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Shoal Point Energy Ltd C.SHP

Alternate Symbol(s):  SHPNF

Shoal Point Energy Ltd. is a Canada-based oil and natural gas exploration and development company. The Company is engaged in the acquisition, exploration and development of oil and natural gas properties. The Company’s projects include Humber Arm Allochthon. It has the rights to the exploration lands covering approximately 220,000 acres in the near offshore of the west coast of Newfoundland. The Company holds exploration license 1070 (EL 1070) off the west coast of Newfoundland which totals approximately 150,000 acres. The EL 1070 in Newfoundland is considered to be an exploration and evaluation asset, as it is still in the exploration stage. The Company’s Pratt County project is considered a developed oil and natural gas property. The Company’s subsidiary is Shoal Point U.S.A. Inc.


CSE:SHP - Post by User

Bullboard Posts
Post by tickerhiton Apr 21, 2020 8:24am
56 Views
Post# 30933117

Oil crash slams stocks

Oil crash slams stocks

Monday's plunge in oil, which saw some prices reach minus $40 a barrel, resulted from growing crude stockpiles and dwindling storage space as lockdowns to contain the spread of the novel coronavirus slashed global fuel use. First-month West Texas Intermediate continued to trade in negative territory on Tuesday, at -$7.1 3 a barrel.

"I have always thought of oil a little bit like a currency; it stores value, is controlled by world leaders and makes the world go round," said Gregory Perdon, Co-Chief Investment Officer at Arbuthnot Latham.

"But yesterday was a wake-up call and investors would be remiss to ignore that low oil means lower inflation, higher defaults, lower growth and more political instability as less petrodollars circulate in the system."
 

AWASH IN OIL

Monday's plunge in U.S. crude came as the May contract expiry looms at the end of Tuesday's trade.

International benchmark Brent crude, more readily seaborne than its U.S. counterpart, fell 15.7% to $21.69 per barrel.

That is still some 60% below January's peak, highlighting the disruption to energy consumption and the long road back to global growth that underpins oil demand.

"This level of oil price is not sustainable for any global oil producer. Even for Saudi Arabia, which has a low cost of production, this is not viable," said Jai Malhi, global market strategist at J.P. Morgan Asset Management.

"Such low prices will not last and the pressure on stor age will likely force OPEC+ into further production cuts in order to boost prices."

The yield on benchmark 10-year U.S. Treasuries, which falls when prices rise, dropped under 0.6% to 0.5769%..

Spot gold prices traded 1.5% lower at $1,667.36 per ounce.

Bullboard Posts