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After Worst Quarter Ever, WTI Extends Losses On Massive Crude & Gasoline Build
After Worst Quarter Ever, WTI Extends Losses On Massive Crude & Gasoline Build After its worst quarter ever, as COVID-19 lockdowns crushed demand, raising fears about overflowing storage tanks amid a price war that has flooded the market with extra supply, all eyes are glued to new inventory data as Standard Chartered analysts, including Emily Ashford warned in […]
Texas Or Canada: Where Will Oil Hit $0 First
Texas Or Canada: Where Will Oil Hit $0 First Looking at the future of oil prices, Goldman was downright apocalyptic in its short-term forecast, when in a note published this morning, the bank’s chief commodity strategist Jeffrey Currie speculated that as the current production glut “shock” cripples the crude transportation networks, “a producer would be […]
Energy Collapse, Earnings Ennui, & Consumer Credit Cracks
Energy Collapse, Earnings Ennui, & Consumer Credit Cracks Summary: The energy sector has lost extraordinarily $1.15trn in market value this year as oil prices have plunged to almost unimaginable levels. In this equity update we provide investors with different ways to play the havoc in the energy sector. We also take a look at earnings this week […]
“This Is The Largest Economic Shock Of Our Lifetimes”: Goldman Sees Negative Prices Amid Oil Devastation
“This Is The Largest Economic Shock Of Our Lifetimes”: Goldman Sees Negative Prices Amid Oil Devastation Over the weekend, we reported that with the oil industry oversupplied by a mindblowing 20 million barrels daily as roughly 20% of total global output ends up unused in a world economy that has ground to a halt, and instead has to be […]
THE ENERGY DISASTER KICKING INTO FULL GEAR: World Is Totally Unprepared For What’s Ahead
THE ENERGY DISASTER KICKING INTO FULL GEAR: World Is Totally Unprepared For What’s Ahead There’s more evidence finally surfacing in the media of the dire energy predicament the world is now facing. The negative ramifications of peak oil and the falling EROI were going to hit the world economy within the next 2-5 years, but […]
What Happens If Oil Prices Go Negative?
What Happens If Oil Prices Go Negative? Various reports hit the news feeds today quoting a deliberately headline-grabbing statement by Paul Sankey, managing director at Mizuho Securities, in which he is reported as saying, “Oil prices can go negative.” That is, they could as a combination of Saudi Arabia (and Russia) flooding the market with increased […]
The Inevitable Outcome Of The Oil Price War
The Inevitable Outcome Of The Oil Price War One might reasonably posit that when Crown Prince Mohammed bin Salman (MbS) signalled that Saudi Arabia was once again going to produce oil to the maximum to crash oil prices in a full-scale oil price war, Russian President Vladimir Putin probably fell off the horse he was […]
Oil Plunges To 17 Year Low As One Bank Predicts Negative Prices
Oil Plunges To 17 Year Low As One Bank Predicts Negative Prices Late on Tuesday, WTI plunged as low as $26.20 taking out the lows from the 2015/2016 oil recession, and sending it to a level last seen when US president was George W. Bush, people were listening to Get Busy by Sean Paul and […]
Black Swans, Dead Cats, Live Bats, and Goodbye to All That
Black Swans, Dead Cats, Live Bats, and Goodbye to All That Had enough excitement yet? At least the stock markets are following an established script: the bubble pops, the elevator drops, for a while it stops… and then investments sink to the deepest sub-basement, where they linger for a long, long time. Hello, next great […]
Toxic Loans Around the World Weigh on Global Growth
Toxic Loans Around the World Weigh on Global Growth Preface. Obviously endless growth on a finite planet is impossible. Clearly the main “benefit” of debt is being able to rape and pillage the planet immediately. The accumulating debt can never be paid off, because energy is required to grow GDP (they’re locked in a death […]
Only 5 Shale Drillers Are Still Profitable At $31 Oil
Only 5 Shale Drillers Are Still Profitable At $31 Oil Most shale oil wells drilled in the United States are unprofitable at current oil prices, Rystad Energy has warned. The Norwegian consultancy said, as quoted by Bloomberg, that drilling new wells would be loss-making for more than 100 companies. Just five shale drillers—Exxon, Chevron, Occidental, and Crownquest—can […]
The Great American Shale-Oil Bust Turns into Massacre
The Great American Shale-Oil Bust Turns into Massacre Shares of shale oil drillers collapsed by 25%-50% today. Their bonds got massacred. Saudi-Russia price-war strategy appears successful in wiping out investors in the US shale-oil sector. It was so chaotic and brutal in the crude oil market today that the EIA, which is part of the […]
Assume Crash Positions: Goldman Cuts Brent Price Target To $30 “With Possible Dips Near $20”
Assume Crash Positions: Goldman Cuts Brent Price Target To $30 “With Possible Dips Near $20” When we discussed Saudi Arabia’s shocking decision on Saturday to reverse on years of prudent oil policy following Friday’s stunning collapse of OPEC+, with the kingdom now set to obliterate the OPEC cartel by flooding the market with heavily discounted oil in […]
Saudi Arabia Starts All-Out Oil War: MbS Destroys OPEC By Flooding Market, Slashing Oil Prices
Saudi Arabia Starts All-Out Oil War: MbS Destroys OPEC By Flooding Market, Slashing Oil Prices With the commodity world still smarting from the Nov 2014 Saudi decision to (temporarily) break apart OPEC, and flood the market with oil in (failed) hopes of crushing US shale producers (who survived thanks to generous banks extending loan terms […]
Oil Crashes After Reports OPEC+ Talsk End Without A Deal
Oil Crashes After Reports OPEC+ Talsk End Without A Deal Update (1015ET): Reports, citing a delegate, for the first time in six years, OPEC ends talks in Vienna without a deal. being agreed. Oil prices are extending their collapse… * * * Update (0950ET): Bloomberg reports that OPEC+ talks “are on the verge of collapse” as it becomes clear […]
