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On The Cusp Of A Staggering Default Wave

Business

The Energy Intelligence news and analysis creator and aggregator is not one to haphazradly throw around hyperbolic claims and forecasts. So when it gets downright apocalyptic, as it did this week in a report titled “Is Debt Bomb About to Blow Up US Shale?”, people listen… and if they are still long energy junk bonds, […]


Oil: The Wildfire Spreads

Business

Summary The fires continue to burn in the oil sector. The longer that oil prices persist near cycle lows, the more likely it is that a wave of defaults from the sector will eventually follow. What was once a problem that was largely confined to the commodities space is now spreading to other sectors of […]


Oil prices have moved into ‘super contango’

Oil prices have moved into ‘super contango’ thumbnail

It looks to be a volatile final few weeks for crude oil prices. So far, the low for WTI oil prices in 2015 of $37.75 a barrel set in August stands as the low price point — but not for long. There is a global supply glut, not just of crude oil, but, increasingly, refined […]


Saudi Aramco seeks discounts on drilling

Business

State-run Saudi Aramco has asked oilfield service companies to extend discounts to next year as the oil giant cuts costs amid falling oil prices, industry sources familiar with the matter said. “The oilfield service companies have been asked to give discounts and they will do it since discounts granted this year are due to expire […]


Hedge Fund Short Positions And Oil Prices In 2015

Business

U.S. oil prices have cycled between $40 and $60 per barrel since the start of 2015 and the rise and fall has corresponded with the accumulation and liquidation of hedge fund short positions. There have been at least three cycles in WTI prices and hedge fund positions in the main NYMEX light sweet crude contract […]


Takeover of Simmons ends 41-year run for ‘peak oil’ dealmaker

Takeover of Simmons ends 41-year run for ‘peak oil’ dealmaker thumbnail

The takeover of Simmons & Co. by Piper Jaffray Cos. marks the end of an energy industry dealmaker founded by one of the leading champions of the “peak oil” theory, Matthew R. Simmons. Simmons was best known for his claim that the Earth was running out of crude, promoting the idea that world oil reserves were peaking […]


Protect Assets With The Dollar

Business

Summary A strong bull market. Fundamentals say higher, much higher. Technicals say the trend is your friend. A Fed promise kept will launch the greenback. Parity and more. The U.S. dollar is the reserve currency of the world. While the total population of the United States currently stands at around 322 million, the world population […]


What were the Real Origins of the great oil crisis of the 1970s?

What were the Real Origins of the great oil crisis of the 1970s? thumbnail

If you happen to be caught in a boat in a major storm, such as in this image by Hokusai, you’ll surely think you experiencing a major shock. However, it is also true that no storm changes the average water level of the oceans. So, the oil storms of the 1970s were perceived as major […]


5 Stages Of The Oil Industry

Business

It’s Not That Simple In my previous article Why the Bakken Boomed, I discussed the shale oil boom that has had such a dramatic impact in North Dakota’s Williston Basin over the past decade. But throughout the U.S. shale boom there have been those who doubted that the production gains would prove anything other than fleeting. […]


Oil company defaults are coming

Oil company defaults are coming thumbnail

Oil companies of all hues loaded up on massive amounts of debt to fund rigs and fancy new drilling equipment. The problem is the companies were banking on oil prices closer to $100 oil when they took on the debt. Now oil is around $45 and no one is expecting prices to hit $100 any […]


Reality Setting In For The Oil Majors

Business

Third quarter earnings capture some of the worst losses recorded since the downturn in oil prices began last year. Oil prices have displayed great volatility over the last twelve months, rallying to $60 per barrel in the second quarter before dropping back down to current levels in the mid-$40s. That has contributed to some large […]


Chevron Announces Big Job Cuts

Chevron Announces Big Job Cuts thumbnail

Oil giant Chevron Corp. announced Friday that it was planning to cut 6,000 to 7,000 jobs as the company sees it profits decline for the fourth consecutive quarter. The global oil-market is currently experiencing its worst price slump since the 1980s, Bloomberg reported. The job cut announcement came along with third-quarter net income reports. Chevron reported […]


Saudi Arabia Credit Rating Cut

Business

Saudi Arabia’s credit rating was cut by Standard & Poor’s , which said the decline in oil prices will increase the budget deficit in a country that relies on energy exports for 80 percent of its revenue. S&P cut the sovereign rating one level to A+, the fifth-highest classification, as it said the biggest OPEC […]


BP’s big plans need crude at $60

Business

BP has big plans to balance its cashflows by 2017, but it needs crude prices to hold $60 a barrel and St James’s Place has reported a terribly polite 17 per cent rise in net fund inflows. FT City editor Jonathan Guthrie rounds up the morning’s main news and puts it into context. BP is […]


Dispelling The Oil Storage Myth

Dispelling The Oil Storage Myth thumbnail

Summary One concern hitting many investors recently has been the possibility that the U.S. is approaching full oil storage capacity. If true, this would certainly result in firesale energy prices at some point, throwing oil and other products down much lower than they are today. Upon digging into this, however, I discovered something that should […]


U.S. Shale Drillers Running Out Of Options

U.S. Shale Drillers Running Out Of Options thumbnail

Much has been made about the impressive gains in efficiency and productivity in the shale patch, as new drilling techniques squeeze ever more oil and gas out of new wells. But the limits to such an approach are becoming increasingly visible. The U.S. shale revolution is running out of steam. The collapse of oil prices […]


The Smart Money Is Still Betting Against Crude Oil

The Smart Money Is Still Betting Against Crude Oil thumbnail

Crude oil prices have remained relatively calm since their 25 percent late-August spike thanks to U.S. dollar weakness and reduced expectations of Fed rate hikes. As a result, many investors are wondering if the bottom is in for crude oil and energy stocks and whether it’s a good time to look for bargains. Ever since […]


Higher Oil Prices Are Coming, But Not Just Yet

Business

There’s only one thing worse than being a late arrival at a party, and that’s being early, which is a good reason for investors to be be careful as they assess whether oil has hit the bottom and can stage a sustainable recovery. After touching a three-month low of $38 a barrel in late August the […]


Michael Lynch: Are There Oil Price Superforecasters?

Business

At an academic seminar once, an economist remarked that oil prices were stochastic in nature. The student next to me asked what that meant, and I explained stochastic means random, and economists use it to look smarter. He then asked me if oil prices moved randomly and I explained that when an economist says something […]


The great Ukrainian agricultural sell-off

Business

As detailed previously, Ukrainian agribusiness has been one of the few success stories during the course of the country’s recent woes. And it’s a good thing that it is, as it is hard to understate the importance of agribusiness to Ukraine. A third of all exports from Ukraine last year were agricultural. Some 16.3% of […]


T. Boone Pickens says $70 oil by year-end

T. Boone Pickens says $70 oil by year-end thumbnail

Prominent oil wildcatter T. Boone Pickens isn’t giving up his ambitious bull call for crude-oil prices. In a Thursday op-ed for CNBC, Pickens admitted that with two and half months left until the end of the year, and crude prices hovering in the vicinty of $50, his call “isn’t looking good.” West Texas Intermediate crude […]


There Will Be Blood – Part III

There Will Be Blood – Part III thumbnail

Earlier last week we introduced you to the first part of a missive on shale oil by my friend Harris Kupperman. We followed that up with Part II where Harris dug deeper into some of the numbers in this sector – numbers which should be enough to bring terror into the hearts of even the most fear defying luminaries […]


A Key Oil Trend That Everyone Is Missing

A Key Oil Trend That Everyone Is Missing thumbnail

My friend Rick Rule likes to say, “The cure for low prices is low prices.” Here’s what’s supposed to happen… Marginal producers can’t make money at today’s prices. Therefore they shut in wells (turn them off). As supplies get tighter, prices move higher. But that hasn’t happened. Prices and drilling activity have both continued to […]


Shell CEO sees oil price recovery

Shell CEO sees oil price recovery thumbnail

Oil markets are beginning to recover but the scale of global oversupply means prices may rise only slowly, the chief executive of Royal Dutch Shell Plc (RDSa.L) said on Tuesday. “I see the first mixed signs for recovery of oil prices,” Ben van Beurden told an oil industry conference in London. “But with U.S. shale […]


BP’s Oil Spill Settlement Rises to More Than $20 Billion

BP’s Oil Spill Settlement Rises to More Than $20 Billion thumbnail

The value of BP Plc’s settlement with the U.S. government and five Gulf states over the Deepwater Horizon oil spill rose to $20.8 billion in the latest tally of costs from the U.S. Department of Justice. The settlement is the largest in the department’s history and resolves the government’s civil claims under the Clean Water […]


The US Shale Oil Industry Will Simply Vanish

The US Shale Oil Industry Will Simply Vanish thumbnail

After many years of prosperity, the tough time has come for the US shale industry.   Dramatic US oil production decline is inevitable and many shale companies face bankruptcy. Their assets can end up to larger producers, reinforcing market concentration. US energy independence can only be saved by government intervention.   US government will remove […]


Liquefied natural gas to take place of oil, coal?

Business

Now may not be the best time to unveil plans to export liquefied natural gas from the U.S. But don’t tell Charles “Buddy” Roemer. The former governor of Louisiana will formally announce Monday one of the largest LNG-export proposals in the U.S., at a time when faltering demand for gas in Asia, as well as […]


Frackers Face Mass Extinction

Frackers Face Mass Extinction thumbnail

Awareness is gradually seeping into the financial press that the Great American Oil Revolution has been over for months — witness the current Fortune headline,“Frackers Could Soon Face Mass Extinction.” If the general media had any grasp of what was happening in America, or what it meant, CNN would be doing wall-to-wall coverage of the deserted man-camps […]


Silicon Valley’s Hot New Investment: Oil and Gas

Silicon Valley’s Hot New Investment: Oil and Gas thumbnail

Technology investors aren’t usually known for backing anything related to fossil fuels—they tend to favor solar energy and other environmentally responsible endeavors. But Peter Thiel, whose Founders Fund recently led a $7 million investment an oil-related startup called RunTitle Inc., isn’t your typical Silicon Valley investor. Thiel, Facebook Inc.’s first backer, is known for making contrarian bets. […]


Why OPEC Wants to Put Oil-Sands Projects Out of Business

Business

Bloomberg’s Alix Steel updates the latest commodities markets news. She speaks with Bloomberg’s Scarlet Fu on “Bloomberg Markets.”


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