March 31st, 2020, 3:24 PM
The first tankers in what looks like a long fleet of tankers are loading now in Saudi Arabia on their way to Europe and the United States in April. The Saudi government looks to be making good on its announced increase in output to a record 12.3 million barrels a day in April from 9.7 […]
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March 30th, 2020, 1:14 PM
As of noon New York time, today March 30, U.S. benchmark West Texas Intermediate fell another 5.67% to $20.29 a barrel. International benchmark Brent dropped 9.83% to $22.45 a barrel. That's an 18-year low for oil. And worse is yet to come. The world has run out of storage and Russia and Saudi Arabia continue […]
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March 27th, 2020, 4:04 PM
The U.S. oil and natural gas industry idled 40 more drilling rigs this week. That brings the U.S. total to 59 rigs idled in the last two weeks, almost 9% of the rig total. Worse yet, more than half of the idled rigs were in the Permian basin of West Texas. That geology has been […]
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March 20th, 2020, 4:50 PM
Let me emphasize that "for the week." The storm of bad news continued today with the European Union saying that the 2020 recession in that bloc may be as bad as 2009. Goldman Sachs warned that the U.S. economy may shrink 24% year over year in the second quarter. Oil fell again with government announcements […]
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March 10th, 2020, 6:47 PM
Searching for a case study of why the Saudi Arabia-Russia price war is freaking out Wall Street and the financial markets? Look no further than Occidental Petroleum (OXY). Yesterday the company cut its dividend for the first time in 30 years. And not just by a nickel or two. Try an 86% cut. From 79 […]
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February 28th, 2020, 4:57 PM
It was just four sentences--“The fundamentals of the U.S. economy remain strong. However, the coronavirus poses evolving risks to economic activity. The Federal Reserve is closely monitoring developments and their implications for the economic outlook. We will use our tools and act as appropriate to support the economy.” And with that Federal Reserve chair Jerome […]
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February 24th, 2020, 2:25 PM
What's different this week? Why is the market plunging today on coronavirus fears when last week it shook off the news? Because the last few days have brought news that the coronavirus isn't limited to China anymore. From Italy comes a report that the Armani fashion show will go virtual since Milan is a hotspot […]
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February 3rd, 2020, 3:47 PM
Selling in Shanghai and Shenzhen A shares, which trade on those two mainland China exchanges with limits on overseas ownership, drove prices on those two exchanges lower today with the Shanghai Composite down 7.72% and Shenzhen A shares down 8.41% at the close. This was the first day of trading on those markets since they […]
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