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What is the price of oil telling us?
What is the price of oil telling us? Market fundamentalists tell us that prices convey information. Yet, while our barbers and hairdressers might be able to give us an extended account of why their prices have changed in the last few years, commodities such as oil–which reached a six-year low last week–stand mute. To fill […]
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 […]
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 […]
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 […]
“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 […]
More Job Losses Coming to U.S. Shale
More Job Losses Coming to U.S. Shale With the recently concluded nuclear deal between Iran and the P5+1 countries, oil prices have already started heading downward on sentiments that Iran’s crude oil supply would further contribute to the already rising global supply glut. The economic crisis in Greece, OPEC’s high production levels and China’s market […]
Oil Price Rebound Looking Unlikely
Oil Price Rebound Looking Unlikely Oil prices may have firmed up a bit this spring, but we could be heading into another protracted period of weak prices. First there are the demand risks. The Chinese stock market turmoil raises serious concerns over a potential financial crisis, which, needless to say, would be negative for oil prices. The […]
Saudis Pump Record Crude as OPEC Sees Stronger Demand in 2016
Saudis Pump Record Crude as OPEC Sees Stronger Demand in 2016 Saudi Arabia told OPEC it raised oil production to a record as the organization forecast stronger demand for its members’ crude in 2016. Source: Bloomberg The world’s biggest oil exporter pumped 10.564 million barrels a day in June, exceeding a previous record set in […]
Top 5 Oil Producing Countries Could See Production Peak This Year
Top 5 Oil Producing Countries Could See Production Peak This Year The EIA’s Short-Term Energy Outlook came out a few days ago. That is where they try to guess the future production and price for oil, for the USA as well as the world. As of late they seem to be getting a little timid with their […]
Oil Price Plunge Raises Fears for Indebted Shale Companies
Oil Price Plunge Raises Fears for Indebted Shale Companies The latest fall in oil prices is once again putting pressure on indebted shale companies. After falling from over $100 per barrel down to $43 per barrel at its lowest point in March of this year, WTI prices rebounded with a 40 percent rise, trading for more or […]
OPEC Still Holds All The Cards In Oil Price Game
OPEC Still Holds All The Cards In Oil Price Game Traders were busy throwing in the towel on oil futures this week just as the first solid data and hope appeared that oil prices may be starting on the long road to recovery. As oil prices approached $52 per barrel on Tuesday, July 7, the […]
Oil Falls Off the Chart, Crushes Hopes
Oil Falls Off the Chart, Crushes Hopes Greatest oil glut in history exacts its pound of flesh. The ugly data for oil – ugly for those who’ve been hoping for, and hyping, a quick rebound to Nirvana – keeps piling up. But for two months, the price of oil was immune to it, trading in […]
Indiana Jones, Beyoncé, And Saudi Oil Production
Indiana Jones, Beyoncé, And Saudi Oil Production Thirty-four years ago today, Indiana Jones was the number one movie at the box office with ‘Raiders of The Lost Ark.’ 1981 was also the year in which Beyoncé was born. These two reference points are just to highlight how long ago 1981 was (even if a swashbuckling […]
