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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 May 11, 2020 8:16am
110 Views
Post# 31010770

Oil pulls back on concerns over potential second wave

Oil pulls back on concerns over potential second wave of coronavirus infections

Oil futures traded lower Monday, with analysts tying weakness to signs of a pickup in COVID-19 infections in some parts of the world.

West Texas Intermediate crude for June delivery CL.1, 3.23% CLM20, 3.31% on the New York Mercantile Exchange fell 67 cents, or 2.7%, to $24.07 a barrel. The front-month contract rose 25.1% last week, according to Dow Jones Market Data.

Global benchmark July Brent crude BRNN20, 1.49% were off 88 cents, or 2.8%, at $30.09 a barrel on ICE Europe. Brent last week logged a 17.1% weekly climb.

“Investors will be hoping the U.S. continues it’s swift production shutdown to support prices, while concerns over a spike in infections will also weigh heavily on their decision making,” said Mihir Kapadia, chief executive of Sun Global Investments, in a note.

 

Germany, which loosened restrictions after pushing the number of new daily infections below 1,000, saw regional increases in cases linked to slaughterhouses and nursing homes. China saw 14 new cases Sunday, the first double-digit rise in 10 days, while South Korea saw a rise in cases linked to night clubs.

Read:Scientists expect an acceleration of coronavirus cases as states reopen

See:COVID-19 case tally: 4.1 million cases, 282,947 deaths

Oil’s recent bounce has been fueled by optimism over prospects for reopening the U.S. and global economy alongside a sharp drop in production. Crude prices have been slammed this year as the pandemic crushed demand, contributing to a global glut of crude that was exacerbated by a month-long price war between Saudi Arabia and Russia that added to the tide of unneeded oil.


Bullboard Posts