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$80 Oil Is the New Normal Minimum


Bob and Barb Moriarty brought 321gold.com to the Internet over 10 years ago. They later added 321energy.com to cover oil, natural gas, gasoline, coal, solar, wind and nuclear energy. Both sites feature articles, editorial opinions, pricing figures and updates on current events affecting both sectors. Previously, Moriarty was a Marine F-4B and O-1 pilot with […]

Oil at $80 Is No Bar for BP, Total on Exploring for More Crude


Oil at $80 a barrel won’t stop BP Plc (BP/) or Total SA (FP) from exploring and developing crude deposits. Oil has dropped into a bear market this year, with prices falling as much as 26 percent since June amid a global glut. OPEC won’t cut its collective output when it meets this month and […]

Oil Mogul Harold Hamm to Pay Wife $995 Million in Divorce

Oil Mogul Harold Hamm to Pay Wife $995 Million in Divorce thumbnail

An Oklahoma County judge has ordered oil magnate and Continental Resources Chief Executive Officer Harold Hamm to pay nearly $1 billion in a divorce judgment, according to a court filing made public on Monday. Special Judge Howard Haralson found that Hamm should pay his ex-wife Sue Ann Hamm a total of $995.5 million, with about […]

China Has Refined Taste for Oil


Crude-oil investors have reasons to like China these days. Oil refiners aren’t so enamored. According to trade data out Saturday, the world’s second-largest consumer of oil after the U.S. imported 18% more crude in October from the year before, faster than its 9% growth so far this year. As crude gets cheaper, China is on […]

The oil price collapse just claimed the world’s biggest shipping oil company

The oil price collapse just claimed the world’s biggest shipping oil company thumbnail

“You only find out who is swimming naked when the tide goes out,” Warren Buffett once quipped in one of his folksy shareholder letters. In other words, sharp, unexpected market downturns have a way of revealing less-than-top-notch market practices. Such a vertiginous drop is now playing out in the global oil markets, as a resurgent dollar, slowing […]

The Petrodollar Dominoes: How The Strong Dollar Is Slamming Oil Exporters


A week ago the Russian Ruble exhibited intraday volatility that makes the JPY look quiet when it crashed to record lows then soared dramatically on intervention hopes. Since then we have had a Russian Central Bank disappointment and some jawboning which did nothing press the Ruble to record-er lows against the USD. Then today, last […]

US oil CEO Hamm scraps hedges


Harold Hamm, the chief executive of North Dakota oil producer Continental Resources Inc (CLR.N), has stunned a bearish crude market by scrapping all of the company’s hedges – a bold bet that prices will recover soon after sliding some 25 percent. In so doing, Hamm, who last month called OPEC a “toothless tiger”, appears to […]

T Boone Pickens: The real problem with oil


Many energy investors think there’s a powerful force working against them in the market. Investor T. Boone Pickens thinks they’re right, but the problem isn’t what they think. Pickens says that the big issue in the energy market isn’t OPEC or the strong dollar; he says it’s supply and he also says domestic drillers are […]

How The Petrodollar Quietly Died, And Nobody Noticed


Two years ago, in hushed tones at first, then ever louder, the financial world began discussing that which shall never be discussed in polite company – the end of the system that according to many has framed and facilitated the US Dollar’s reserve currency status: the Petrodollar, or the world in which oil export countries […]

Winners and losers in the new age of cheap oil


Oil prices have fallen more than 20 percent from their June peak, on weaker demand and ramped up output. So where does the price go from here, and who are set to be the winners and losers? Bloomberg’s Tom Mackenzie reports.

Watson to Explore for Oil as Repsol Taps IBM’s Analytics Machine


Repsol SA (REP), Spain’s largest energy company, will work with IBM’s Watson data-crunching tool to try to make it cheaper and easier to find future caches of oil. The companies will seek to develop applications to analyze data on geology and crude reserves, the first time Watson will be used in the energy industry, said […]

Oil Price: Beginning Of A Downtrend

Oil Price: Beginning Of A Downtrend thumbnail

Summary The IEA’s Mid-Term Oil Market Balance may be the only chart you need, to assess longer-term oil suply-demand. Based on abundand supply and slow demand growth, the recent drop in oil price is likely the beginning of a downtrend. Investment implicaitons: exposures to crude oil and oil producer stocks are not recommended. Crude oil […]

A New Fuel to Rule them All? Is Abiotic Natural Gas Forecast to Change Exchange Rates?


How does oil drive USD, CAD, AUD exchange rates? ‘Technology fuels economy, unfortunately in today’s world it’s fuel that drags economy.’ ― Yatin Patel. It is unquestionable that our love for the viscous black liquid has brought civilisations to boom, bust and everywhere in-between, but how does it affect the exchange rates of currencies like the US […]

The supermajor leader who walked a different path


The tragic death of Christophe de Margerie, the chief executive of the French oil giant Total, in a plane crash at a Moscow airport last Tuesday prompts us to pay tribute to his career, and to reflect on what it means to be a big oil company chief today. The convivial Mr de Margerie, admired […]

Saudi SABIC’s CEO says oil price decline is temporary


The recent decline in global oil prices will prove temporary even if it lasts a year or so, since population growth will ultimately bring higher consumption and prices, the chief executive of Saudi Basic Industries Corp said on Sunday. Mohamed al-Mady was speaking to reporters after the company, one of the world’s largest petrochemicals groups […]

Oil will tumble to $70 says new ‘bond king’


The meltdown in the oil market is not over yet. That’s the message from Jeffrey Gundlach, the star bond investor who predicts oil will plunge another $10 (it’s $80 a barrel now). While another decline in oil prices would bring smiles to American consumers — think around $2.70 a gallon at the pump as a […]

Peter Thiel: Peak oil lives!

Peter Thiel: Peak oil lives! thumbnail

The famed investor says the fracking revolution, fuel efficiency standards, and slowing demand have only bought us time in the search for a true technological breakthrough Peter Thiel, whom we profiled in September in the cover story “Peter Thiel Disagrees With You,” is the founder of two billion-dollar companies (PayPal EBAY 0.91% and Palantir), a […]

Swatshbuckling Total ‘peak oiler’ CEO Christophe de Margerie was like no other Big Oil executive

Swatshbuckling Total ‘peak oiler’ CEO Christophe de Margerie was like no other Big Oil executive thumbnail

Total SA CEO Christophe de Margerie was like no other Big Oil executive, a fat cat swashbuckler who cut a striking figure in the industry stuffed with rather bland technocrats. He was plump and sported a walrus mustache, hence his nickname – Big Mustache – in France. He loved a good drink and made no […]

Why Harold Hamm Isn’t Worried About Plunging Oil Prices

Why Harold Hamm Isn’t Worried About Plunging Oil Prices thumbnail

Count Harold Hamm, the billionaire CEO of Continental Resources CLR +1.34%, as one oil man not worried about the plunge in crude prices to $82 a barrel. “Notice how it happened all at once,” he says, starting off our phone call. The suddenness of oil’s plunge followed the Saudi assertion a week ago that oil […]

Is the oil price fall more than just a coincidence?


The recent drop in oil prices could be due to more than just lower demand, according to some analysts, who have suggested that the U.S. could be deliberately manipulating the market to hurt Russia at a time of geopolitical stress. Patrick Legland, the global head of research at Societe Generale, conceded that he had no […]

Russians and Chinese Are Ditching the Dollar and Europeans Are Using Renminbi in Their Reserves


At present, US dollar accounts for roughly 61% of the world’s foreign exchange reserves. It’s still a safe bet for most, not because the currency is actually strong, but because so many others are already so reliant on it. Between those with reserves in and pegs to the US dollar, many countries have given their […]

End to Oil Collapse in Sight


Some of the world’s biggest banks say the collapse in oil is just about over. Bank of America Corp. and BNP Paribas SA predict prices will hold above $80 a barrel. Commerzbank AG also sees that level as a possible low for Brent crude. They’re in part counting on OPEC cutting output — some say […]

The cure for a high oil price – is a high oil price. But where to next?


I love the saying that the best cure for a high oil price is a high oil price. Mankind’s ingenuity ensures that the world always finds surprising ways to adjust to seemingly intractable economic challenges. Not long ago analysts were fretting about “peak oil” – and how the world would be able to cope with […]

Michael Lynch: Oil Prices And Costs Correcting Misperceptions


The decline in oil prices, Brent dropping $15 a barrel in 8 weeks, has concentrated the minds of the oil industry, and raised the prospect of falling investment in oil production. This argument is used to support the idea of long term oil prices being above $100. The interaction between upstream costs and prices has […]

Chinese renminbi becomes directly tradable with the euro

Chinese renminbi becomes directly tradable with the euro thumbnail

The Chinese central bank, People’s Bank of China, issued a press release announcing the authorization of direct trading between the renminbi and the euro on the inter-bank foreign exchange market. This is huge. The euro is the second most traded currency in the world, after the US dollar. The European Union is already China’s biggest […]

Land O’ Lakes CEO: Food and agriculture will be the growth industry of our generation


Move over, Silicon Valley. According to Land O’ Lakes CEO Chris Policinski, the high-growth industry of the future is food production. “We operate in what I think is the best growth industry of our generation. There might be someone here who disagrees with me if you’re in consumer electronics,” Chris Policinski told a crowd at […]

Rosneft CEO Says He’ll Develop Arctic Oil With or Without Exxon


Bloomberg News interview with Igor Sechin, chief executive officer of OAO Rosneft, the world’s largest publicly traded oil producer by output, conducted Sept. 26 on a research vessel on the Kara Sea. On exploration in Russia’s Arctic Kara Sea: “The drilling at the structure Universitetskaya-1 is of exceptional significance, showing that Western Siberian deposits continue […]

Brent crude oil now has the biggest chunk of the GSCI

Brent crude oil now has the biggest chunk of the GSCI thumbnail

The S&P GSCI 2015 Rebalance Preview marks a historic shift in the benchmark renowned for its world production weight. According to this announcement of pro-forma weights, Brent crude oil is targeted take over WTI‘s status as the leading oil benchmark and the most heavily weighted commodity in the S&P GSCI. This is the first time […]

Brent Crude Heads For Bear Market Amid Swelling Supply


Brent crude moved closer to a bear market on speculation rising global supplies will be more than enough to meet slowing demand. West Texas Intermediate ended below $90. Brent fell 4.9 percent this week, the worst performance since the five days ended April 5, 2013. OPEC September oil production rose to a one-year high and […]

Cheap oil ‘a mirage’ and heading to $140


Don’t bank on cheap oil, MercBloc President Dan Dicker said Wednesday. Brent crude oil prices this week dropped 2.4 percent to $94.83 per barrel and West Texas Intermediate saw a 3.6 percent decline to $91.16 a barrel. Meanwhile, the U.S. dollar hit a four-year high. On CNBC’s “Halftime Report,” Dicker called cheap oil prices “a […]

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