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Oil Tumbles to 4-Year Low Before OPEC, Pulling Down Krone – Bloomberg
Oil Tumbles to 4-Year Low Before OPEC, Pulling Down Krone – Bloomberg. Oil slid to a four-year low amid speculation OPEC will refrain from cutting output at today’s meeting, dragging down shares of energy companies, Gulf-region stocks, and the Norwegian krone. Government bonds rose, with yields in Europe falling to record lows. West Texas Intermediate crude tumbled 2.1 percent […]
For The World’s Largest Rig Operator, The “Recovery” Is Now Worse Than The Post-Lehman Crash | Zero Hedge
For The World’s Largest Rig Operator, The “Recovery” Is Now Worse Than The Post-Lehman Crash | Zero Hedge. The last time the world’s largest oil and gas drill operator, Seadrill, halted its dividend payment was in 2009, shortly after Lehman had filed and the world was engulfed in a massive depression. Retrospectively, this made sense: […]
Saudis signal no push for oil cut as market to ‘stabilize itself’ | Reuters
Saudis signal no push for oil cut as market to ‘stabilize itself’ | Reuters. (Reuters) – OPEC leader Saudi Arabia signaled on Wednesday it was unlikely to push for a major change in oil output at the producer group’s meeting this week, a day after Russia refused to cooperate in any production cut. Saudi Oil Minister Ali al-Naimi said […]
Its Grip on Oil Weakening, OPEC Will Meet on Prices – NYTimes.com
Its Grip on Oil Weakening, OPEC Will Meet on Prices – NYTimes.com. LONDON — As oil prices continue to plummet, the once-dominant international cartel of producers is losing its sway over the global energy markets. At its meeting on Thursday in Vienna, the Organization of the Petroleum Exporting Countries, the group of 12 oil producing nations, is under pressure […]
Epsilon Theory – Salient Partners | The Unbearable Over-Determination of Oil
Epsilon Theory – Salient Partners | The Unbearable Over-Determination of Oil. You know you’re in trouble when the Fed’s Narrative dominance of all things market-related shows up in the New York Times crossword puzzle, the Saturday uber-hard edition no less. It’s kinda funny, but then again it’s more sad than funny. Not a sign of a market […]
What Low Oil Prices Mean For The U.S. Economy
What Low Oil Prices Mean For The U.S. Economy. For the last 4 years, the national average retail price of gasoline in the United States stayed within a range of $3.25-$4.00 a gallon. But that all changed this fall, with U.S. consumers now paying an average price of $2.82. This usually is the time of year […]
Oil Rebounds On Reports OPEC Will Cut Supply, Seek Stricter Compliance | Zero Hedge
Oil Rebounds On Reports OPEC Will Cut Supply, Seek Stricter Compliance | Zero Hedge. Less than two hours after Venezuela noted that no supply cut had been pre-agreed, The Wall Street Journal reports… *OPEC MEMBERS SAID TO MOVE TOWARD CUTTING OIL SUPPLY: WSJ And oil prices are jumping. However, a big below the surface shows […]
Russia Might Be Forced To Cut Oil Production
Russia Might Be Forced To Cut Oil Production. Russian Energy Minister Alexander Novak says Moscow is considering a possible cutback in oil production to help end the drop in prices, but there appears to be little it can do without harming its own energy sector. “The issue [of production cuts] requires careful consideration,” Novak told reporters in […]
Who’s Ready For $30 Oil? – The Automatic Earth
Who’s Ready For $30 Oil? – The Automatic Earth. How low can and will oil prices go, and what will the effects of those prices be? I bet you’ll have a hard time finding even just two people who have the same opinion on that. Not that it’s merely a matter of opinion, mind you, […]
Why Environmentalists Love Plummeting Oil Prices
Why Environmentalists Love Plummeting Oil Prices. NEW YORK — Deepwater drilling rigs are sitting idle. Fracking plans are being scaled back. Enormous new projects to squeeze oil out of the oilsands of Canada are being shelved. Maybe low oil prices aren’t so bad for the environment after all. The global price of oil has plummeted […]
Venezuelan Bonds Are Collapsing, FinMin Denies Devaluation Looming | Zero Hedge
Venezuelan Bonds Are Collapsing, FinMin Denies Devaluation Looming | Zero Hedge. While talking heads proclaim – incorrectly – that low oil prices are unequivocally good for the US economy, it is very much not the case for oil producers around the world. Most notably, Venezuela – which ‘needs’ oil prices above $100 to maintain its […]
Oil below $80 as slow China chimes with OPEC warning | Reuters
Oil below $80 as slow China chimes with OPEC warning | Reuters. (Reuters) – Oil fell below $80 a barrel for the first time since 2010 on Thursday, as more evidence of a slowdown in China’s resource-hungry economy chimed with OPEC warning of a substantial drop in demand next year. Data from Beijing showed below-forecast factory output […]
Oil Tankers Stream Toward China as Price Drop Sparks Boom – Bloomberg
Oil Tankers Stream Toward China as Price Drop Sparks Boom – Bloomberg. Add oil shippers to the list of winners from this year’s collapse in crude. The price plunge has spurred China, the world’s second-biggest importer after the U.S., to accelerate bookings of oil cargoes. It will also shave almost $20 billion a year in […]
Bullish Oil Wagers Cut in Sign of Growing OPEC Skepticism – Bloomberg
Bullish Oil Wagers Cut in Sign of Growing OPEC Skepticism – Bloomberg. Speculators are the least bullish on U.S. crude in 20 months as they lose faith in OPEC’s willingness to ease a global supply glut. Money managers reduced net-longpositions in West Texas Intermediate by 8 percent in the week ended Nov. 4, U.S. Commodity Futures Trading Commission […]
Obama May Have To Shut Down Government To Halt The Keystone Pipeline | Zero Hedge
Obama May Have To Shut Down Government To Halt The Keystone Pipeline | Zero Hedge. It would appear the first big test for President Obama’s ‘veto’ pen will be no lesser issue than the Keystone Pipeline. Reuters reports that Republicans will quickly introduce stand-alone legislation in the first quarter of 2015 that would approve the Keystone XL crude […]
