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Exxon Cuts 2020 Capex By 30% On Expectations For 25-30% Demand Drop
Exxon Cuts 2020 Capex By 30% On Expectations For 25-30% Demand Drop With oil trading at prices that are uneconomical even for the world’s biggest majors, on Tuesday morning Exxonmobil announced it cut its 2020 Capex by 30% and cash Opex by 15% as the CEO said he expects a record 25-30% demand drop this […]
Former Fed Advisor Asks “Has The Fed Bankrupted The Nation”
Former Fed Advisor Asks “Has The Fed Bankrupted The Nation” Volcker, Greenspan, Bernanke and Yellen. Which one does not belong? Logic dictates that Volcker should have been odd man out. After all, there is no legendary “Volcker Put.” The towering monetarist made no bones about never being bound by the financial markets. The same can certainly not […]
Texas Economy Collapses – Dallas Fed Survey Crashes To 6-Year Lows As “D” Word Is Uttered
Texas Economy Collapses – Dallas Fed Survey Crashes To 6-Year Lows As “D” Word Is Uttered For the 13th month in a row, The Dallas Fed Manufacturing Outlook was contractionary with a stunning -34.6 print following December’s already disastrous collapse back to -20.1, post-crisis lows. With “hope” having plunged back into negative territory (-2.2) in December, January […]
$10 Trillion Investment Needed To Avoid Massive Oil Price Spike Says OPEC
$10 Trillion Investment Needed To Avoid Massive Oil Price Spike Says OPEC OPEC says that $10 trillion worth of investment will need to flow into oil and gas through 2040 in order to meet the world’s energy needs. The OPEC published its World Oil Outlook 2015 (WOO) in late December, which struck a much more pessimistic note […]
Oil Bankruptcies Hit Highest Level Since Crisis And There’s “More To Come”, Fed Warns
Oil Bankruptcies Hit Highest Level Since Crisis And There’s “More To Come”, Fed Warns “Two things become clear in an analysis of the financial health of US hydrocarbon production: 1) the sector is not at all homogenous, exhibiting a range of financial health; 2) some of the sector indeed looks exposed to distress [and] lifelines […]
The Next Domino: CANADA
The Next Domino: CANADA The Federal Reserve has kept its zero interest rate policy (‘ZIRP’) for several years (and much longer than originally anticipated) whilst the European Central Bank seems to be getting serious about doing ‘better’ and has now reduced the deposit rate at the ECB to -0.30%. It’s already remarkable a central bank doesn’t seem […]
Oil Majors Sacrifice Production To Protect Dividends
Oil Majors Sacrifice Production To Protect Dividends The French oil company Total released a downward revision to its production forecast, lowering its target from 2.8 million barrels per day (mb/d) in 2017, to 2.6 mb/d, a sign that low oil prices continue to cut into long-term oil production for even the largest companies. Total’s CEO said part […]
Saudi Exec Expects $1 Trillion Drop In Energy Investments
Saudi Exec Expects $1 Trillion Drop In Energy Investments A high-ranking Saudi Aramco executive says the plunge in energy prices already has caused many in the industry to cut spending on oil and gas projects, and the trend probably will continue for a few years, perhaps reaching a cut of $1 trillion in investments. “Challenges […]
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 […]
Oil fall could lead to capex collapse: DoubleLine’s Gundlach
Oil fall could lead to capex collapse: DoubleLine’s Gundlach (Reuters) – DoubleLine Capital’s Jeffrey Gundlach said on Tuesday there is a possibility of a “true collapse” in U.S. capital expenditures and hiring if the price of oil stays at its current level. Gundlach, who correctly predicted government bond yields would plunge in 2014, said on […]
Suncor to cut 1,000 jobs in response to low oil prices
Suncor to cut 1,000 jobs in response to low oil prices Energy firm to cut $1B from capital spending, delay work on some projects Oilsands giant Suncor Energy says it will cut approximately 1,000 jobs and reduce its 2015 spending plans in response to lower oil prices. The job cuts will primarily affect contract workers, […]
Oil jumps 3 percent to $63 as energy firms slash investments | Business | Reuters
Oil jumps 3 percent to $63 as energy firms slash investments | Business | Reuters. LONDON (Reuters) – Brent crude jumped 3 percent to above $63 a barrel on Thursday, extending a rebound from five-year lows this week as oil’s six-month price rout forced more energy firms to cut investments in new production. Oil this week […]
