:50 | Report Abuse

Oil extends rally on Kazakhstan unrest and Libyan outages 6.35am 5-1-2022
By Jessica Resnick-ault

https://www.reuters.com/markets/europe/oil-falls-one-month-high-opec-supply-plans-us-fuel-inventory-surge-2022-01-06/
* Russia moves paratroopers into Kazakhstan to quell uprising
* Libyan oil output down to 729,000 bpd, NOC says
* Market shrugs off U.S. fuel stock surge, OPEC+ output hike

Posted by bullmarket1628 > 2022-01-07 07:50 | Report Abuse

NEW YORK, Jan 6 (Reuters) - Oil prices rose about 2% on Thursday, extending their new year's rally, on escalating unrest in OPEC+ oil producer Kazakhstan and supply outages in Libya.
Brent crude futures rose $1.19 cents, or 1.5%, to settle at $81.99 a barrel, after hitting their highest since late November. U.S. West Texas Intermediate (WTI) crude gained $1.61, or 2.1%, to $79.46. The contract touched a session high of $80.24.

Russia sent paratroopers into Kazakhstan to help quell a countrywide uprising after deadly violence spread across the tightly controlled former Soviet state.
There were no indications that oil production in Kazakhstan has been affected so far. The country produces about 1.6 million barrels of oil per day.
Meanwhile in Libya, oil output was at 729,000 barrels per day, the National Oil Corp said, down from a high of more than 1.3 million bpd last year, owing to maintenance and oilfield shutdowns.
Global benchmark Brent's six-month backwardation stood at about $4 a barrel, its widest since late November. Backwardation is a market structure where current prices trade at a premium to future prices and is usually a sign of a bullish market.
Prices have rallied since the start of the year despite OPEC+ sticking to an agreed output target rise and a surge in U.S. fuel stockpiles.
"OPEC production, while it did increase, disappointed the market - it is not going to be enough to keep up with demand," said Phil Flynn, an analyst at Price Futures Group in Chicago.
OPEC+, a group that includes members of the Organization of the Petroleum Exporting Countries, Russia and other producers, agreed on Tuesday to add another 400,000 bpd of supply in February, as it has done each month since August as it gradually relaxes 2020's cuts as demand recovers from the pandemic.
However, the increase in OPEC's output in December has again undershot the rise planned under the OPEC+ deal, a Reuters survey found on Thursday, highlighting capacity constraints.
JP Morgan forecast Brent to average at $88 a barrel in 2022, up from $70 last year.
"Our reference case now assumes the alliance will fully phase out the remaining 2.96 million bpd of oil production cuts by September 2022," the bank's analysts said in a note.
Government data on Wednesday showed that U.S. gasoline inventories surged by more than 10 million barrels last week, the biggest weekly build since April 2020, as supplies backed up at refineries because of reduced fuel demand.
Crude inventories in the United States, the world's top consumer, have fallen for six consecutive weeks by the end of the year to 417.9 million barrels, their lowest since September, the data showed.
U.S. crude futures suggest supplies will remain tight early in the new year. A barrel of oil for delivery in June is selling at a $4.10 premium to a barrel for delivery in December, the highest since Nov. 2, a signal of near-term rising demand.
Meanwhile, the world's top oil exporter, Saudi Arabia, cut the official selling price for all grades of crude it sells to Asia in February by at least $1 a barrel, three sources with knowledge of the matter said.

Posted by bullmarket1628 > 2022-01-12 06:16 | Report Abuse

Walaoeh, oil price spike up like mad !
Brent closed at=> $83.63 $2.76 +3.41%

Like that today Scomies going to limit up already liao lah !
Heng ah, Ong ah, Huat ah !

Posted by bullmarket1628 > 2022-01-13 06:22 | Report Abuse

Walaoeh, oil price continue it’s bull-run !
Brent closed at=> $84.75 +1.03 +1.23 percent !

Like that today Scomies going to limit up already liao lah !
Heng ah, Ong ah, Huat ah !

Posted by bullmarket1628 > 2022-01-13 07:32 | Report Abuse

Oil rally to continue in 2022 as demand outstrips supply, analysts say
https://www.reuters.com/business/energy/oil-prices-could-hit-100-demand-outstrips-supply-analysts-say-2022-01-12/
By Bozorgmehr Sharafedin 6.00am 13-1-2022
* Oil prices rose 50% in 2021
* JPM expects oil prices to "overshoot" to $125 this year
* Some OPEC producers are struggling to raise supply
* OPEC doesn't want oil at $100 - Omani oil minister

Posted by bullmarket1628 > 2022-01-13 07:33 | Report Abuse

LONDON, Jan 12 (Reuters) - Oil prices that rallied 50% in 2021 will power further ahead this year, some analysts predict, saying a lack of production capacity and limited investment in the sector could lift crude to $90 or even above $100 a barrel.
Though the Omicron coronavirus variant has pushed COVID-19 cases far above peaks hit last year, analysts say oil prices will be supported by the reluctance of many governments to restore the strict restrictions that hammered the global economy when the pandemic took hold in 2020.
Brent crude futures traded near $85 on Wednesday, hitting two-month highs.
"Assuming China doesn't suffer a sharp slowdown, that Omicron actually becomes Omi-gone, and with OPEC+’s ability to raise production clearly limited, I see no reason why Brent crude cannot move towards $100 in Q1, possibly sooner," said Jeffrey Halley, senior market analyst at OANDA.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, are gradually relaxing the output cuts implemented when demand collapsed in 2020.
However, many smaller producers can't raise supply and others have been wary of pumping too much oil in case of renewed COVID-19 setbacks.

Morgan Stanley predicts that Brent crude will hit $90 a barrel in the third quarter of this year.
With the prospect of depleting crude inventories and low spare capacity by the second half of 2022, and limited investments in the oil and gas sector, the market will have little margin of safety, the bank said.
JPMorgan analysts said in a note on Wednesday that they could see oil prices rising by up to $30 after the Energy Information Administration (EIA) and Bloomberg lowered OPEC capacity estimates for 2022 by 0.8 million barrels per day (bpd) and 1.2 million bpd respectively.

However, the bank added that it also expects oil prices to "overshoot" to $125 a barrel this year, and $150 in 2023.
Rystad Energy's senior vice-president of analysis Claudio Galimberti said if OPEC was disciplined and wanted to keep the market tight, it could boost prices to $100.
However, he said he did not consider this a likely scenario and while oil could "momentarily" reach above $90 this year, downward pressure on prices would come from production increases in Canada, Norway, Brazil and Guyana.
Omani Oil Minister Mohammed Al Rumhi also said on Tuesday that the group doesn't want to see $100 barrels of oil.
"The world is not ready for that," Al Rumhi was quoted as saying by Bloomberg.
High oil prices, which also drive up gasoline and diesel prices, could keep inflation uncomfortably high well into 2022 amid snarled global supply chains, slowing the economic recovery from the pandemic in many countries.
Standard Chartered, meanwhile, has raised its 2022 Brent forecast by $8 to $75 a barrel and its 2023 Brent forecast by $17 to $77.
In a Reuters poll in late December, 35 economists and analysts forecast Brent would average $73.57 a barrel in 2022, about 2% lower than $75.33 consensus in November. The forecast shows the average price for the year, not the peak.
Brent prices have not touched $90 and $100 since 2014, when they were retreating from a high above $115 to as low as $57 by the end of the year.

Posted by bullmarket1628 > 2022-01-14 16:55 | Report Abuse

Brent oil suddenly spike up to around $86 up around $1 because the war in Ukraine has been started.

Posted by bullmarket1628 > 2022-01-14 16:55 | Report Abuse

Ho Sei Liao lah this round !

Heng ah , Ong ah, Huat ah !

Posted by bullmarket1628 > 2022-01-15 07:23 | Report Abuse

Walaoeh, oil price spike up to sky high !
Brent closed at=> $86.36 +1.89 +2.24%

Like that next Monday Scomies going to limit up already liao lah !
Heng ah, Ong ah, Huat ah !

Posted by bullmarket1628 > 2022-01-18 07:13 | Report Abuse

Walaoeh, oil price continue to rise !
Brent closed at=> $86.56 +0.50 +0.58 percent !

Like that tommorrow Scomies going to limit up already liao lah !
Heng ah, Ong ah, Huat ah !

Posted by bullmarket1628 > 2022-01-19 06:42 | Report Abuse

Walaoeh, oil price continue to spike up like mad !
Brent closed at=> $88.52 +$2.04 +2.36 percent !

Like that today Scomies going to limit up already liao lah !
Huat ah, Heng ah, Ong ah !

Posted by bullmarket1628 > 2022-01-27 06:29 | Report Abuse

Walaoeh, oil price continue it’s bull run !
Brent closed at=> $89.77 +$1.57 +1.78%

Like that today Scomies going to limit up already liao lah !
Huat ah, Heng ah, Ong ah !

Posted by bullmarket1628 > 2022-01-29 07:06 | Report Abuse

Walaoeh, oil price continue to spike up like mad !
Brent closed at=> $90.68 +1.34 +1.50%

Like that next Monday Scomies going to limit up already liao lah !
Heng ah, Ong ah, Huat ah !

Posted by bullmarket1628 > 2022-02-12 10:12 | Report Abuse

Oil price soars 3% to 7-yr highs on Ukraine jitters, tight supplies
Saturday, 12 Feb 2022 6:40 AM MYT

https://www.thestar.com.my/business/business-news/2022/02/12/oil-price-soars-3-to-7-yr-highs-on-ukraine-jitters-tight-supplies

Posted by bullmarket1628 > 2022-02-12 10:13 | Report Abuse

NEW YORK: Oil prices ended 3% higher on Friday at fresh seven-year highs as escalating fears of an invasion of Ukraine by Russia, a top energy producer, added to concerns over tight global crude supplies.
Russia has massed enough troops near Ukraine to launch a major invasion, Washington said, as it urged all U.S. citizens to leave the country within 48 hours.

Britain also advised its nationals to leave Ukraine as Prime Minister Boris Johnson impressed the need for NATO allies to make it absolutely clear that there will be a heavy package of economic sanctions ready to go, should Russia invade Ukraine.
Brent crude futures settled US$3.03, or 3.3%, higher at $94.44 a barrel, while U.S. West Texas Intermediate crude rose $3.22, or 3.6%, to $93.10 a barrel.

Both benchmarks touched their highest since late 2014, surpassing the record highs hit on Monday, and posted their eighth consecutive week of gains on growing concerns about global supplies as demand recovers from the coronavirus pandemic.
Trading volumes spiked in the last hour of trading, with volumes for global benchmark Brent climbing to their highest in more than two months.
"The market doesn't want to be short going into the weekend... if an invasion appears to be imminent and you know that there will be retaliatory sanction that will result in a disruption in natural gas and oil supplies," Andrew Lipow, president of Lipow Oil Associates in Houston.
The International Energy Agency raised its 2022 demand forecast and expects global demand to expand by 3.2 million barrels per day (bpd) this year, reaching an all-time record 100.6 million bpd.
The energy watchdog's report follows the Organization of the Petroleum Exporting Countries' warning earlier this week that world oil demand might rise even more steeply this year on a strong post-pandemic economic recovery.
The IEA added that Saudi Arabia and the United Arab Emirates could help to calm volatile oil markets if they pumped more crude, adding that the OPEC+ alliance produced 900,000 bpd below target in January.
The two OPEC producers have the most spare production capacity and could help to relieve dwindling global oil inventories that have been among factors pushing prices towards $100 a barrel, deepening inflation worldwide.
The Biden administration responded to high prices by again stating this week that it has been talking with large producers about more output, as well as the possibility of additional strategic releases from large consumers, as it did late last year.
Indirect U.S.-Iran nuclear talks resumed this week after a 10-day break. A deal could see the lifting of sanctions on Iranian oil and ease supply tightness.
In the United States, drillers added the most oil rigs in a week in four years, with the rig count, an indicator of future production, rising 19 to 516, its highest since April 2020, energy services firm Baker Hughes Co said.- Reuters

Posted by bullmarket1628 > 2022-02-15 12:33 | Report Abuse

Walaoeh, super damn hot man Hibiscs today !
Now Hibiscs already traded at=>
RM1.21 +0.08 +7.1 percent !

Heng ah, Ong ah, Huat ah !

Posted by bullmarket1628 > 2022-02-17 18:19 | Report Abuse

World’s Most-Important Oil Price Tops $100, Signals More to Come

https://www.bloomberg.com/news/articles/2022-02-16/world-s-most-important-oil-price-just-took-out-100-a-barrel

By Alex Longley+Follow
February 17, 2022, 3:52 AM GMT+8

Forget the futures market, the world’s most important oil price just smashed through $100 a barrel with every sign it is going to push higher. 
Dated Brent, the price of cargoes bought and sold in the North Sea, reached $100.80 a barrel on Wednesday for the first time since 2014, according to S&P Global Platts, the company that publishes the marker. Price spreads in the futures market are pointing to one the tightest markets ever.....

Posted by bullmarket1628 > 2022-02-22 10:42 | Report Abuse

Putin orders Russian troops to Ukraine after recognising breakaway regions
By Andrew Osborn and Dmitry Antonov
22-2-2022

https://www.reuters.com/markets/europe/kremlin-says-no-concrete-plans-summit-with-biden-over-ukraine-2022-02-21/

MOSCOW, Feb 21 (Reuters) - Russian President Vladimir Putin ordered the deployment of troops to two breakaway regions in eastern Ukraine after recognising them as independent on Monday, accelerating a crisis the West fears could unleash a major war.
A Reuters witness saw tanks and other military hardware moving through the separatist-controlled city of Donetsk after Putin issued a decree recognising the breakaway regions and told Russia's defence ministry to send in forces to "keep the peace".
The moves drew U.S. and European condemnation and vows of new sanctions although it was unclear whether it was Putin's first major step toward a full-scale offensive in Ukraine that Western governments have warned about for weeks.
A senior U.S. official said the deployment to breakaway enclaves already controlled by separatists loyal to Moscow did not yet constitute a "further invasion" that would trigger the harshest sanctions, but that a wider military campaign could come at any time.
There was no word on the size of the force Putin was dispatching, but the decree said Russia now had the right to build military bases in the breakaway regions.
In a lengthy televised address packed with grievances against the West, a visibly angry Putin described Ukraine as an integral part of Russia's history and said eastern Ukraine was ancient Russian lands.
Russian state television showed Putin, joined by Russia-backed separatist leaders, signing a decree recognising the independence of the two Ukrainian breakaway regions - the self-proclaimed Donetsk People's Republic and the Lugansk People's Republic - along with agreements on cooperation and friendship.
Defying Western warnings against such a move, Putin had announced his decision in phone calls to the leaders of Germany and France earlier, the Kremlin said.
Moscow's action may well torpedo a last-minute bid for a summit with U.S. President Joe Biden to prevent Russia from invading Ukraine, which the senior U.S. official said was now in doubt.
Oil jumped to a seven-year high, safe-havens currencies like the yen rallied and U.S. stock futures dived as Europe's eastern flank stood on the brink of war. The rouble
extended its losses as Putin spoke, at one point sliding beyond 80 per dollar.
Ukrainian President Volodymyr Zelenskiy, who received a solidarity call from Biden, accused Russia of wrecking peace talks and ruled out territorial concessions in an address to the nation early on Tuesday.
Biden, who also spoke to French President Emmanuel Macron and Germany Chancellor Olaf Scholz, quickly signed an executive order to halt all U.S. business activity in the breakaway regions and ban import of all goods from those areas.
White House spokesperson Jen Psaki said the measures were separate from sanctions the United States and its allies have been readying if Russia invades Ukraine.
U.S. Secretary of State Antony Blinken said the executive order "is designed to prevent Russia from profiting off of this blatant violation of international law."
The U.N. Security Council was due to meet publicly on Ukraine at 9 p.m. EST Monday (0200 GMT on Tuesday), a Russian diplomat said, following a request by the United States, Britain and France.
German Chancellor Olaf Scholz's spokesman said Germany, France and the United States had agreed to respond with sanctions, while British Foreign Minister Liz Truss said Britain would announce new sanctions on Tuesday.
NATO Secretary-General Jens Stoltenberg accused Russia of "trying to stage a pretext" for a further invasion. Russia annexed Crimea from Ukraine in 2014.
In his address, Putin delved into history as far back as the Ottoman empire and as recent as the tensions over NATO's eastward expansion. His demands that Ukraine drop its long-term goal of joining the Atlantic military alliance have been repeatedly rebuffed by Kyiv and NATO states.
With his decision to recognise the breakaway regions, Putin brushed off Western warnings.
"I deem it necessary to make a decision that should have been made a long time ago - to immediately recognise the independence and sovereignty of the Donetsk People's Republic and the Lugansk People's Republic," Putin said.
A French presidential official said the speech "mixed various considerations of a rigid and paranoid nature".

Posted by bullmarket1628 > 2022-02-22 10:46 | Report Abuse

DIPLOMATIC WINDOW NARROWS
Putin has for years worked to restore Russia's influence over nations that emerged after the collapse of the Soviet Union, with Ukraine holding an important place in his ambitions.
Russia denies any plan to attack its neighbour, but it has threatened unspecified "military-technical" action unless it receives sweeping security guarantees, including a promise that Ukraine will never join NATO.
Recognition of the separatist-held areas will narrow the diplomatic options to avoid war, since it is an explicit rejection of a seven-year-old ceasefire mediated by France and Germany.
Separately, Moscow said Ukrainian military saboteurs had tried to enter Russian territory in armed vehicles leading to five deaths, an accusation dismissed as "fake news" by Kyiv.
Those developments fit a pattern repeatedly predicted by Western governments, who have accused Russia of preparing to fabricate a pretext to invade by blaming Kyiv for attacks and relying on pleas for help from separatist proxies.
Washington says Russia has massed a force numbering 169,000-190,000 troops in the region, including the separatists in the breakaway regions, and has warned of invasion at any moment.

Posted by bullmarket1628 > 2022-02-24 14:43 | Report Abuse

Russian forces invade Ukraine with strikes on major cities
By Andrew Osborn and Natalia Zinets 24-2-2022

https://www.reuters.com/world/europe/putin-orders-military-operations-ukraine-demands-kyiv-forces-surrender-2022-02-24/

Posted by bullmarket1628 > 2022-02-24 14:44 | Report Abuse

MOSCOW/KYIV, Feb 24 (Reuters) - Russian forces fired missiles at several cities in Ukraine and landed troops on its south coast on Thursday, officials and media said, after President Vladimir Putin authorised what he called a special military operation in the east.
Shortly after Putin spoke in a televised address on Russian state TV, explosions could be heard in the pre-dawn quiet of the Ukrainian capital of Kyiv.
Gunfire rattled near the capital's main airport, the Interfax news agency said, and sirens were heard over the city.

Posted by bullmarket1628 > 2022-03-09 07:35 | Report Abuse

Biden announces ban on Russian oil imports, calling it 'Putin's price hike'
March 8, 2022, 9:43 PM +08�/�Updated�March 9, 2022, 2:25 AM +08
By Kristen Welker, Peter Alexander and Rebecca Shabad
https://www.nbcnews.com/politics/politics-news/us-ban-russian-oil-imports-rcna19119

WASHINGTON ? President Joe Biden announced Tuesday that the U.S. will target "the main artery of Russia's economy" by banning the import of Russian energy products.
"We're banning all imports of Russian oil and gas and energy," Biden said in remarks from the White House. "That means Russian oil will no longer be acceptable at U.S. ports and the American people will deal another powerful blow to Putin's war machine."

The president warned that the move would probably increase gas prices in the U.S., but that it was necessary to ramp up sanctions pressure on Russia's economy for its war on Ukraine.�
?Putin's war is already hurting American families at the gas pump," Biden said. "I?m going to do everything I can to minimize Putin's price hike here at home.?
Biden's language clearly anticipated a concerted Republican effort to blame him directly for the rise in gas prices, which hit a record in the U.S. on Tuesday. With gas prices certain to become a huge political issue in this year's midterm elections, Biden devoted much of his remarks to focusing American anger directly on Putin, while also encouraging U.S. energy companies to produce more domestic oil.
The president said the U.S. had made the decision to ban Russian energy products "in close consultation" with allies around the world, particularly in Europe. He said many of those partners may not be able to take the same action.
"The United States produces far more oil domestically than all of Europe," said Biden, who said the U.S. is a net exporter of energy. "We can take this step when others cannot, but we're working closely with Europe and our partners to develop a long-term strategy to reduce their dependence on Russian energy as well."

Posted by bullmarket1628 > 2022-03-09 08:29 | Report Abuse

Oil surges as U.S. bans Russian crude, Britain to phase out purchases
By Shariq Khan. 9-3-2022

https://www.reuters.com/business/oil-see-saws-near-14-yr-highs-us-weighs-russia-oil-embargo-2022-03-08/

BENGALURU, March 8 (Reuters) - Oil prices settled around 4% higher on Tuesday as the United States banned Russian oil imports and Britain said it will phase them out by year end, decisions expected to further disrupt the global energy market where Russia is the second-largest exporter of crude.
Oil prices have surged more than 30% since Russia invaded Ukraine, and the United States and other countries imposed a raft of sanctions. Russian oil and gas exports were already being shunned before the ban as traders sought to avoid running afoul of future sanctions.
U.S. President Joe Biden announced a ban on Russian oil and other energy imports. Britain said it will phase out the import of Russian oil and oil products by the end of 2022, giving the market and businesses time to find alternatives.

Brent crude futures settled at $127.98 a barrel, 3.9% higher, while U.S. crude futures settled at $123.70 a barrel, a 3.6% increase.

Russia ships 7 million to 8 million barrels per day of crude and fuel to global markets. European allies are not expected to join the United States in the ban, but major buyers there are already shunning Russian oil. Shell, the one notable major that did buy Russian crude, faced a torrent of criticism, including from Ukraine's foreign minister. On Tuesday, Shell said it would no longer buy Russian oil.
The disruption could ripple through other energy markets, as Russian oil and products are used for refining into other goods...

Posted by birkincollector > 2022-03-17 19:42 | Report Abuse

sold almost everything to CMSB

Posted by Hew Kiong Peng George > 2022-03-17 20:50 | Report Abuse

tomorrow rocket to 10sen

Posted by asianmarket > 2022-03-17 21:16 | Report Abuse

it will be interesting to see what is next for scomies..

Posted by asianmarket > 2022-03-17 21:18 | Report Abuse

since theyre in big debt.. why dont they just delist this PN17 stock for good?

Gn021

566 posts

Posted by Gn021 > 2022-03-17 21:50 | Report Abuse

Actually this deal is good to Scomies or not good to Scomies ? Anyone can share some view ?

Posted by lotsamoney > 2022-03-17 23:24 | Report Abuse

Good - they now have money to repay all their debt. Not good - they have now lost their assets and revenue stream in drilling fluids & drilling waste management. This deal spells the end for Scomies.

Gn021

566 posts

Posted by Gn021 > 2022-03-18 00:58 | Report Abuse

Just read the annoucement

1.) The SPA total is 21 millions, and the REMAINING debt will be wavie, so isn't total waive liao around 134 millions debt ?


2.) Scomies Qtr report show scomies got 121 millions cash in bank, annoucement say scomies will trigger PN 16, become a cash company, so isn't means after disposal all assets to CMSB now scomies become a Empty company only with 121 millions cash ???


Am i right ???

Gn021

566 posts

Posted by Gn021 > 2022-03-18 01:00 | Report Abuse

Btw why so good ?? waive around Rm 134 millions debt of Scomies ??

Rm 134 millions woh..

Posted by bullmarket1628 > 2022-03-22 07:35 | Report Abuse

Oil Prices Jump As European Countries Consider Banning Russian Crude
By Tsvetana Paraskova - Mar 21, 2022, 9:00 AM CDT

https://www.google.com/amp/s/oilprice.com/Energy/Oil-Prices/Oil-Prices-Jump-As-European-Countries-Consider-Banning-Russian-Crude.amp.html

Oil prices rallied early on Monday amid EU consultations about potentially joining the U.S. in banning imports of Russian oil.
As of 7:45 a.m. ET on Monday, WTI Crude was up 3.87% at $108.91 and Brent Crude was trading up 3.93% at $112.30. 

Posted by bullmarket1628 > 2022-06-10 07:12 | Report Abuse

Petronas ups annual capex to RM60 bil, makes first allocation for clean energy
SyafiqahSalim/theedgemarkets.com
June 09, 2022 16:20 pm +08

https://www.theedgemarkets.com/article/petronas-plans-rm60b-capex-2022-says-group-cfo

KUALA LUMPUR (June 9): Petroliam Nasional Bhd (Petronas) is allocating about RM60 billion for capital expenditure (capex) in financial year ending Dec 31, 2022 (FY22) compared with RM30.5 billion a year earlier as the Malaysian national oil company prepares for the resumption of business activities, which were earlier disrupted by Covid-19-driven movement restrictions, and as the group sets aside money for clean energy or non-hydrocarbon-related ventures.
"This year, we expect to almost double that [capex] amount which is RM60 billion, because of catch-up and the return of [business] activities. This is also the time we have to make inroads in some material steps into the non-hydrocarbon side of things," Petronas chief financial officer Liza Mustapha said on Thursday (June 9) at the MIDF Conversations event, which was held virtually.
MIDF group managing director Datuk Charon Mokhzani was the moderator for the event.
Liza said that out of Petronas' planned RM60 billion capex allocation for FY22, about RM40 billion has been earmarked for the oil and gas business besides non-hydrocarbon–related operations while the balance of the capex allocation has been earmarked to finance Petronas Chemicals Group Bhd's (PetChem) wholly-owned subsidiary Petronas Chemicals International B.V. (PCIBV) proposed acquisition of the entire stake in Sweden-based specialty chemicals group Perstorp Holding AB for €1.54 billion (about RM7.02 billion) from Financiere Foret S.A.R.L.
Petronas owns a 64.35% stake in PetChem, according to PetChem's latest annual report.
Looking ahead, Liza said non-hydrocarbon-related income is expected to account for about 30% of Petronas' revenue.
"[About] 30% of our revenue should be coming from something which is not related to hydrocarbons.
"We have to factor in [business] growth, otherwise, we will not be able to manage the energy transition and we will miss our target of achieving [net] zero [carbon] emissions by 2050," she said.
According to her, about 10% of Petronas' RM60 billion capex allocation for FY22 will be earmarked for non-traditional businesses such as specialty chemicals and solar energy.
"Previously, I think there was never a plan on what rate it should be [for the clean energy segment] because there was no allocation from the top. So, it didn't really take off.
"So, we need to rethink our decision on the capital allocation [for the clean energy segment] and put it aside, because if we leave it at that and let them go with the flow, we are going to be a year behind the target again," she said.
Petronas' financials improved in 1QFY22. In a statement on May 31, 2022, Petronas said profit after tax rose to RM23.44 billion in 1QFY22 from RM9.22 billion a year earlier while revenue climbed to RM78.75 billion from RM52.55 billion.
"Despite favourable [first quarter] performance, the high oil and gas prices are expected to remain vulnerable with increased volatility due to geopolitical and macro-economic uncertainties.
"Petronas will continue to strengthen our operational excellence to maximise value creation whilst intensifying our growth and sustainability agenda in Malaysia and internationally,” the company said.

Edited By: Chong Jin Hun

Posted by bullmarket1628 > 1 month ago | Report Abuse

Walaoeh, What happened ?
Super damn hot man Hibiscs today !
Now Hibiscs already traded at=>
0.945 (+0.045) (+5.0 %)!

Heng ah, Ong ah, Huat ah !

Nepo

2,536 posts

Posted by Nepo > 1 month ago | Report Abuse

Posted by calvintaneng > 2020-03-02 11:02 | Report Abuse

NO WORRY

SCOMIES NET NET ASSETS PLUS BRIDGING LOAN ENOUGH TO COVER DEBT

HOLD TIGHT OR BUY MORE

===============
Hari ini dalam sejarah
Quite amusing lol

Posted by bullmarket1628 > 1 week ago | Report Abuse

Tommorrow once the Donbast referendum being passed, then Russia will annexed those 4 Donbast regions from Ukraine, then will start war between Russia and Europe, then oil price will spike up to above USD $120 again !

Then all the O & G counters will spike up to sky high especially Scomies's price will break above 20 cents !

Heng ah, Ong ah, Huat ah !

Posted by bullmarket1628 > 1 week ago | Report Abuse

Russia's war in Ukraine is at a dangerous tipping point
Analysis by Nick Paton Walsh, CNN
Updated 1:49 AM EDT, Tue September 27, 2022

https://amp.cnn.com/cnn/2022/09/27/europe/putin-binary-moment-russia-ukraine-war-tipping-analysis-intl/index.html

Kramatorsk, Ukraine(CNN) The chaos of the past week might be incorrectly comforting. Despite Russia's continued disastrous handling of its war of choice in Ukraine, the conflict's most dangerous moment may be nearing.
At some point this week, the Kremlin will likely declare that "sham" referendums in four partially occupied areas of Ukraine have delivered a mandate for their swift assimilation into what Moscow calls Russian territory…

Posted by bullmarket1628 > 1 week ago | Report Abuse

Latest news from CNN…
A war between Russia & USA/Europe will be ignited anytime from now if the ‘Sham’ referendum results is in favour to russia (of course is a sure guranteed passed results created by Russia), So, since russia will use this results by annexed 4 Ukraine’s regions and as an excuse for them to publicly giving mandate to them to sending millions of troops to based the stations permanently into this 4 regions,
then a new World War III cannot be avoid and will happened anytime from now already !

Then the Oil price definitely will immediately shooting up to sky high !

And then all the O & G counters definitely will follow to spike up like mad already !

Posted by bullmarket1628 > 1 week ago | Report Abuse

Walaoeh, oil price spike up like mad !
Brent closed at=> $86.26 +2.21 +2.63 %

Like that today Scomies will be limit up already liao lah !

Heng ah, Ong ah, Huat ah !

chinaman

3,101 posts

Posted by chinaman > 3 days ago | Report Abuse

The Board of Directors of SESB (“Board”) wishes to announce that the Company had on 3 October 2022 entered into a Framework Agreement (“FA”) with PJD Link Holdings Sdn Bhd (“PLHSB”) and Noblemax Resources Sdn Bhd (“NRSB”) and PJD Link (M) Sdn Bhd (“PJD Link” or “Target Company”) (SESB, PLHSB and NRSB and the Target Company shall hereinafter individually be referred to as a “Party” and collectively be referred to as “Parties”) for purposes of the proposed acquisition by SESB of 100.0% equity interest in the Target Company (“Proposed Acquisition”), which is intended to be undertaken as the Company’s proposed regularisation plan or form part thereof.

Posted by bullmarket1628 > 2 days ago | Report Abuse

Walaoeh, oil price continue to spike up crazily !
Brent closed at=> $88.86 +3.72 +4.37 %

Like that today Scomies will be limit up already liao lah !

Heng ah, Ong ah, Huat ah !

Posted by bullmarket1628 > 2 days ago | Report Abuse

Walaoeh, What happened ?
Super damn hot man Scomies today !
Now Scomies already traded at=>
0.08 (+0.035) (+77.8 %) !

Heng ah, Ong ah, Huat ah !

Michael Kwok

4,665 posts

Posted by Michael Kwok > 2 days ago | Report Abuse

Sell on strength 7 cents
4/10/2022 9.37am.

Posted by bullmarket1628 > 1 day ago | Report Abuse

Walaoeh, oil price continue it’s bull run !
Brent closed at=> $91.80 +2.94 +3.31 %

Like that today Scomies will be limit up already liao lah !

Heng ah, Ong ah, Huat ah !

Posted by bullmarket1628 > 1 day ago | Report Abuse

Oil prices could soon return to $100 as OPEC+ considers ‘historic’ cut, analysts say
PUBLISHED MON, OCT 3 2022 6:43 AM EDT

Lee Ying Shan @LEEYINGSHAN
Sam Meredith @SMEREDITH19

https://www.cnbc.com/amp/2022/10/03/opec-oil-prices-could-soon-return-to-100-a-barrel-analysts-say.html

KEY POINTS
* OPEC and non-OPEC producers, a group often referred to as OPEC+, will meet in Vienna, Austria on Wednesday to decide on the next phase of production policy.
* The oil cartel and its allies are considering an output cut of more than a million barrels per day, according to OPEC+ sources who spoke to Reuters.
* "The OPEC ministers are not going to come to Austria for the first time in two years to do nothing. So there's going to be a cut of some historic kind," said Dan Pickering, CIO of Pickering Energy Partners.

chinaman

3,101 posts

Posted by chinaman > 1 day ago | Report Abuse

Doubt selangorian folks are developed highly educated with so huge resistance to change to ease traffic congestion? Why everything must be politicised ?

Posted by bullmarket1628 > 18 hours ago | Report Abuse

Walaoeh, oil price continue to spike up to sky high !
Brent closed at=> $93.37 +1.57 +1.71 %

Like that today Scomies will be limit up already liao lah !

Heng ah, Ong ah, Huat ah !

Posted by bullmarket1628 > 18 hours ago | Report Abuse

White House Disappointed With OPEC’s ‘Shortsighted’ Decision
By Charles Kennedy - Oct 05, 2022, 12:00 PM CDT

https://oilprice.com/Energy/Energy-General/White-House-Disappointed-With-OPECs-Shortsighted-Decision.amp.html

A White House statement following the OPEC+ decision to defy the Biden administration with an output cut for November vows to find new ways to temper OPEC’s control over energy prices. 

Earlier on Wednesday, members of OPEC+ said they would cut November production quotas by 2 million bpd, citing the “uncertainty that surrounds the global economic and oil market outlooks”. 

The decision immediately led to a more than 2% increase in Brent crude and WTI prices and goes directly against the Biden administration’s attempts to lobby Saudi Arabia for higher production to bring prices down. 

Shortly after the release of an OPEC+ press release detailing the output cuts, the White House said, “In light of today's action, the Biden Administration will also consult with Congress on additional tools and authorities to reduce OPEC's control over energy prices.”

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