2morow panic buying, ha ha ha, up 30 cents enough for abalone, ha ha

wah, 2morow rebound, 2.70

oh, closing 2.51, profit already, ha ha

oooop, 2.41 all matched !!! hopefully 2morow rebound, : )

banking stocks also down so much, really panic selling, the market collapsed !

BARANG NAIK now hv to ask us for more money for them to enjoy, sad Malaysian

i thought oil is limited resources, now like water, so cheap

look at the effect of oil price slumps , scary

the only counter that can be considered now is Airasia, may be will test 3.00 soon

it will become another financial crisis, recession, again, USA is the culprit

another financial crisis ???

Petronas collapsed, Ringgit also collapsed !!!

Petronas collapsed, Ringgit also collapsed !!!

all go holland except Airasia go Poland

All stocks cheap sales except Airasia

cheap sales, cheap sales, Lelong, Lelong !!!

Petronas president and chief executive Tan Sri Shamsul Azhar Abbas foresees the industry going through a consolidation.

“The contractors and service providers will have to realign themselves to cope with lower oil prices. It will be a battle of the fittest and there will be winners and losers,” Shamsul said at a press conference to announce its third quarter results.

“Only the most resilient will remain in the game.”

Malaysia is best known for its thriving oil and gas industry that is supported by Petronas that spends an average RM60bil per year on capital expenditure. But the spending will be cut by up to 20% from next year onwards until the international price of Brent crude has settled down at more than US$80.

A shrinking pie implies that weaker players might be weeded out.

A few O&G analysts StarBizWeek spoke to say lower valuations present attractive entry for some investments especially if there are synergistic propositions.

The biggest hurdle, however, is the issue of ownership and corporate structure.

An analyst says that it makes sense for companies to acquire other O&G companies that have synergies, like the case of Dayang Enterprise Holdings Bhd (DEHB) and Perdana Petroleum Bhd.

“There is room for consolidation among domestic O&G service providers to merge into bigger and more efficient entities.

“Like the case of Halliburton and Baker Hughes, we can see synergies among local oilfield service providers like Uzma Bhd, Deleum Bhd and Scomi Energy Services Bhd,” he says.

look like skp PN17 soon, kekeke !!!

just keep it for another 5 to 10 years, TP 4.50 still possible

powerful selling pressure vs powerful strong support, movement within the range of 2.70 - 2.90 in short term, happy trading, : )

Totally Agreed

Digi is better for long term investment, not Skpetro

year end window dressing will support the price, trading skills will be tested

i think next week more selling pressure, margin call !!!

low oil price Malaysia badly affected, not only skpetro down, palm oil, property, trading all down !

small O & G co. with high gearing collapsed

breadman , agreed

look like immediate support is 2.80, let see what happen after today panic selling, traders, are you ready, hehehe

so, what is new 52 weeks low, : ), small O & G companies are on the verge of collapse

oil and gas, very hot, war here and there, ha ha

yes, as b4, -ve factors like OPEC decision and syariah compliance already taken into consideration, unless last min OPEC decided to cut production, : )

almost confirm no production cut, merely compliance, so, price will move within 3.00 - 3.15, : )

the war started, AGAIN !!! : )

as i said before, skp is traders' favorite, i like it so much, ha ha

Japan imported U.S. oil for the first time in more than four years as a surplus of light, sweet crude from shale formations floods North American markets.

Japan imported about 300,000 barrels of oil from the U.S. last month, the first shipments since at least June 2010, according to data from the Ministry of Finance. Cosmo Oil Co. last month received Japan’s first cargo of U.S. condensate, a lightly processed form of crude, Katsuhisa Maeda, a Tokyo-based company spokesman, said today.

Prices would need to drop low enough to hurt U.S. shale oil production, or about $70 a barrel for Brent and $60 to $65 for West Texas Intermediate

immediate support at 3.06 if no action taken by OPEC

Saudi Arabia’s oil minister said tumbling crude prices will stabilize and there’s no need for producing nations to cut output.

“No one should cut and market will stabilize itself,” Ali Al-Naimi told reporters a day before OPEC meets in Vienna. “Why Saudi Arabia should cut? The U.S. is a big producer too now. Should they cut?”

Oil ministers from the 12 nations in the Organization of Petroleum Exporting Countries meet tomorrow in Vienna to discuss their combined production at a time when prices have fallen 30 percent since June. Crude fell in part on speculation that Saudi Arabia and other OPEC states wouldn’t take the necessary measures to curb a surplus.

Venezuela’s Foreign Minister Rafael Ramirez met with officials from Saudi Arabia, Mexico and Russia yesterday. While they agreed to monitor prices, they made no joint commitment to lower their supplies.

The last time that U.S. oil drillers got caught up in a price war orchestrated by Saudi Arabia, it ended badly for the Americans.

In 1986, the Saudis opened the spigot and sparked a four-month, 67 percent plunge that left oil just above $10 a barrel. The U.S. industry collapsed, triggering almost a quarter-century of production declines, and the Saudis regained their leading role in the world’s oil market.

So while no one expects the Saudis to ramp up output now like they did then and U.S. shale oil companies are pledging to keep drilling regardless, the memory of that bust looms large for American industry executives on the eve of OPEC’s meeting tomorrow. As the Saudis gather with officials from the 11 other OPEC nations in Vienna, analysts are split on whether the group will cut output to lift prices or leave production unchanged to fight for market share with shale drillers.

“1986 was the big price collapse and the industry did not see it coming,” said Michael Lynch, president of Strategic Energy and Economic Research in Wakefield, Massachusetts, who has covered the oil sector for 37 years. “It put a lot of them out of business. You just don’t forget it. It’s part of the cultural memory.”

The Organization of Petroleum Exporting Countries, responsible for about 40 percent of the world’s output, pumped 31 million barrels a day in October, exceeding its official target of 30 million.

yes, agreed, nordi, may be it just game played by hedge fund, let see, any support today

people feel that the discovery of shale is a huge reason for oil to come down as supply now increases. Well, the break-even point for both shale and deepwater exploration is at US$75.

These two make up 5% of world supply. So, if oil prices were to stay below US$75, then it would not be viable to commercially produce shale or explore deepwater. This would take 5% of the world supply away. The real economics will eventually kick in.

closing 3.26, nice........ : )

thanks, nordi, : )

nordi, where u got the info : skp bought cheap oil asset around usd25/boe (boe = barrel oil equivalent) + development + production probably become around usd40/boe

let see closing above or below 3.20, : )

SapuraKencana Petroleum may experience further technical rebounds after forming a strong white candle as it moved out of the downtrend line recently. Traders may buy if it holds above the MYR3.20 level, with a target price of MYR3.60, assuming that the MY3.50 level can be breached. The stock may pull back and drift sideways if it cannot sustain above the MYR3.20 level. Support may be found at MYR3.02, where traders can exit upon a breach on closing.

Source: RHB

Brent crude declined from its highest closing price in seven sessions amid signs the U.S. and Iran may allow more time for nuclear talks in Vienna. West Texas Intermediate was down in New York.

“Vienna will be the capital of oil headlines throughout the week but the outcome both of the nuclear negotiations and OPEC are hard to predict,” Olivier Jakob, managing director of Zug, Switzerland-based researcher Petromatrix GmbH, said by e-mail. “The result of the OPEC meeting is dependent on the result of the Iran negotiations, so if that’s delayed, we could also find OPEC delaying its decision.”

Brent crude traded near $80 a barrel amid signs that Iran will seek an output cut at OPEC’s meeting this week and after China unexpectedly reduced interest rates. West Texas Intermediate was steady in New York.

“OPEC is certainly divided as to what they’re going to do,” Jonathan Barratt, the chief investment officer at Ayers Alliance Securities in Sydney, said in an interview on Bloomberg Television today. “Look at the pressure being borne on Saudi Arabia, particularly from Iran, Venezuela -- they want a cut. This could actually represent a little bit of a rift developing within the group.”

Heng Ah Ong Ah Huat Lar, ha ha ha

“After a lot of recent bearish news we received fairly optimistic news from China with its interest rate cut,” Myrto Sokou, senior analyst at London-based Sucden Financial Ltd., said by e-mail. “However, I believe we are going to experience high volatility and more downside pressure in the oil market ahead of the OPEC meeting.”