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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 Jun 23, 2020 7:03am
67 Views
Post# 31179622

Oil Prices Will Hit $50 Before The End Of The Year

Oil Prices Will Hit $50 Before The End Of The Year

Despite fears of a second wave of COVID-19, oil markets rebounded last week, showing signs of improving fundamentals as global supplies continue to tighten. On Friday, Brent closed at $42.19, up by 8.20 percent w/w, while WTI closed at $39.75, up by 9.03 percent w/w. Furthermore, the 1-2 month Brent spread flipped into backwardation for the first time since the third of March which is a major sign of tightening supplies resulting from OPEC+ cuts. Yet, it is expected that 500 thousand bbl/d of shale oil, mainly from the Permian, will come back online by the end of June as a result of the price recovery. Oil demand is currently said to stand close to 90 million bbl/d, 5 million bbl/d above our earlier forecast. U.S. oil inventories rose by 1.7 million barrels w/w according to the EIA’s latest figures, while U.S. oil production stands at 10.5 million bbl/d, down by 1.7 million bbl/d y/y. U.S. oil rigs saw a 15th consecutive week of decline, dropping by 10 rigs to bring the total number of rigs to 189. There are plenty of positive signs for oil markets, with the return of economic activity around the world. The manufacturing PMI rose to 43.1 in May from 41.5 in April 2020.

Nonetheless, money managers seemed cautious as they reduced their net long positions by 26,982 w/w in WTI contracts reaching 354,363. This move seems to have been driven by fear of demand weakness amid a new wave of COVID-19 outbreaks in both China and the U.S.

Bullboard Posts