Oil

WTI Crude Breaks To $43 Handle After Another Rise In Oil Rig Count (To 3 Month Highs)

Friday, August 7, 2015
By Paul Martin

by Tyler Durden ZeroHedge.com 08/07/2015 Having hovered around the $43/$44 level all morning, new from Baker Hughes that the oil rig count in the US rose 6 to 670 (its highest in over 3 months) has sent it back down to a $43 handle… *U.S. OIL RIG COUNT UP 6 TO 670, BAKER HUGHES... »

End of Wealth: Raw Materials Crisis Hits Saudi Arabia, Rich OPEC Countries

Friday, August 7, 2015
By Paul Martin

SputnikNews.com 07.08.2015 Saudi Arabia is planning to issue government bonds amounting to 27 billion dollars. The country is experiencing a loss of revenue due to the fall in oil prices. The raw materials crisis has now reached the rich OPEC countries, DWN reported. Thus, Saudi Arabia has to take corresponding financial measures to counteract... »

A True Jobs Massacre Spreads in US Oil & Gas

Thursday, August 6, 2015
By Paul Martin

by Wolf Richter WolfStreet.com August 5, 2015 It’s been tough for US oil companies. And even tougher for their investors. The hero du jour is Marathon Oil. Today afterhours it reported an eye-popping 48% plunge in revenues in the second quarter and a net loss of $386 million. To stem the bleeding, it slashed... »

Oil Re-Bloodies the “Smart Money”…”The “liquidity death spiral.”

Tuesday, August 4, 2015
By Paul Martin

by Wolf Richter WolfStreet.com August 4, 2015 Oil plunged again on Monday, with West Texas Intermediate down over 4%. At $45.17 a barrel, it’s just a hair away from this year’s oil-bust low. During 8 weeks in a row of relentless declines, WTI had plunged 26%. July’s 21% drop was the largest monthly decline... »

Layoffs Surge As Oil Price Outlook Remains Sober

Monday, August 3, 2015
By Paul Martin

By Andy Tully OilPrice.com Sun, 02 August 2015 Lately the leaders of some of the world’s biggest energy companies have been saying oil prices will remain depressed for some time – perhaps for the next five years – and now they’ve decided to cut their costs in the most painful way possible: massive job... »

It Gets Ugly in Canada

Monday, August 3, 2015
By Paul Martin

by Wolf Richter WolfStreet.com August 3, 2015 “It’s an election about who will protect our economy in a period of ongoing global instability,” Stephen Harper, Prime Minister of Canada, announced on Sunday as he officially kicked off the campaign for the federal elections on October 19. He’d just asked Governor General David Johnston to... »

Understanding “Oil Qaeda”. Using “Terrorism” as a Pretext to Wage War on Oil Rich Countries

Sunday, August 2, 2015
By Paul Martin

By Kevin Ryan Global Research August 02, 2015 In The Al Qaeda Network: A New Framework For DefiningThe Enemy, Katherine Zimmerman of the American Enterprise Institute describes the terrorist groups affiliated with Al Qaeda. Zimmerman is seen as a leading expert on the Al Qaeda network, having testified about it to Congress and written... »

Oil to hit low $30s by the end of 2015: Kilduff

Saturday, August 1, 2015
By Paul Martin

Tom DiChristopher CNBC.com Thursday, 30 Jul 2015 The prospect of oil prices falling below $40 receded earlier this year amid a crude rally, but with futures sliding again, investors shouldn’t rule out a three-handle, Again Capital founding partner John Kilduff said Thursday. “Christmas time we’ll probably be rebounding off new lows off of the... »

The Energy Layoffs Resume: Shell Fires 6,500, Whiting Cuts 2015 Budget 2 Weeks After Raising It

Thursday, July 30, 2015
By Paul Martin

by Tyler Durden ZeroHedge.com 07/30/2015 Yesterday it was US and Italian energy giants Chevron and Saipem which announced a total of over 10,000 new job cuts in the aftermath of oil sliding back under $50 and resuming its downward trend. Today, we got more confirmation of this when Royal Dutch Shell, still basking in... »

The Layoffs Return: Energy Giants Chevron, Saipem To Fire Over 10,000 Workers

Wednesday, July 29, 2015
By Paul Martin

by Tyler Durden ZeroHedge.com 07/29/2015 Overnight, US energy major Chevron announced it will cut 1,500 jobs globally “as the company aims to reduce internal costs in multiple operating units and the corporate center.” According to Rigzone, “the San Ramon, Calif.-based energy company will cut 950 positions in Houston, 500 positions in San Ramon and... »

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