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Tag Archives: oil price
OPEC’s Strategy Is Working Claims Saudi Oil Minister
OPEC’s Strategy Is Working Claims Saudi Oil Minister Saudi Oil Minister Ali al-Naimi, the architect of OPEC’s strategy to regain market share by causing the price of crude oil to plunge, says his plan is working, and data from petroleum research firms seem to back him up. Making his first public comments in two months, […]
Role of Wages of the Common Worker in Oil Prices, Collapse
Role of Wages of the Common Worker in Oil Prices, Collapse In their book Secular Cycles, Peter Turchin and Surgey Nefedof point out the important role falling wages of the common workers played in early collapses. I got to thinking that this might be an issue with our current situation as well, including the low level […]
Oil Price Crash: Top 5 At-Risk Countries
Oil Price Crash: Top 5 At-Risk Countries Since June 2014, global oil prices have dropped by more than 50%. The drop could strongly affect the economic and political stability of these five oil exporting countries. Oil prices make winners and losers. In general, oil importers will gain from low prices, while most oil exporters will […]
Oil Bust Mauls Texas Manufacturers, Atlanta Fed Sees Hit to Broader US Economy
Oil Bust Mauls Texas Manufacturers, Atlanta Fed Sees Hit to Broader US Economy By now, every executive in the American oil patch goes through the day with one eye riveted on the price of oil. And on Monday, West Texas Intermediate plunged once again below $50 a barrel. It has become the nightmare price for […]
Is Oil Returning to $100 Or Dropping To $10?
Is Oil Returning to $100 Or Dropping To $10? If you have been following the price of oil over the last few months, the chances are you’re a little confused. On the one hand you have the likes of A. Gary Shilling who, in this Bloomberg article, loudly trumpets the prospect of oil at $10/Barrel, […]
What On Earth Are We Doing Looking For Oil In The Arctic?
What On Earth Are We Doing Looking For Oil In The Arctic? Shell is back in; Statoil is pensive, but eager; and Russia is pushing ahead. Low prices have stunted exploration, but the Arctic is still a hotbed (read: marginally warm-bed) of activity. With so much to lose in the fragile and costly environment, why are we there? […]
Layoffs, Spending Cuts Permeate Alberta’s Oilpatch On Quarterly Results
Layoffs, Spending Cuts Permeate Alberta’s Oilpatch On Quarterly Results CALGARY – There was a splattering of red ink in the oilpatch Thursday, as the steep drop in oil prices weighed on the bottom lines of some of the energy sector’s biggest names in the last three months of 2014. Oilsands producer Cenovus Energy Inc. (TSX:CVE) […]
This Week In Energy: ExxonMobil On The Hunt
This Week In Energy: ExxonMobil On The Hunt Oil prices continued to pick up steam for the week ending on February 13. Brent crude traded above $60 per barrel for the first time in 2015, a psychological threshold that caught the markets by surprise and points to a potential price rebound quicker than many had […]
Oil Searching For A Bottom As Union Threatens More Walkouts
Oil Searching For A Bottom As Union Threatens More Walkouts The strike at US refineries got a bit bigger over the weekend – all amid the mostvolatile, and now downward, price swings seen in the last six years. Investors have yet to lose hope in a sustainable rebound, but another prolonged fall may be looming […]
Why We Won’t See An Oil Price Rebound Yet
Why We Won’t See An Oil Price Rebound Yet The front page of The Wall Street Journal on Tuesday, February 10 proclaimed “Oil-Price Rebound Predicted” according to the IEA (International Energy Agency). Not true. The February 10 IEA Oil Market Report states that some “market participants are seeing light at the end of the tunnel” based on oil company […]
Oil slips below $56 on expectations oversupply to linger
Oil slips below $56 on expectations oversupply to linger (Reuters) – Oil slipped below $56 a barrel on Wednesday, pressured by expectations that oversupply in world markets would persist and an industry report saying U.S. crude stocks rose from a record high. The American Petroleum Institute said on Tuesday crude stocks increased by 1.6 million barrels last week. […]
Wall Street Has a Dream About the Price of Oil
Wall Street Has a Dream About the Price of Oil The price of oil has bounced 20% since January 29 when the benchmark West Texas Intermediate had dipped below $44 a barrel, but according to Edward Morse, Citigroup’s global head of commodity research, that dizzying bounce is a “head-fake.” Because the fundamentals are still terrible. Oil production […]
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 […]
Oil Prices Most Volatile Since 2009
Oil Prices Most Volatile Since 2009 The nearly 20 percent rally in oil prices over the past week raised hopes in the oil industry that the financial bloodshed might be over. But hopes were quickly dashed on February 4 when prices erased much of their gains – March deliveries of WTI dropped by a whopping 8 percent in a […]
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 […]
