What a chart, further to go, or not
Comments please

fwiw PMO up another 4% today which is about 10% in just 2 days and a staggering rebound of nearly 350% in 2016- albeit from an all time low-nevertheless impressive!!!
(told you my WXYZ charts are very trustworthy and reliable-unlike some people who claim to be mentors on this page)

That seems to be about it for the moment for both PMO & TLW.

Trading and Operations Update

Premier today provides the following trading update for the period 1 January to 30 April 2016. This update is issued in advance of the Company's Annual General Meeting which is being held today at 11 Cavendish Square, London at 11.00 am.

Highlights
· Strong production to 30 April of 57.3 kboepd; on track to deliver at or above upper end of 2016 guidance of 65-70 kboepd for the full year
· Completed acquisition of E.ON's UK North Sea assets on 28 April
· Oil production from the Solan field commenced on 12 April; rates of over 14 kbopd achieved from the first producer well; second well due on-stream by mid-year
· The Catcher project remains on schedule and below budget; pre-first oil capex forecast is 15 per cent lower due to significant cost savings
· Operating costs and gross G&A tracking 10-20 per cent below 2016 budget, year-to-date
· Significant liquidity with cash and undrawn bank facilities of c. $750 million; discussions ongoing with lenders to secure financial covenant waiver if required

Tony Durrant, Chief Executive, commented:
"Strong production performance from our existing assets, together with the contribution from the E.ON assets and the Solan field means that we now expect production for the year to be better than we originally anticipated. This, along with continued cost savings, positions us well to maximise our current cash flow as we remain focused on managing our balance sheet in the current oil price environment."

JP Morgan Cazenove today reaffirms its neutral investment rating on Premier Oil PLC (LON:PMO) and cut its price target to 61p (from 63p).

Barclays Capital today upgrades its investment rating on Premier Oil PLC (LON:PMO) to overweight (from equal weight) and raised its price target to 95p (from 85p).

Bought today at 68.80p

Retracement done as it reached 68p
Order book strong on the bid side DEPTH 62 v 39

Retracement perhaps not done?

seemingly not looking at today's efforts :-)

Some funny games has been played today with the oil shares, as mostly being marked down heavily from the start.

OIL price rose at the end of the day yesterday by $1, so it was $1 cheaper this morning
But taking PMO as a example, she rose 2p on the oil price rise late yesterday, but today is 5p down, so something is not right.

Large drop on oil shares today

PANR 146.50p -16p -9.85%
PMO 64.50p -5p -7.19%
TWL 232.50p -10.50p -4.32%
XEL 8.76p -2.12p -19.49%

Expect Much Higher Oil Prices As The Cycle Comes To An End
Jun 15, 2016, 4:40 PM - By DAN STEFFENS
In my last article for OilPrice.com (May 16, 2016), I laid out my reasoning for a prediction that the Global Oil Markets would soon be back in balance. Picking an exact date when an oil cycle will end is difficult, but they do call them “cycles” for a reason. This cycle is no different than all of the others that came before it. Oil producers and consumers respond to price changes, which brings supply & demand back into balance, just like they always do.

The last six major oil price cycles lasted an average of two years. This one started in July, 2014.

On June 14, 2016 the International Energy Agency (IEA) issued their monthly Oil Market Report. In the report the IEA revises their first quarter increase in global demand forecast from a 1.4 to 1.6 million barrel per day year-over-year increase. They are also forecasting a big spike in demand of 1,270,000 barrels per day from the 2nd quarter to the 3rd quarter. Since demand ALWAYS spikes in the 3rd quarter, this was not a surprise to anyone.

Since this cycle has been so severe, I predict that it will not end well for speculative traders that continue to short oil futures. If some of you purchased a gas guzzling SUV because you believed the talking heads that said oil would never sell for $100/bbl again, you may want to consider a smaller second car.

• Global oil production in May was 590,000 barrels per day less than it was a year ago.

• Nigeria’s oil sector is under attack and the situation seems to be getting worse

• OPEC production fell by 110,000 barrels per day as increases in Iranian production were more than offset by big losses in Nigeria, Libya and Venezuela

• Global demand is up 1,600,000 barrels per day year-over-year as Chinese demand has held up and demand from India is very strong

Canadian wildfires at their peak took 1,500,000 barrels per day off the market. This production should be restored in the 3rd quarter. The situations in Nigeria, Libya and Venezuela are much worse. Inf fact, there is now concern that the government in Venezuela may collapse under the debt load created by low oil prices.

The direction of the oil market should now be crystal clear to everyone. Demand growth is relentless. The products refined from oil are essential to a high standard of living on this planet. We will all complain when gasoline is back over $3.00/gallon, but we will continue to pay for it. Within 6 to 9 months, demand for oil should exceed production. High storage levels provide a cushion, but oil prices will continue to ramp higher.

What are other analysts predicting?

• Raymond James says West Texas Intermediate (WTI) will average $60/bbl in the 3rd quarter and $75/bbl in 2017

• Morgan Stanley recently raised their long-term oil price for Brent by $10/bbl to $80/bbl

For those of you investing in upstream oil & gas companies it is important to note that “$70 is the new $100”. By this, I mean that the improving well results and much lower drilling & completion costs of horizontal wells in the U.S. shale plays makes the economics for new wells about the same at $70 oil as they were a couple of years ago at $100 oil.

Related: Cheap Energy Storage Is Set To Undermine Fossil Fuels

Keep an eye on the frack sand companies (EMES, FNSA, HCLP, SLCA). The upstream companies are getting better well results by using a lot more sand to complete horizontal wells. To stabilize U.S. oil production, the upstream companies will need to complete twice as many wells as they are completing today. Demand for frack sand could double within twelve months.

Natural Gas Market

I want to shift gears and remind you that all upstream companies produce a combination of oil, natural gas and natural gas liquids (NGL). Each product trades on a separate market.

The U.S. natural gas market is isolated from the rest of the world. Although we are the world’s largest gas consumer, the U.S. has very little import capacity other than pipelines from Canada. Canadian production has declined, so they have less gas to send us. We are now exporting gas via pipeline to Mexico and via ship in the form of liquified natural gas (LNG). The U.S. is on-track to be a net exporter of natural gas by 2020.

In just the last two weeks, the price of natural gas has increased by $0.45/mmbtu. The January, 2017 NYMEX contract, which will be the front month contract by late November, closed at $3.32/mmbtu on June 10th. The oil and gas prices you see quoted in the business news each day are the front month NYMEX contracts.

The reason for the sharp move in the gas price is awareness by the speculative traders that our gas market is going to be a lot tighter heading into next winter. U.S. production is now falling by over 400 MMcf per day month-after-month, primarily because the associated gas from horizontal wells in the oil shale plays is dropping like a rock. Gas from the Eagle Ford shale play in South Texas is falling by over 200 MMcf per day. At this rate of decline, we will have 4 to 5 Bcf per day less gas supply heading into the heating season than we had a year ago. Five percent less supply will have a significant impact on gas prices.

For reference, the U.S. consumed approximately 80 Bcf per day in 2015 (including exports). U.S. consumption is expected to be approximately 83 Bcf per day in 2016 and approaching 100 Bcf per day by 2020. Driving the increasing demand is power generation, LNG exports and industrial demand.

Five coal fired power plants and a nuclear power plant are being replaced by gas fired plants this year. Plus, the weather forecast for July is HOT for the eastern U.S., which will significantly increase demand from our gas fired power plants. Gas fired power plants now produce more electricity than coal fired power plants in the U.S.

Over 90 percent of new homes built in the U.S. are heated with natural gas, so residential space heating demand goes up each year.

Natural gas in storage is high for this time of year thanks to a mild winter, but a hot summer should bring storage levels back to normal by the time the next winter heating season begins. If that happens, the price of natural gas in the first quarter of 2017 should top $4.00/mmbtu.

Conclusion

The sharp decline in drilling activity has U.S. oil and gas production on steady decline and I expect the rate of decline to accelerate in the 3rd quarter.

71.75p +4.50p (+6.69%)

FOR THOSE WITH NEGATIVE VIEWS

Have got a punch where it hurts, as the oil price bounces and now over $50 and the FTSE digest the weekend comment of the - Brexit - polls

Jefferies International today reaffirms its hold investment rating on Premier Oil PLC (LON:PMO) and raised its price target to 75p (from 33p).

74.50p + 2.75p
UT was 75p

A very good day for the stock though the rise on the oil price almost lost all the rise by 4.30pm

75.375p +2.875p

On the up as most oils after oil price moving higher after London close, despite FTSE moving lower

having seeing the stock moving from 76 to 76.50p for the last couple hours and order book getting weaker also

decided to close the position T+9 @ 76p for 9% gain

StockMarketWire.com
Premier Oil (PMO) said it is discussions with its lending group on the terms of its existing financial facilities, which it said are progressing well.

The lending group agreed that the test of Premier's financial covenants at 30 June 2016 will be waived and replaced by a test for the 12 month period ending 31 July 2016.

This deferral allows further time to agree amendments to Premier's medium term covenant profile and the resetting of its debt maturities. In return for the proposed amendments, it is anticipated that additional security will be provided for existing debt holders.

Premier expects negotiations to conclude during Q3 2016. Further deferral of the covenant test date will be sought if required.

Premier continues to have access to undrawn funds within its revolving credit facility to allow the company to meet its ongoing funding requirements.

Lucky or well researched?

I see share price is down to 65p today, as the oil price has been moving lower for the last fews days.

PMO must say is not alone on moving lower today even BP. is down now -8.95p after being a couple pence up earlier

PMO
PREMIER OIL 65.00p -5.75 -8.13%

GENL
GENEL ENERGY 123.38p -10.62 -7.93%

IAE
ITHACA ENERGY 65.75p -5.25 -7.39%

TLW
TULLOW OIL 202.80p -37.80 -15.71%

Bought some again @ 65.1675p

Had a large retracement culminating on today's large drop. Oil price looks like is trying to bounce back after the last few days drop
order book still a bit weak but improving

quite brave, though i sort of see the logic
would not RDSB be a better bet even on the slim margins you seem to work to?

Nothing did happen for the rest of the afternoon, but the oil price has recovered and just now has gone positive for the day with a nice spike Up
should see a better day tomorrow if the price holds
futures
Brent $ 48.32 +0.10
light $ 47.76 +0.19