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Tag Archives: oil price collapse
Kuwait “Over-Supply” Concerns Send WTI Tumbling Back To $42 Handle
Kuwait “Over-Supply” Concerns Send WTI Tumbling Back To $42 Handle Reversing all of yesterday’s FOMC-inspired idiocy, WTI has plunged back to reality this morning. Following comments by Kuwait’s comments that OPEC had no choice but to keep production steady, refocusing the market on global oversupply, April WTI is back down to a $42 handle. All of […]
Saudis Claim Conspiracy Theorists, Not OPEC, To Blame For Oil Price Crash
Saudis Claim Conspiracy Theorists, Not OPEC, To Blame For Oil Price Crash A top Saudi official said on March 15 that Thomas Friedman and other conspiracy theorists are to blame for the crash in oil prices. Rather than an oversupply and weak demand causing an imbalance in global oil markets, Dr. Ibrahim Al-Muhanna, the advisor […]
100,000 Layoffs and Counting: Is this the New Normal?
100,000 Layoffs and Counting: Is this the New Normal? This time a year ago, the oil industry’s biggest problem was finding a way to deal with the “retirement tsunami” about to crash down on it as older oilfield workers hung up their cork boots to enjoy freedom-55. Now, with oil prices still in the doldrums, […]
WTI Plunges To $42 Handle On Massive API Inventory Build
WTI Plunges To $42 Handle On Massive API Inventory Build For what appears to be the 10th week in a row, API reports amassive 10.5 million barrels (far bigger than the 3.1 million barrel expectation) and a 3 million barrel build at Cushing. If this holds for DOE data tomorrow (and worryingly API has tended to […]
WTI Slumps To New Cycle Lows As Iran Supply Fears Loom
WTI Slumps To New Cycle Lows As Iran Supply Fears Loom Just a few short days ago we were the first to bring attention to the potential of an Iran nuclear deal being a catalyst for the next big leg lower in the energy complex and sure enough, not only is the market startuing to leg lower […]
Oil Plunges To Lowest Since March 2009 ($43 WTI) As EURUSD 1.05 Battle Continues
Oil Plunges To Lowest Since March 2009 ($43 WTI) As EURUSD 1.05 Battle Continues Update: *WTI CRUDE TRADES AT LOWEST INTRADAY PRICE SINCE MARCH 2009 – $43.57 Despite ‘trouble’ in Saudi Arabia, and chatter of SPR buying, it appears the re-opening of all Houston shipping channels, comments from Greenspan, yet another refinery shut (Exxon’s Joliet […]
The US Oil Bust Just Got Worse
The US Oil Bust Just Got Worse The price of Oil did today what it has been doing for a while: it waits for a trigger and plunges. As I’m writing this, West Texas Intermediate is down 4.4%, trading at $44.99 a barrel, less than a measly buck away from this oil bust’s January low. […]
From Bubble-Blower To Energy Expert, Alan Greenspan Warns “Oil Hasn’t Bottomed Yet”
From Bubble-Blower To Energy Expert, Alan Greenspan Warns “Oil Hasn’t Bottomed Yet” Having recently explained why the stock market is extremely overvalued (in his own words by Fed-driven multiple expansion alone), Alan Greenspan – seemingly brimming over with the need to remedy his years of lies/mistruths with some uncomfortable truthiness – is now taking on the […]
Household Debt Soars in Canada, “Stability” at Risk
Household Debt Soars in Canada, “Stability” at Risk Debt by Canadian households is a special phenomenon. Statistics Canada reported today that in the fourth quarter, household debt set another breath-taking record. Earlier this month, even Equifax Canada, which is in the business of facilitating and increasing this indebtedness, had warned about it. The total indebtedness […]
Get Ready for Oil Deals: Shale Is Going on Sale
Get Ready for Oil Deals: Shale Is Going on Sale (Bloomberg) — A decision by Whiting Petroleum Corp., the largest producer in North Dakota’s Bakken shale basin, to put itself up for sale looks to be the first tremor in a potential wave of consolidation as $50-a-barrel prices undercut companies with heavy debt and high […]
US May Run Out Of Oil Storage Space As Soon As June
US May Run Out Of Oil Storage Space As Soon As June On Sunday, we noted that the economics of the floating storage play could spell further declines for crude prices. With a global stock increase that’s some 3 times larger than that which occurred during the last period of oversupply, expect cheap, on-land storage to prove […]
The oil glut and low prices reflect an affordability problem
The oil glut and low prices reflect an affordability problem For a long time, there has been a belief that the decline in oil supply will come by way of high oil prices. Demand will exceed supply. It seems to me that this view is backward–the decline in supply will come through low oil prices. The […]
Deciphering The Latest Rig Count Data
Deciphering The Latest Rig Count Data The main take-away from this week’s rig count is that everything is on track for lower U.S. oil production by mid-year. The weekly changes vary but the overall trend since October is down and that is positive for achieving a better balance between supply and demand. Please remember the […]
Oil Price Faces Another 20% Drop Due To Contango Math
Oil Price Faces Another 20% Drop Due To Contango Math Want to know where oil prices are headed? You need to understand the economics of the floating storage play, Soc Gen says. As we noted on Friday, retail investors looking to be the next Jed Clampett have piled into the U.S. Oil fund over the past several months, […]
This Chart Shows the True Collapse of Fracking in the US
This Chart Shows the True Collapse of Fracking in the US “People need to kinda settle in for a while.” That’s what Exxon Mobil CEO Rex Tillersonsaid about the low price of oil at the company’s investor conference. “I see a lot of supply out there.” So Exxon is going to do its darnedest to add […]
