Keyword: oilprice

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  • Oil Price Down Nearly 10% Over The Past Three Days

    03/10/2017 10:12:48 AM PST · by Steely Tom · 42 replies
    NASDAQ WTI Petroleum Price ^ | 10 March 2017 | Petro Market
    The of oil is down, from $53 on 7 March, to a bit above $48 today. This, going into the summer driving season.
  • Crude Crashes As Saudis Kill OPEC Meeting Before It Even Started

    09/23/2016 10:10:35 AM PDT · by bananaman22 · 9 replies
    Oilprice.com ^ | 23-09-2016 | Matt
    Crude prices are selling off, aided by Saudi comments that a decision will not be forthcoming from next week's OPEC meeting in Algiers. Add to this news that the Federal Reserve is looking to restrict bank involvement in physical commodities...and dollar strength as the cherry on top...and oil is heading lower into the weekend.
  • Why oil prices just stampeded into bull-market territory

    08/18/2016 4:42:04 PM PDT · by BlackVeil · 30 replies
    MarketWatch ^ | Aug 18, 2016 | Myra Saefong
    Oil prices officially charged into a bull market Thursday as the prospect of an output freeze by major producers, data showing the first weekly fall in U.S. crude supplies in a month, and a decline in the dollar boosted prices. Crude-oil prices have advanced more than 20% from their Aug. 2 low over the past several sessions...September West Texas Intermediate crude CLU6, +0.23% climbed by $1.43, or 3.1%, to settle at $48.22 a barrel
  • The Price Of Oil Is Crashing Again, And That Is Very, Very Bad News For The U.S. Economy

    08/02/2016 4:28:47 AM PDT · by HomerBohn · 96 replies
    LC News Group ^ | 7/2/2016 | Michael Snyder
    This wasn’t supposed to happen. The price of oil was supposed to start going back up, and this would have brought much needed relief to economically-depressed areas of North America that are heavily dependent on the energy industry. Instead, the price of oil is crashing again, and that is really bad news for a U.S. economy that is already mired in the worst “recovery” since 1949. On Monday, U.S. oil was down almost four percent, and for a brief time it actually fell below 40 dollars a barrel. Overall, the price of oil has fallen a staggering 21 percent since...
  • Exxon Misses Estimates By A Mile, Plunges To Two-Month Lows

    07/29/2016 9:09:34 AM PDT · by bananaman22 · 12 replies
    Oilprice.com ^ | 29-07-2016 | Big Oil
    ExxonMobil reported on Friday earnings of US$1.7 billion for the second quarter, a 59-percent tumble on the year, amid sharply lower commodity prices and weaker refining margins. Earnings per share assuming dilution fell to US$0.41 from US$1.00 for the second quarter last year, missing Thomson Reuters’ analyst expectations of US$0.64 earnings per share. Upstream earnings plummeted by US$1.7 billion, to US$294 million in the second quarter of 2016, and the U.S. upstream segment posted a loss of US$514 million, swelled from a loss of US$47 million in the second quarter of 2015. Non-U.S. upstream earnings tumbled by US$1.3 billion, to...
  • The Biggest Threat To Oil Prices Is The Dollar, Not A Supply Glut

    07/28/2016 9:14:52 AM PDT · by bananaman22 · 5 replies
    The glut of gasoline and other refined products has taken center stage for the oil markets, threatening to initiate a new bear market and push oil prices down below $40 per barrel for the first time in months. But while a surplus of refined products is weighing on crude prices, there could be another culprit that does not get as much publicity. Goldman Sachs says that a strong dollar deserves more blame for an oil price downturn, and further strengthening of the greenback looms as a much larger threat to prices than the gasoline glut. The U.S. Federal Reserve could...
  • IEA: Gasoline Glut Could Cause Oil Price Rout

    07/13/2016 9:39:07 AM PDT · by bananaman22 · 7 replies
    Oilprice.com ^ | 13-07-2016 | IEA
    Oil prices have been crushed over the past two years because of a glut of production. With supplies falling off, particularly in the U.S. shale patch, prices have begun to firm up. But another glut that has built up and has stubbornly refused to fall threatens another oil price downturn. In its July Oil Market Report, the International Energy Agency warned about shockingly high levels of refined products sitting in storage. Gasoline, diesel and heating oil are built up to such high levels in so many parts of the world, that a sharp rise in crude oil prices is unlikely...
  • Citibank: We’re Nearing A Bull Market For Oil

    07/12/2016 10:01:52 AM PDT · by bananaman22 · 8 replies
    Oilprice.com ^ | 12-07-2016 | Citi
    Citigroup is “especially bullish” on commodities in 2017, the bank says. “The oil market is treading water for now, but the oil price overshot to the downside earlier this year and this is clearly setting the stage for a bullish end to the decade,” Citi analysts, led by Ed Morse, wrote in a research note published on July 11. There is a quite a bit of volatility in commodity markets, especially for oil, but global demand continues to grow at a steady pace. Prices have crashed on oversupply, but with oil production going offline, particularly in the U.S., the markets...
  • Permian Basin rig count turns positive

    05/25/2016 12:53:16 PM PDT · by 2ndDivisionVet · 3 replies
    The Midland Reporter-Telegram ^ | May 23, 2016 | Trevor Hawes
    It was a positive week for the Permian Basin rig count. The nation’s most-active basin added three rigs for a total of 137. Its most-active county, Midland, added two to the tally for a total of 23 rigs, according to weekly rotary rig count data released Friday by Houston-based oilfield services company Baker Hughes. The Permian saw several counties with renewed activity, including Cochran, Schleicher and Dawson. Lynn was the only county that ceased all activity. For active areas in the Permian, there were 24 rigs in District 7C, up two; 89 in District 8, up one; eight in District...
  • 90% Off Sale On Offshore Drilling Rigs?

    05/11/2016 2:56:12 PM PDT · by bananaman22 · 6 replies
    Oilprice.com ^ | 11-05-2016 | offshore
    It might not be a great time to start offshore drilling, with oil prices as depressed as they are, but it might just be a great time to buy an offshore drilling rig for a cut-rate price—in fact, you might be able to get one for only one tenth of what they cost in 2011. This is the cost coup recently pulled off by Ocean Rig, a company controlled by shipping billionaire George Economou, who has landed a drillship—the Cerrado—for only US$65 million at auction, which represents less than 10 percent of the estimated price when it was built over...
  • Oil Hits 6-Month High on Crude Inventory Draw

    05/11/2016 3:27:10 PM PDT · by bananaman22 · 9 replies
    Oilprice.com ^ | 11-05-2016 | Charles
    Crude oil futures rose 3.5 percent in mid-afternoon trading on Wednesday, following official data earlier in the day showing a 3.4-million drop in crude inventories and a fall in crude output to 8.8 million barrels per day, the lowest since the fourth quarter of 2014. June deliveries of West Texas Intermediate (WTI) were up US$1.57, or 3.5 percent, settling at US$46.23 per barrel on the New York exchange. This jump is higher than any closing price the commodity has seen since November of last year.
  • Exxon's 1Q profit plunges 63 percent on lower oil prices

    05/03/2016 7:34:31 AM PDT · by Lorianne · 43 replies
    AP ^ | 29 April 2016 | David Koenig
    <p>DALLAS (AP) -- Exxon Mobil produced its weakest quarter in more than 16 years as lower oil prices pushed its profit down by 63 percent.</p> <p>Revenue tumbled 28 percent, and the oil giant lost money in its vaunted exploration and production business despite a 2 percent increase in production. It made more money, however, in chemicals.</p>
  • As Oil Rises, US Shale Companies Have Begun Increasing Oil Production

    04/28/2016 1:28:29 PM PDT · by Nachum · 11 replies
    Zero Hedge ^ | 4/28/16 | tyler durden
    Three days ago, Pioneer surprised oil market watchers when it not only said that it has already produced more oil than it had initially forecast, but that once crude returns to $50, all systems are go. This is what it said in its Q1 press release: producing 222 thousand barrels oil equivalent per day (MBOEPD), of which 55% was oil; production grew by 7 MBOEPD, or 3%, compared to the fourth quarter of 2015, and was significantly above Pioneer’s first quarter production guidance range of 211 MBOEPD to 216 MBOEPD; oil production grew 10 thousand barrels oil per day during...
  • Drill will: America, not OPEC, decides the fate of global oil markets

    04/25/2016 2:55:17 PM PDT · by 2ndDivisionVet · 11 replies
    The Economist ^ | April 23, 2016
    “WE DON’T care about oil prices,” Muhammad bin Salman, Saudi Arabia’s deputy crown prince, recently told Bloomberg, a news agency: “$30 or $70, they are all the same to us.” Such comments by the man calling the shots in the world’s biggest oil power should be taken with a pinch of salt. Low oil prices cost the country billions, threaten its credit rating and are turning it from creditor to debtor: this week it set out to raise $10 billion from global banks. Yet the claim is not entirely hollow, either. Saudi Arabia is determined not to give any succour...
  • Could Sabotage Cause A Surge In Oil Prices?

    04/26/2016 3:22:22 PM PDT · by bananaman22 · 12 replies
    Oilprice.com ^ | 26-04-2016 | Dwayne Purvis
    Hidden among the ballyhoo about a collaborative freeze in production growth, a less visible but far more effective dynamic has affected, and likely will affect, oil supply and price: military intervention. There have always been three routes out of the unsustainably low prices: natural decline/growth of supply/demand, collaboration constraints on supply, and military conflict. Since January, while the talk of a growth freeze had no effect whatsoever on actual supply, the natural decline/growth did reduce the overhang by a couple of hundred thousand barrels of oil per day. Meanwhile, two little-discussed and less-understood military interventions took a combined 900,000 bopd...
  • Some oil firms borrowed billions. Now they're getting burned. (very sobering)

    03/27/2016 2:59:59 PM PDT · by doldrumsforgop · 34 replies
    tyler telegraph ^ | 3/27/16 | c harlan
    He'd borrowed from banks and investors and retirement funds, all in a frenzied mission to drill for oil and gas, and by the time Terry Swift realized he'd gone too far, this was his debt: $1.349 billion. His company, founded by his father almost 40 years earlier, had plunged into bankruptcy and laid off 25 percent of its staff. Its shares had been pulled from the New York Stock Exchange. And now Swift was in a company Chevrolet Tahoe, driving back to the flat and dusty place where his bets had gone bust. Swift was coming to this energy-rich strip...
  • The Fed, the Dollar, and Oil

    03/23/2016 5:03:26 AM PDT · by expat_panama · 10 replies
    financial sense ^ | 03/22/2016 | Matthew Kerkhoff
    Five consecutive weeks of gains makes it hard to argue that we’re in a bear market. While it may not seem like much has changed since the markets last swooned, a few key developments remain supportive of stock prices.In particular, a shifted stance on monetary policy, change in the trajectory of the dollar, and recovery in oil prices have turned sellers into buyers.The Fed Last Wednesday the Federal Reserve confirmed what many had anticipated going into the latest FOMC meeting: that the Fed would have to back off of its four-rate-hike plan for 2016.For some time now, the Fed’s...
  • The U.S. Still Dominates World Oil Prices

    02/29/2016 11:55:34 AM PST · by bananaman22 · 1 replies
    Oilprice.com ^ | 29-02-2016 | Art
    World oil prices are controlled by the amount of crude oil stored at Cushing, Oklahoma. That’s because Cushing is the pricing point for WTI (West Texas Intermediate) oil prices, the most-traded oil futures contract in the world. Cushing Storage Rules World Oil Prices WTI and Brent oil prices have good negative correlation with the volume of crude oil stored at Cushing. Comparative inventory, the present volume of oil compared with the 5-year average, and oil-price volatility, the rate at which the price of oil moves up and down
  • Oil crash taking stocks down ... again

    02/11/2016 9:57:35 AM PST · by Signalman · 18 replies
    cnnmoney ^ | 2/11/2016 | Charles Riley
    U.S. crude futures dropped as much as 5% on Thursday, driving prices below $27 for the second time in recent weeks. Before this year, oil prices hadn't dipped below $27 since 2003. The steady decline is creating a widespread headache for financial markets. It's causing energy companies' profits to plunge, raising worries about the prospect of bankruptcies in the oil sector and spooking investors about global growth. In total, crude oil has plunged an incredible 75% from its June 2014 peak of almost $108. U.S. stock markets followed by declining sharply. The Dow fell as much as 350 points and...
  • Just a fraction of the world's oil supply isn't profitable at $35 a barrel

    02/12/2016 12:52:48 PM PST · by Zhang Fei · 18 replies
    Business Insider ^ | 2/12/2016 | Bob Bryan
    Wood Mackenzie's report, cited by the energy news service Platts, said about 3.4 million barrels' worth of oil a day was not profitable below $35 a barrel. According to the International Energy Agency, the world's supply is 97.07 million barrels a day. While today's oil prices are below this threshold, the report suggests the price at which US shale and other producers would be forced out of the market is lower than previously thought. As Platts writes, "For many producers, being cash negative is not enough of an incentive to shut down fields as restarting flow can be costly and...
  • Louisiana governor: Budget crisis threatens future of college sports (Neux Tigers!)

    02/12/2016 7:41:45 AM PST · by InvisibleChurch · 19 replies
    esPn ^ | 2-12-16
    Facing a budget crisis, Louisiana Gov. John Bel Edwards says higher education in the state could be compromised. And that includes the possibility of college athletics in Louisiana being canceled. In a statewide televised address Thursday, Edwards said campuses could run out of money and be forced to shut down in April, highlighting the LSU football team as one of the potential losses from massive cuts to higher education funding. "If you are a student attending one of these universities, it means that you will receive a grade of incomplete, many students will not be able to graduate, and student-athletes...
  • Forget oil stocks. Banks are killing your portfolio

    02/05/2016 6:15:44 AM PST · by Citizen Zed · 4 replies
    cnn ^ | 2-5-2016 | Ivana Kottasova
    Shares in some of the world's biggest banks are plunging. Financial stocks in the S&P 500 are down more than 11% so far this year. That's worse than oil, energy stocks, and even the emerging markets index. European banks have fallen even further. Deutsche Bank (DB) has lost 31% so far this year, Unicredit (UNCFF) is down 35%, and Credit Suisse (CSGKF) is 30% down. Barclays (BCLYF), BNP Paribas (BNPQF), Societe General (SCGLF), and UBS (UBS) have all lost about 20% since the beginning of 2016. Bank earnings have generally been disappointing. Credit Suisse shares hit a 24-year low after...
  • Citi: World economy seems trapped in 'death spiral'

    02/05/2016 12:08:31 PM PST · by HarleyLady27 · 28 replies
    CNBC ^ | Feb. 5, 2016 | Katy Barnato
    The global economy seems trapped in a "death spiral" that could lead to further weakness in oil prices, recession and a serious equity bear market, Citi strategists have warned.
  • $100 Trillion Up in Smoke

    02/07/2016 7:52:26 AM PST · by Lorianne · 22 replies
    Mauldin Economics ^ | 06 February 2016 | John Mauldin
    If energy powers the world, then whoever owns that energy must have power over the world. That’s certainly been the case for the last century or two. Ownership of our primary energy source, crude oil, is what made billionaires of John D. Rockefeller, H.L. Hunt, and assorted Middle Eastern kings, emirs, and sheikhs. Oil in the ground is wealth only on paper – you may own that oil, but it earns you nothing until you recover and sell it. Yet paper wealth is still wealth. It goes on your balance sheet as an asset that you can sell. You can...
  • Oil price crash: Saudis told to embrace austerity as debt defaults loom

    01/31/2016 1:17:32 PM PST · by Lorianne · 70 replies
    Telegraph (UK) ^ | 30 January 2016 | Mehreen Khan
    Kingdom faces a future of higher taxes and low fuel subsidies amid fears the world's weakest oil producers will soon begin to buckle ___ Saudi Arabia faces years of tough austerity as the worst oil price crash in the modern history forces the kingdom to make radical cuts to government largesse, the International Monetary Fund has warned. The world's largest producer of crude oil will need to "transform" its economy away from oil revenues, which make up more than 80pc of the government's wealth, according to Masood Ahmed, head of the Middle East department at the IMF. The Saudi monarchy...
  • Hedge Funds Pulled Short Oil Positions Just Before Rebound: Bloomberg

    01/26/2016 11:49:37 AM PST · by Citizen Zed · 4 replies
    barrons ^ | 1-25-2016 | Teresa Rivas
    Computer automated hedge fund strategies weren't the only winners amid recent volatility. Hedge funds also appear to have timed oil’s recent slump and rebound. That's according to Bloomberg's Moming Zhou, who reports  that hedge fund significantly curbed their bearish positions in crude oil just after it fell to a 12-year low last week -- and then rebounded in its biggest jump since 2008. While oil had a brutal start to 2016 after a disappointing 2015 showing, many are coming around to the idea of a recovery in prices, as Citi argued it could be the trade of the year, some...
  • Cheap prices fail to kill U.S. oil boom

    01/25/2016 10:08:32 PM PST · by Citizen Zed · 25 replies
    cnn money ^ | 1-26-2016 | Matt Egan  
    <p>Many smart people thought U.S. oil production would fall off a cliff along with the crash in crude prices.</p> <p>In reality, it hasn't even come close to killing American production. The U.S. pumped 9.35 million barrels of oil a day in October, according to the latest government statistics available. That's up from 9.13 million barrels in October 2014.</p>
  • American oil companies are starting to scream "mayday."

    01/24/2016 9:05:27 AM PST · by Lorianne · 46 replies
    CNN ^ | 22 January 2016 | Heather Long
    Last year, 42 North American drillers filed for bankruptcy, according to law firm Haynes and Boone. It's only likely to get worse this year. Experts say there are a lot of parallels between today's crisis and the last oil crash in 1986. Back then, 27% of exploration and production companies went bust. Defaults are skyrocketing again. In December, exploration and production company defaults topped 11%, up from just 0.5% the previous year, according to Fitch Ratings. That's a 2,000%-plus jump. It's just the beginning, says John La Forge, head of real assets strategy at Wells Fargo. If history repeats, people...
  • These Shale Drillers Could Soon Default As Credit Options Run Out

    01/09/2016 4:54:54 PM PST · by familyop · 5 replies
    OilPrice.com ^ | 06 January 2016 | ZeroHedge
    So, without further ado here are 25 deeply distressed companies, whose banks we found have quietly shrunk the borrowing base of their credit facilities anywhere from 6 percent in the case of Black Ridge Oil and Gas to a whopping 51 percent for soon to be insolvent New Source Energy Partners. [Link to chart here.]
  • Recession Indicators Flashing Red

    01/24/2016 1:37:44 PM PST · by EBH · 29 replies
    Wall Street Journal ^ | 1/24/2016 | Josh Zumbrun
    successfully navigated, global growth could be derailed." Of the warning signs, the decline in U.S. industrial production has one of the best track records. The output from mines, factories and utilities has always begun to decline before recession strikes. "Manufacturing tends to lead the economic cycle and it tends to be an indicator of the swings," said Thomas Costerg, senior economist at Standard Chartered. "Manufacturing is struggling." A strong U.S. dollar and weak economies internationally are taking a toll. But unlike past declines in industrial production, today's decline has been driven primarily by the collapse in the oil industry. The...
  • Russia's currency collapses to lowest level ever

    01/21/2016 5:12:47 AM PST · by Berlin_Freeper · 30 replies
    money.cnn.com ^ | January 20, 2016 | Ivana Kottasova
    The Russian ruble has just collapsed to its lowest ever level. It dropped 4% to 82 rubles per U.S. dollar on Wednesday, passing a previous low hit in late 2014 and piling on the pain for an economy already deep in recession. The latest slump was triggered by another steep drop in oil prices -- crude sank below $27 a barrel to its lowest level since September 2003. The ruble often mirrors movements in oil prices because the Russian economy is extremely dependent on energy.
  • When Russia's money runs out, the 'real trouble starts'

    01/22/2016 8:53:51 AM PST · by Roman_War_Criminal · 21 replies
    CNBC ^ | 1/21/2016 | Holly Ellyatt
    Stuck in a recession and with no sign of a reprieve in the oil price, Russia could quickly descend into chaos if the money runs out, William Browder, a well-known critic of the Kremlin and chief executive of Hermitage Capital, told CNBC. "I don't think you can underestimate how bad the situation in Russia is right now, you've got oil below any measure where the budget can survive and you've got sanctions from the West. Russia is in what I'd call a real serious economic crisis," he said on Thursday. Speaking to CNBC in Davos where global business and political...
  • Oil crash sends Dow diving 500 points

    01/20/2016 10:13:11 AM PST · by Signalman · 33 replies
    cnnmoney ^ | 1/20/2015 | Matt Egan
    The Dow plunged 540 points on Wednesday after crude oil plummeted another 7% and crashed below $27 a barrel. The S&P 500 slumped 3.5% to its lowest intraday level since October 2014. The Nasdaq is down another 3.5%. It's the latest blow in what's already been the worst start to a year on record for the stock market. The Dow is now down more than 11% in 2016. "Despite improving valuations, global equities continue to get hammered," Bespoke Investment Group wrote in a client note. The firm said the appetite for risk remains "awful." Turmoil in China and the crash...
  • Will OPEC Be Forced To Call An Emergency Meeting Soon?

    01/20/2016 10:31:57 AM PST · by bananaman22 · 29 replies
    oilprice.com ^ | 20/01/2016 | obama no more
    Oil prices dropped to fresh lows during midday trading on January 20, with WTI dipping below $27 per barrel and Brent trading under $28. The crash in oil since December has only deepened the pain for oil-exporting countries, even for those within OPEC. Despite the cartel’s inability to agree on a production target at its meeting in early December, some of its members are clamoring for action. Venezuela recently requested an emergency meeting in a letter sent to the other 12 members of OPEC. That is not necessarily news since Venezuela did the same thing last year, but there are...
  • Crashing Oil Prices And Dropping Rig Count Take Their Toll On U.S. Output

    01/12/2016 2:36:28 PM PST · by bananaman22 · 1 replies
    Oilprice.com ^ | 12-01-2015 | Steve
    The EIA has just published its latest update to the Drilling Productivity Report (DPR), and soon we will get their update to the Short Term Energy Outlook. These are the two documents in which the EIA take a stab at estimating where US production is going, as opposed to where it has been. Weakness in the Chinese economy has hung like a pall on the oil market since the turn of the year and there is nothing putting a floor under the oil price just yet, but to my eyes the decline of US shale production is now well established...
  • Tumbling oil trades below $30 a barrel for first time in 12 years

    01/12/2016 12:38:57 PM PST · by familyop · 13 replies
    Reuters, Yahoo News ^ | Jan 12, 2016 | Catherine Ngai
    NEW YORK (Reuters) - Oil fell briefly below $30 a barrel on Tuesday, extending a relentless selloff that has wiped almost 20 percent off prices this year amid deepening concerns about fragile Chinese demand and the absence of output restraint.
  • Dow plunges triple digits to three-month low after oil rout

    01/15/2016 8:45:33 AM PST · by RightGeek · 20 replies
    Yahoo Finance ^ | 1/15/2015 | Evelyn Cheng
    U.S. stocks traded sharply lower Friday after a slew of disappointing U.S. data, a fresh plunge in oil to below $30 a barrel and a sell-off in Chinese stocks that added to mounting concerns about slowing global growth. "Simply put, we're not talking about a wall of worry right now. We're talking about a mountain," said Ryan Larson, head of equity trading, U.S., RBC Global Asset Management (U.S.). "It's not anything new. It's the continued persistence of global growth concerns," he said.
  • Global Risk Off: China Reenters Bear Market, Oil Tumbles Under $30; Global Stocks, US Futures Gutted

    01/15/2016 4:46:55 AM PST · by Zakeet · 6 replies
    Zero Hedge ^ | January 15, 2016
    Bulletin Headline Summary From Bloomberg and RanSquawk Amid the fresh downturn in risk sentiment, there is one standout move to highlight this morning; the USD/CAD ramp through 1.4400 and 1.4500 WTI and Brent are below USD 30/bbl, with analysts noting that the UN are expected to approve the removal of Iranian trade sanctions as soon as Monday Highlights today include US retail sales, PPI final demand, empire manufacturing, industrial production, business inventories and University of Michigan sentiment as well as Fed's Dudley, Williams and Kaplan Treasuries gain as global stocks plunge led by China, crude at 12-year low; 10Y has...
  • Is it time to bail out the U.S. oil industry?

    01/15/2016 5:00:25 AM PST · by thackney · 22 replies
    CNN Money ^ | January 14, 2016 | Matt Egan
    The epic-crash in oil prices has wiped out tens-of-thousands of jobs, caused dozens of bankruptcies and spooked global financial markets. The fallout is already being felt in oil-rich states like Texas, Oklahoma and North Dakota, where home foreclosure rates are spiking and economic growth is slowing. Now there are calls in at least some corners for the federal government to come to the rescue. "It is time to send out an S.O.S., before it's too late," John Kilduff, founding partner of energy hedge fund Again Capital, wrote in a recent CNBC column. In the Kilduff dictionary, by the way, S.O.S....
  • Dow futures drop 300 points as oil spirals lower

    01/15/2016 5:18:57 AM PST · by mykroar · 16 replies
    CNBC.com ^ | 1/15/16 | CNBC Staff
    U.S. stock index futures indicated a lower open on Friday after the Chinese stock market and crude prices plunged. The Shanghai composite fell 3.51 percent and entered bear market territory, while Brent and WTI futures both held below $30 a barrel, down 4.3 percent and 5.8 percent, respectively. The pan-European STOXX 600 index fell nearly 2 percent. Dow futures fell more than 300 points, as the blue chips index was also dragged down by falls in Intel, Apple and Goldman Sachs. Intel reported better-than-expected earnings Thursday, but the stock is down about 6 percent in the premarket on Friday. Traders...
  • Oil dive deepens to 12-year low; $20 warning on China

    01/12/2016 8:12:07 PM PST · by TigerClaws · 48 replies
    Related Stories Oil dive deepens to 12-year low; $20 warning on China Reuters Oil prices fall for sixth day as hopes for recovery fade Reuters Oil down again to 12-year low; $30 handle looks more likely Reuters Oil slumps towards 11-year low, ignoring Mideast tensions Reuters Oil ends 2015 down 35 percent; long, painful hangover seen Reuters NEW YORK (Reuters) - A brutal new year selloff in oil markets quickened on Monday, with prices plunging 6 percent to new 12-year lows as further ructions in the Chinese stock market threatened to knock crude as low as $20 a barrel. Amid...
  • Oil could crash to $10 a barrel, warn investment bank bears

    01/12/2016 12:09:40 PM PST · by Lorianne · 30 replies
    Telegraph (UK) ^ | 12 January 2016 | Mehreen Khan
    Petrol prices could fall back to levels last seen in 2009 in a $10-a-barrel world as major banks say there is no bottom in sight for the world's lopsided market __ Oil prices have fallen to fresh lows of less than $30 a barrel amid warnings the price rout could reach as low as $10 and bring down petrol prices to levels last seen in 2009. Standard Chartered became the latest major bank to downgrade its oil outlook, joining the likes of Goldman Sachs, RBS and Morgan Stanley in making ultra-bearish calls as prices have collapsed by 15pc this year....
  • Oil Plunge Sparks Bankruptcy Concerns

    01/11/2016 5:37:14 PM PST · by Citizen Zed · 8 replies
    wsj ^ | 1-11-2016 | BRADLEY OLSON and ERIN AILWORTH
    Crude-oil prices plunged more than 5% on Monday to trade near $30 a barrel, making the specter of bankruptcy ever more likely for a significant chunk of the U.S. oil industry. Three major investment banks - Morgan Stanley, Goldman Sachs Group Inc. and Citigroup Inc. - now expect the price of oil to crash through the $30 threshhold and into $20 territory in short order as a result of China's slowdown
  • Worst oil bust in 45 years brings US crude below $31 a barrel

    01/12/2016 5:01:43 AM PST · by thackney · 59 replies
    Fuel Fix ^ | January 11, 2016 | Collin Eaton
    The oil bust that has cost the United States roughly 70,000 energy jobs has become more severe than any downturn in 45 years, Morgan Stanley said Monday, as crude prices fell a sixth day. Crude prices tumbled below $32 a barrel on Monday, and over the past 19 months have plunged further and for a longer time than even the 1986 oil bust that deeply bruised the Texas economy. Morgan Stanley says the five major downturns since 1970 no longer can be a credible guide as the oil market enters "uncharted territory." "No floor in oil prices has been found...
  • Rig Count: Capitulation?

    01/09/2016 7:35:24 PM PST · by familyop · 17 replies
    OilPrice.com ^ | 09 January 2016 | Arthur Berman
    ...Fayetteville Shale play officially bit the dust...tight oil horizontal rig count was down by 20...Bakken-Eagle Ford-Permian HRZ rig count was down by 14. The Bakken lost 3 rigs, the Eagle Ford, 4, and the Permian, 7.
  • US crude dips below $31, hits fresh 12-year low

    01/11/2016 11:08:24 AM PST · by Red Badger · 45 replies
    CNBC ^ | 01/11/2016 | Staff
    A brutal new year selloff in oil markets deepened on Monday, with prices plunging more than 6 percent to new 12-year lows as further ructions in the Chinese stock market threatened to knock crude into the $20s. On Monday, China's blue-chip stocks fell by another 5 percent and overnight interest rates for the yuan outside of China soared to nearly 40 percent, their highest since the launch of the offshore market. Morgan Stanley warned that a further devaluation of the yuan could send oil prices spiraling lower still, extending the year's nearly 15 percent slide. While China's ructions are spooking...
  • U.S. Oil Prices Drop Below $32 a Barrel

    01/11/2016 8:49:32 AM PST · by Citizen Zed · 32 replies
    wsj ^ | 1-11-2016 | NICOLE FRIEDMAN
    U.S. oil prices dropped below $32 a barrel Monday for the first time since 2003 on a stronger dollar and continued concerns about Chinese demand. Prices slumped to 12-year lows this month as the global glut of crude that has weighed on oil prices for more than a year continues to persist.
  • OPEC Expects U.S. Oil Production To Rise In 2016… Really?

    12/29/2015 11:54:02 AM PST · by bananaman22 · 36 replies
    Oilprice.com ^ | 29-12-2015 | Peak oil ping
    The OPEC 2015 World Oil Outlook came out a few days ago. They basically produce two outlooks, a medium term outlook to 2020 and a long term outlook to 2040. I found their medium term outlook pessimistic in some cases too optimistic in others. But I found their long term outlook to be wildly optimistic… in most cases. In all cases below I chart crude when it is available and “liquids” only when no other option is available. The data is in million barrels per day.
  • This Suggests An Oil Price Recovery Might Be On Its Way

    12/10/2015 8:10:25 AM PST · by bananaman22 · 10 replies
    Oil futures prices are below $38 but there is a glimmer of hope in EIA’s Short-Term Energy Outlook (STEO) released today–world consumption increased in November and supply fell. OPEC did what everyone expected last week–nothing–and oil markets reacted badly. Brent futures fell 15% from $47.44 before the OPEC meeting on Friday (December 4) to $40.25 today (December 8). I have been saying that oil prices have been too high based on fundamentals and need to move lower in order for oil markets to balance. Now we may be seeing the beginnings of that trend. In November, world liquids supply fell...
  • Saudis Trying to Kill U.S. Frackers as Oil could fall to $20 for the first time in 15 years.

    12/09/2015 8:12:46 AM PST · by SeekAndFind · 83 replies
    PJ Media ^ | 12/09/2015 | Stephen Green
    Saudi Arabia might just bust OPEC by keeping its taps open, but right now the Kingdom's main concern is strangling American shale production. Read: Markets had been expecting Opec to announce a new ceiling on production after last Friday's meeting, but analysts at Barclays said the lack of any curbs in its announcement was a sign of discord. "Past communiques have at least included statements to adhere, strictly adhere, or maintain output in line with the production target. This one glaringly did not. "Âť they said. Saudi Arabia needs oil prices of $100 a barrel to balance its budget, but...