RE:More bullish news for oil investors Agree totally with the change of sentiment in the oil markets from negative to positive, many news articles confirming this daily, have provided a link below to another article just out. Too bad this didn't occur a little earlier in the cycle as LTS is right down to the wire with their creditors but I too am holding my shares believing management and creditors will come to a solution since the tide is going up. The timing of that LOC cut was the worst for if it were not for that LTS SP would have risen nicely also but here we sit until news comes out one way or the other. GL kmapp
Oil prices rise on Nigerian outages, Goldman forecast
https://ca.finance.yahoo.com/news/oil-prices-jump-goldman-sachs-042459776.html
SINGAPORE/LONDON (Reuters) - Oil prices jumped over 2 percent on Monday to their highest since November 2015 on growing Nigerian oil output disruptions and after long-time bear Goldman Sachs said the market had ended almost two years of oversupply and flipped to a deficit.
Supply disruptions around the world of as much as 3.75 million barrels per day (bpd) have wiped out a glut that pulled down oil prices by as much as 70 percent between 2014 and early 2016.
The disruptions triggered a U-turn in the outlook of Goldman Sachs, which had long warned of global storage hitting capacity and of yet another oil price crash to as low as $20 per barrel.
"The oil market has gone from nearing storage saturation to being in deficit much earlier than we expected," Goldman said.
"The market likely shifted into deficit in May ... driven by both sustained strong demand as well as sharply declining production," it said.
In Nigeria, output has fallen to its lowest in decades at around 1.65 million bpd following several acts of sabotage.
In the Americas, U.S. officials warned they were growing increasingly concerned by the possibility of an economic and political meltdown in Venezuela amid low oil prices.
Venezuela's oil production has already fallen by at least 188,000 bpd this year.
In the United States, crude production has fallen to 8.8 million bpd, 8.4 percent below 2015 peaks as the sector suffers a wave of bankruptcies.
And in China, output fell 5.6 percent to 4.04 million bpd in April, year-on-year.
looking4hits wrote: "China, the world’s fourth-largest oil producer, pumped 5.6% less crude year-on-year in April, official data showed, as oil firms struggled with cost pressures with crude prices hovering around $40 a barrel.
Data from the National Bureau of Statistics released on Saturday showed China produced 16.59 million tons of crude oil last month, or about 4.04 million barrels per day (bpd), the lowest rate since July 2013 on a daily basis." "Deeper production cuts in China may give the market another boost."
https://fortune.com/2016/05/14/china-april-crude-oil-output/
That's very significant.
The article does mention the following: "A global oil supply overhang has eased this month thanks to unplanned outages caused by wildfires in Canada and further losses in Nigeria and Libya."
The effects are only starting to be felt. This week's inventories will be better indicator.
Hold on fellow LTS shareholders, by next month or so, we'll be sailing to the $55-$60 for oil and everything changes for this company at that point. The risks are getting less and less everyday as oil climbs.
Don't give away your shares. I've bought enough for the risk levels but with the risk levels decreasing, I might put in a bid to catch anyone giving away their shares before the shorters get to them. Can someone post level 2 during the trading day? I recorded what it says now but after hours isn't as good as during the day. Thank you in advance.