Oil

Just as Global Oil Glut Deepens, China Cuts Oil Imports

Friday, March 20, 2015
By Paul Martin

by Wolf Richter WolfStreet.com March 20, 2015 “We don’t want to lose our share in the market,” Kuwait Oil Minister Ali al-Omair said on Thursday. OPEC had to maintain production despite the plunge in price since last summer, he said, underscoring Saudi Arabia’s position. OPEC would not cut production to goose prices. It would... »

Rig Count Plunge Continues: Total Rigs Lowest Since March 2011, Fastest Drop Since 1986

Friday, March 20, 2015
By Paul Martin

by Tyler Durden ZeroHedge.com 03/20/2015 The rig collapse continues, with “only” 1,069 rigs currently operating, down 5.0% from last week’s 1,125, and the lowest since March 2011. The hope (because lately that’s all there is) is that since oil rigs are plunging at an annual pace last seen 1986, that sooner or later production... »

Desperate Shale Companies Issue Stock To Stay Afloat

Friday, March 20, 2015
By Paul Martin

by Tyler Durden ZeroHedge.com 03/20/2015 U.S. oil producers are issuing new shares of stock at the fastest pace in more than a decade, looking to investors for a cash lifeline to pay down debt and keep drilling as crude prices continue to sink, Bloomberg notes, a move which paradoxically will only serve to depress... »

A major US energy company has filed for bankruptcy

Thursday, March 19, 2015
By Paul Martin

AKIN OYEDELE BusinessInsider.com MAR. 18, 2015 Quicksilver Resources filed for Chapter 11 bankruptcy protection on Tuesday. In regulatory filings, the energy company said it had $2.35 billion in debt and $1.2 billion in assets. Management said it would face a “potential liquidity shortfall” in the first quarter of 2016, for reasons including its mountain... »

Kuwait “Over-Supply” Concerns Send WTI Tumbling Back To $42 Handle

Thursday, March 19, 2015
By Paul Martin

by Tyler Durden ZeroHedge.com 03/19/2015 Reversing all of yesterday’s FOMC-inspired idiocy, WTI has plunged back to reality this morning. Following comments by Kuwait’s comments that OPEC had no choice but to keep production steady, refocusing the market on global oversupply, April WTI is back down to a $42 handle. The Rest…HERE Share on Facebook »

Investors Crushed as US Natural Gas Drillers Blow Up

Thursday, March 19, 2015
By Paul Martin

by Wolf Richter WolfStreet.com March 18, 2015 The Fed speaks, the dollar crashes. The dollar was ripe. The entire world had been bullish on it. Down nearly 3% against the euro, before recovering some. The biggest drop since March 2009. Everything else jumped. Stocks, Treasuries, gold, even oil. West Texas Intermediate had been experiencing... »

Oil prices not here to stay: Both Brent and WTI continue losing streak

Wednesday, March 18, 2015
By Paul Martin

RT.com March 18, 2015 The US benchmark, West Texas Intermediate crude fell 2.9 percent to $42.21 per barrel, making it the seventh consecutive day of loss. Inventories, especially in the US, are overstocked. Brent oil futures for April were hit equally hard as WTI, losing 0.5 percent to $53.44 a barrel on Wednesday. Most... »

Oil Junk Bonds Cost Investors Billions…”may amplify the fall in the oil price.”

Wednesday, March 18, 2015
By Paul Martin

by Tyler Durden ZeroHedge.com 03/18/2015 “The debt borne by the oil and gas sector has increased two and a half times over, from roughly $1 trillion in 2006 to around $2.5 trillion in 2014. As the price of oil is a proxy for the value of the underlying assets that underpin that debt, its... »

Saudis Claim Conspiracy Theorists, Not OPEC, To Blame For Oil Price Crash

Wednesday, March 18, 2015
By Paul Martin

By Nick Cunningham OilPrice.com Tue, 17 March 2015 A top Saudi official said on March 15 that Thomas Friedman and other conspiracy theorists are to blame for the crash in oil prices. Rather than an oversupply and weak demand causing an imbalance in global oil markets, Dr. Ibrahim Al-Muhanna, the advisor to Saudi Arabia’s... »

100,000 Layoffs and Counting: Is this the New Normal?

Wednesday, March 18, 2015
By Paul Martin

By Andrew Topf OilPrice.com Tue, 17 March 2015 This time a year ago, the oil industry’s biggest problem was finding a way to deal with the “retirement tsunami” about to crash down on it as older oilfield workers hung up their cork boots to enjoy freedom-55. Now, with oil prices still in the doldrums,... »

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