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TransUnion expects spike in debt delinquencies in Alberta, Saskatchewan
TransUnion expects spike in debt delinquencies in Alberta, Saskatchewan Alberta and Saskatchewan will soon see a ‘sharp’ increase in the number of people falling behind on their debts for the rest of this year, credit agency TransUnion says. The debt monitor said in a study released Wednesday that it is expecting the number of consumer credit […]
Canadian dollar dips below 77 cents with more pain to come
Canadian dollar dips below 77 cents with more pain to come TD Bank predicts 73-cent loonie as effects of low oil linger The Canadian dollar is nearing its low for the year Friday, after news that the economy contracted for a fifth straight month in May. The loonie closed at 76.45 US cents, down half a cent from […]
A Reality Check For U.S. Natural Gas Ambitions
A Reality Check For U.S. Natural Gas Ambitions Something unusual happened while we were focused on the global oil-price collapse–the increase in U.S. shale gas production stalled (Figure 1). Figure 1. U.S. shale gas production. Source: EIA and Labyrinth Consulting Services, Inc. (click image to enlarge) Total shale gas production for June was basically flat […]
Crude Surges After Surprise Inventory Draw, Biggest Production Decline Since 2013
Crude Surges After Surprise Inventory Draw, Biggest Production Decline Since 2013 Total US crude production slumped over 1.5% last week – the biggest decline since October 2013. Add to that a considerable inventory draw of over 4.2mm barrels (against expectations of a build)… and crude prices are surging. Charts: Bloomberg
The Layoffs Return: Energy Giants Chevron, Saipem To Fire Over 10,000 Workers
The Layoffs Return: Energy Giants Chevron, Saipem To Fire Over 10,000 Workers In the beginning of 2015 the biggest threat to the economy as a result of the collapse in oil prices, both in the US and worldwide, was the surge in layoffs among highly-paid energy sector job. This was confirmed in April when we showed the […]
Who’s afraid of $50 oil? (Answer: Canada’s oil industry)
Who’s afraid of $50 oil? (Answer: Canada’s oil industry) Oil below $50 a barrel could spur another leg down for Canada’s oil industry It may be high summer on the calendar, but Canada’s energy companies are already looking towards the coming winter. What they see is looking worse now than it was even a month […]
Blame the Fed for the Commodities Slump
Blame the Fed for the Commodities Slump When we left you at the end of last week the world was falling apart. As you know, the economy functions on electronic credit… not cold, hard cash. Without the banks pumping more credit into the system – by way of loans – it sags. The Dow fell […]
Has The E&P Industry Lost Touch With Reality?
Has The E&P Industry Lost Touch With Reality? The U.S. rig count increased by 19 this week as oil prices dropped below $48 per barrel–the latest sign that the E&P industry is out of touch with reality. Getty Images from The New York Times (July 26, 2015) The last time the rig count increased this […]
Will ‘Corner Office Syndrome’ Be The Downfall Of Canada’s Oilfield Services?
Will ‘Corner Office Syndrome’ Be The Downfall Of Canada’s Oilfield Services? No sector of the economy should be considering the urge to merge more than Canada’s beleaguered oilfield services (OFS) business. The signals are powerful: overcapacity in virtually every product and service line; prices down to slimmest of margins; bankers are unhappy and getting twitchy; […]
Saudis Expand Price War Downstream
Saudis Expand Price War Downstream The undisputed king of oil and gas is making some moves that could change the face of the global refining sector. In June 2015, Saudi Arabia pumped a record 10.564 million barrels a day, a record level. As if being the world’s biggest exporter of oil was not enough, the […]
This Is Why A Serious Decline In U.S Shale Plays Is Not Far Away
This Is Why A Serious Decline In U.S Shale Plays Is Not Far Away The plunge in oil prices last year led many to say that a decline in U.S. oil production wouldn’t be far behind. This was because almost all the growth in U.S. production in recent years had come from high-cost tight oil […]
Nine Reasons Why Low Oil Prices May “Morph” Into Something Much Worse
Nine Reasons Why Low Oil Prices May “Morph” Into Something Much Worse Why are commodity prices, including oil prices, lagging? Ultimately, it comes back to the question, “Why isn’t the world economy making very many of the end products that use these commodities?” If workers were getting rich enough to buy new homes and cars, demand for […]
“Far Worse Than 1986”: The Oil Downturn Has No Parallel In Recorded History, Morgan Stanley Says
“Far Worse Than 1986”: The Oil Downturn Has No Parallel In Recorded History, Morgan Stanley Says On Tuesday the market got yet another reminder of just how painful the “current commodity price environment” has been for producers when Chesapeake eliminated its common dividend in order to conserve cash. After noting the plunge in Chesapeake’s shares […]
Will the Oil Patch Bust Trigger Recession?
Will the Oil Patch Bust Trigger Recession? This seemingly inexhaustible credit line is now drying up, with severely negative consequences for oil producers with debt that’s coming due. Could the oil patch bust triggered by oil plummeting from $100/barrel to $50/barrel kick the U.S. into recession? Longtime correspondent B.C. recently observed: The question is whether the incipient […]
Calgary Office Market Gets Crushed. Oil, China Blamed
Calgary Office Market Gets Crushed. Oil, China Blamed The office vacancy rate in downtown Calgary, the epicenter of the Canadian oil bust, could hit the vertigo-inducing level of 17.5% by the end of 2018, a new report by commercial real-estate firm Colliers International warned – and added some ominous clouds: “Given the current global macro […]
