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Canada housing agency sees moderation in housing starts in 2015
Canada housing agency sees moderation in housing starts in 2015 OTTAWA (Reuters) – Canada’s federal housing agency softened its forecast for housing starts in 2015, saying it expects the pace of new home construction to gradually moderate in the coming years. Although the Canada Mortgage and Housing Corp said on Friday it expects employment and disposable […]
Bitter economic winds hasten oil industry’s retreat from the North Sea
Bitter economic winds hasten oil industry’s retreat from the North Sea Shell’s decision to begin dismantling operations in the famous Brent field is a striking example of the global impact of falling oil prices For one oil industry veteran, the dismantling of the Brent oil field in the North Sea prompts mixed feelings. There is […]
The Death Of The Petrodollar Was Finally Noticed
The Death Of The Petrodollar Was Finally Noticed Three months ago, we wrote “How The Petrodollar Quietly Died, And Nobody Noticed“, in which we explained in painful detail why far from the simple macroeconomic dogma which immediately prompted the macro tourists to scream that “oil prices dropping are good for US consumers“, the collapse in […]
Oil And Debt: The BIS Examines The Consequences Of Financialization
Oil And Debt: The BIS Examines The Consequences Of Financialization Since mid-2014, after remaining relatively stable for four years at close to $100, the price of crude oil has dropped by roughly 50% in US dollar terms. 1 Changes in production and consumption seem to fall short of a fully satisfactory explanation of the abrupt collapse […]
Saudis Re-Unleash Oil Weapon, Slash Asia Prices By Most In 14 Years
Saudis Re-Unleash Oil Weapon, Slash Asia Prices By Most In 14 Years “This is further evidence that they are hellbent on protecting their market share in China,” warns one strategist as just when US talking-heads thought things were ‘stabilizing’ Saudi Aramco slashes its official selling price for Arab Light crude by 90 cents to $2.30 a […]
Why Oil Won’t Go Below $40
Why Oil Won’t Go Below $40 When I made my energy predictions for 2015, I made some very aggressive predictions. Perhaps the most aggressive was that the closing price of West Texas Intermediate would not fall below $40/barrel (bbl) in 2015. Why do I consider this a particularly aggressive prediction? Because on the day I made […]
Oil Plunges, Inventories Soar to Record, Glut Gets Worse
Oil Plunges, Inventories Soar to Record, Glut Gets Worse Crude oil had rallied 20% in three days, with West Texas Intermediate jumping $9 a barrel since Friday morning, from $44.51 a barrel to $53.56 at its peak on Tuesday. “Bull market” was what we read Tuesday night. The trigger had been the Baker Hughes report […]
Oil-led deflation can be good, bad or ugly
Oil-led deflation can be good, bad or ugly Not all deflation is the same. In this case, cheaper oil wears the white hat — for now When you fill up your car with cheap gas, there’s a group of economists who just hate it. That’s because in many parts of the world the biggest worry for economic […]
Essential Oil Production Statistics – February 2015
Essential Oil Production Statistics – February 2015 This is the second in a monthly series of posts chronicling the action in the global oil market in 12 key charts. The January 2015 post is here. EIA oil price and Baker Hughes rig count charts are updated to end January 2015, the remaining oil production charts are updated to December 2014 […]
Another Conspiracy Theory Becomes Fact: The Entire Oil Collapse Is All About Crushing Russian Control Over Syria
Another Conspiracy Theory Becomes Fact: The Entire Oil Collapse Is All About Crushing Russian Control Over Syria While the markets are still debating whether the price of oil is more impacted by the excess pumping of crude here, or the lack of demand there, or if it is all just a mechanical squeeze by momentum-chasing […]
“The Stage Is Set For A Massive Housing Market Correction in Canada’s Oilpatch”
“The Stage Is Set For A Massive Housing Market Correction in Canada’s Oilpatch” Two weeks ago we reported that “the next victim of crashing oil prices has been identified: housing“, particularly non-residential construction among the energy producing regions, where the capex collapse reality is already being felt far and wide. Eventually, once the overall economy […]
Oil Majors’ Profits Take A Beating
Oil Majors’ Profits Take A Beating The first quarterly earnings reports since the collapse of oil prices are in and the numbers show a significant deterioration in profits for the oil majors. Royal Dutch Shell went first on January 29, revealing a big jump from the same quarter a year ago, but down from the third quarter […]
What The Rig Plunge Really Means For The Price Of Oil
What The Rig Plunge Really Means For The Price Of Oil Arguably the biggest catalyst for the surge in crude, in addition to the technical move which started off with a vicious short squeeze into the NYMEX close last Friday, was last week’s record drop in the Baker Hughes rig count to 1,223, down from […]
Slump in Oil Prices Brings Pressure, and Investment Opportunity
Slump in Oil Prices Brings Pressure, and Investment Opportunity Now, as the cracks appear in the latest energy boom, the forces of failure and opportunity are stirring again. Resolute Energy, a Colorado company that borrowed big in the boom, is among those in an endgame that is being played up and down Wall Street and […]
BP makes $1bn loss as oil prices slump
BP makes $1bn loss as oil prices slump Company faces losses, share-price fall and more fines over Deeepwater Horizon spill with underlying profits likely to take a hit BP has crashed to a $1bn loss in the final quarter of the year as low oil prices and more writedowns hammered its results. Its chief executive, Bob […]
