anyone got any ideas about the block trades that went through today?

website: http://www.sterlingenergyplc.com/



weather: www.nhc.noaa.gov/refresh/graphics_at4+shtml/084938.shtml?50wind120

Spotted this story on iii a couple of hours ago. Adds credence to stories of a super spike in oil prices.

VIENNA (Reuters) - OPEC on Wednesday prepared to raise oil output limits but lack of spare capacity means the cartel may fail to topple prices from $55 a barrel.
The Organization of the Petroleum Exporting Countries is expected to raise its formal production quotas by 500,000 barrels a day to 28 million bpd, excluding some 1.8 million from Iraq.
But that will merely legitimise its existing output, postponing an even greater test for hard-pressed producers for the fourth quarter, when annual world demand peaks.
"We have to prepare for the fourth quarter. Demands on OPEC will increase to 30.5-31 (million bpd) and we have to prepare ourselves to continue increasing our production just to reach the call on OPEC," said cartel President Sheikh Ahmad al-Fahd al-Sabah of Kuwait.

By the way. SEY bid price is down a quarter point. MMs have widened the spread.

all good news...6 million shares. loving it. get that placement stock out the mkt.

all good news...6 million shares. loving it. get that placement stock out the mkt.

crude now >$56 per barrel, after OPEC meeting!

Andy,

$60 soon perhaps. So OPEC will raise the ceiling by 500k, but is it actually any new oil coming to the market? I would have thought that they will have been pumping the stuff to the max. Also can the refineries in the US etc really cope?

Also, todays US inventories showed a drawdown on crude:

2005-06-15 15:36:13

Crude tops $56 after supply data

DALLAS (AFX) -- July-dated crude futures topped $56 a barrel Wednesday on

the New York Mercantile Exchange after the Energy Department said U.S. crude

supplies fell 1.8 million barrels in the week ended June 10. The Energy

Department also said gasoline supplies declined 900,000 barrels, but distillate

stocks rose 2.5 million barrels. July crude was last at $56.05, up $1.05.

Think we are heading for a spike as widely predicted.

OPEC's offering will do little to dampen this down.

Just so long as it does not go too high, and comes back again.

Any spike to $60 and beyond would keep prices around $50 minimum imo as the new norm.

Matt Simmons last presentation on oil is worth a read. Makes a lot of valid points.

http://www.simmonsco-intl.com/files/PESA%20Annual%20Meeting.pdf

Gav,

Intersting read!

Thought you'd like it Andy! He was interviewed on CNBC briefly yesterday. He was asked what he thought the oil price would be over the next 5 years. His answer was that it "would go through the roof". His arguement was that when this happened the world would finally take notice and come up with an alternative to oil. He was also scathing of the Saudi's and to their claims of reserves etc.

Hmm.......... yes thanks gavin.

Food for thought.

Good find again.

Indeed SWW. Link to Simmons website, contains a lot of his presentations and past papers.

http://www.simmonsco-intl.com/

Taking stock across the sector, it is VERY bullish atm.

As I said earlier on, I think we are in for high prices per bbo.

OPEC did nothibng for me today except try to paper over the cracks.

I had a look a Fundys post on DNX, he sums it all up very well.

Mauriatnia can not come quick enough now for SEY HNR and Woodie imo.

I'll say no more or it will seem like ramping, other than I am not selling any .......yet!

Can you see I went back in time and had French Chardonnay tonight???

Rich flavour not so much, OI YOU!!

12 just under a bottle.................. must be mad.

Truth is that Unwins and the Threshers look alike are not stocking too much USA stuff just now.

Did hear there was a glut last year, but I drank that, so that could be the reason.

Hello all, it's very quiet on here today... have we run out of recipes??

Looks like you have been sent to Coventry, goal, I just came back in so hello.

Not too much in the way of trades today, a blip up for Hardman is down to a reasonable write up in the independant, having a look around now to catch up.......

Down 1/2p near the end on low volume.

Thought I would say something as everyone else is mum.

I am looking to top up again if it heads back to the 14p levels and then sell thoise at 16p ish.

That seems to be the channel Sterling is in.


Hardman had a good day, they seem to be moving up a gear as the next drilling round and production nears.

Rememebr that Hardman had the same difficult beginings as Sterling.

One good find and away they have gone, albeit slowly at first. Their sp only doubled in the last financial year, come to that so did Sterling.

Any comments anyone?

i am having a curry tonight. with a beer.

good idea - will suggest same and earn brownie pints (sorry points) at home.

next crucial phase for SP is to break up through the very firmly established 17p resistance level. down to 14p again from here would be a very weak signal and might fall back through 14p with no visible means of support below.

A decent RNS before that happens, please.

ditto. come on SEY - 20p please.