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Tag Archives: oil price collapse
Big Oil in Retreat
Big Oil in Retreat On July 14, 2011, at TomDispatch, Bill McKibben wrote that he and a few other “veteran environmentalists” had issued a call for activists to descend on the White House and “risk arrest to demand something simple and concrete from President Obama: that he refuse to grant a license for Keystone XL, a new pipeline […]
Oil storage tanks filled to levels not seen in 80 years
Oil storage tanks filled to levels not seen in 80 years U.S. oil inventories at levels not seen in at least 80 years North American oil prices could take a hit this fall as there are renewed concerns about a lack of storage capacity. A recent report by the U.S. Energy Information Agency suggests crude […]
Oilsands companies feel the pain as Canadian oil price falls
Oilsands companies feel the pain as Canadian oil price falls Alberta companies at break-even point or losing money as heavy crude sinks below $24 US a barrel A drop in Canadian oil prices this week means companies in Alberta’s oilsands are breaking even or losing money on their operations. Currently, oilsands companies are receiving about […]
The Saudi Oil Price War Is Backfiring
The Saudi Oil Price War Is Backfiring Saudi Arabia has long enjoyed the status of being the top crude oil exporter in the world. With record production of 10.564 million barrels per day in June 2015, Saudi Arabia has been one of the major driving forces behind the current oil price slump. The Saudis have […]
The Looming Bankruptcy Of Saudi Arabia
The Looming Bankruptcy Of Saudi Arabia There’s two interesting little stories in this idea that Saudi Arabia is going to go bust in a couple of years as a result of the sagging oil price. Both are more general economic ideas than just the story of that oil price. The first is that mono-anything in […]
You Can Add Iraq And Ukraine To The List Of Economies That Are Collapsing
You Can Add Iraq And Ukraine To The List Of Economies That Are Collapsing The list of nations around the globe that have collapsing economies just continues to grow. In recent weeks I have written about the ongoing saga in Greece, the stock market crash in China, the debt crisis in Puerto Rico and the economic meltdown in […]
Global Oil Supply More Fragile Than You Think
Global Oil Supply More Fragile Than You Think Many oil companies had trimmed their budgets heading into 2015 to deal with lower oil prices. But the rebound in April and May to $60 per barrel from the mid-$40s suggested that the severe drop was merely temporary. But the collapse of prices in July – owing […]
A True Jobs Massacre Spreads in US Oil & Gas
A True Jobs Massacre Spreads in US Oil & Gas It’s been tough for US oil companies. And even tougher for their investors. The hero du jour is Marathon Oil. Today afterhours it reported an eye-popping 48% plunge in revenues in the second quarter and a net loss of $386 million. To stem the bleeding, it slashed capital […]
Cash-Strapped Saudi Arabia Hopes To Continue War Against Shale With Fed’s Blessing
Cash-Strapped Saudi Arabia Hopes To Continue War Against Shale With Fed’s Blessing Two weeks ago, Morgan Stanley made a decisively bearish call on oil, noting that if the forward curve was any indication, the recovery in prices will be “far worse than 1986” meaning “there would be little in analysable history that could be a […]
Crashing: Apple, Twitter, Oil, Commodities, Greek Stocks, Chinese Stocks
Crashing: Apple, Twitter, Oil, Commodities, Greek Stocks, Chinese Stocks The month of August sure has started off with a bang. Tech stocks are crashing, oil is crashing, industrial commodities are crashing, Greek stocks crashed the moment that the Greek stock market reopened for trading, and Chinese stocks continue to crash. At this point we have […]
Oil Re-Bloodies the “Smart Money”
Oil Re-Bloodies the “Smart Money” The “liquidity death spiral.” Oil plunged again on Monday, with West Texas Intermediate down over 4%. At $45.17 a barrel, it’s just a hair away from this year’s oil-bust low. During 8 weeks in a row of relentless declines, WTI had plunged 26%. July’s 21% drop was the largest monthly decline since […]
Layoffs Surge As Oil Price Outlook Remains Sober
Layoffs Surge As Oil Price Outlook Remains Sober Lately the leaders of some of the world’s biggest energy companies have been saying oil prices will remain depressed for some time – perhaps for the next five years – and now they’ve decided to cut their costs in the most painful way possible: massive job cuts. […]
5 signs of trouble for Saskatchewan’s economy in oil slump
5 signs of trouble for Saskatchewan’s economy in oil slump Many said province could withstand economic blows from oil and gas, but there are troubling signs When crude oil prices began to plummet, economists comforted Saskatchewan residents that their diversified economy would safeguard them during the oil and gas slump. In fact, Saskatchewan’s economy isn’t […]
Recession Risk Mounting For Canada
Recession Risk Mounting For Canada The latest economic data from Canada shows that it is inching towards recession, after its economy posted its fifth straight month of contraction. Statistics Canada revealed on July 31 that the Canadian economy shrank by 0.2 percent on an annualized basis in May, perhaps pushing the country over the edge into recessionary […]
