Oil

Obama’s New Budget Does Stricken Oil And Gas Industries No Favors

Wednesday, February 4, 2015
By Paul Martin

By Colin Chilcoat OilPrice.com Tue, 03 February 2015 President Barack Obama’s 2016 budget proposal is out; enjoy it while it lasts. The budget proposal features a significant boost in federal spending for green-energy technologies and carbon-critical policies – all initiatives likely to be met with staunch GOP opposition on Capitol Hill. First on the... »

Massive Crude Inventory Build Sends WTI Crude Plunging Back Towards $50

Wednesday, February 4, 2015
By Paul Martin

by Tyler Durden ZeroHedge.com 02/04/2015 Against Reuters expectations of a 3.25 million barrel build, DOE reports a 6.3 million barrel build… Just 24 hours after Jim Cramer proclaimed, “this smells like a bottom” in crude oil, the crucial commodity (though it is unclear whether lower oil is good or bad today for now) appears... »

Another Conspiracy Theory Becomes Fact: The Entire Oil Collapse Is All About Crushing Russian Control Over Syria

Tuesday, February 3, 2015
By Paul Martin

by Tyler Durden ZeroHedge.com 02/03/2015 While the markets are still debating whether the price of oil is more impacted by the excess pumping of crude here, or the lack of demand there, or if it is all just a mechanical squeeze by momentum-chasing HFT algos who also know to buy in the milliseconds before... »

Oil Majors’ Profits Take A Beating

Tuesday, February 3, 2015
By Paul Martin

By Nick Cunningham OilPrice.com Tue, 03 February 2015 The first quarterly earnings reports since the collapse of oil prices are in and the numbers show a significant deterioration in profits for the oil majors. Royal Dutch Shell went first on January 29, revealing a big jump from the same quarter a year ago, but... »

Oil’s Biggest Bounce Since OPEC “But Economy Is Not Strong & Stocks Too High”

Tuesday, February 3, 2015
By Paul Martin

by Tyler Durden ZeroHedge.com 02/03/2015 The bottom-callers are out en masse as crude oil prices head for the 3rd up-day in a row and the biigest bounce since OPEC’s last meeting. Overnight comments from the BP CEO on OPEC “wanting to test the market” and OPEC delegates warnings that this rebound may not be... »

The Saudis floated the idea of higher oil prices to get Russia to stop supporting Assad in Syria

Tuesday, February 3, 2015
By Paul Martin

SHANE FERRO AND MICHAEL B KELLEY BusinessInsider.com FEB. 3, 2015 It looks as if Saudi Arabia might be using oil policy to pressure Russia into backing away from its support for the Syrian regime of Bashar Assad. The New York Times reports (emphasis ours): Saudi Arabia and Russia have had numerous discussions over the... »

“Drillers Are In Denial” Brynjolfsson Warns Crude Bounce Is “One More Head-Fake”

Monday, February 2, 2015
By Paul Martin

by Tyler Durden ZeroHedge.com 02/02/2015 The latest uptick in crude prices – Ostensibly, triggered by a notable drop in the Baker Hughes rig count – will be one more head-fake, a false breakout. Keep in mind, oil drilling rigs and oil wells are not the same thing. Armored Wolf’s Jon Brynjolfsson expects global inventories... »

Canada Mauled by Oil Bust, Job Losses Pile Up – Housing Bubble, Banks at Risk

Monday, February 2, 2015
By Paul Martin

by Wolf Richter WolfStreet.com February 1, 2015 Ratings agency Fitch had already warned about Canada’s magnificent housing bubble that is even more magnificent than the housing bubble in the US that blew up so spectacularly. “High household debt relative to disposable income” – at the time hovering near a record 164% – “has made... »

10% Of US Refining Capacity Offline After US Oil Workers Stage Largest National Strike Since 1980

Monday, February 2, 2015
By Paul Martin

by Tyler Durden ZeroHedge.com 02/02/2015 It’s not exactly the same as if Wall Street were to unionize and demand higher wages, but when US energy workers – supposedly the best paid profession away from those who BTFD or BTFATH for a living – go on strike, it is time to pay attention, which is... »

Exxon Revenues, Earnings Tumble 21% From Year Ago, Sales Miss Expectations By $5 Billion; Stock Buyback Grinds To Near Halt

Monday, February 2, 2015
By Paul Martin

by Tyler Durden ZeroHedge.com 02/02/2015 Moments ago, following our chart showing the devastation in Q1 earning forecasts, Exxon Mobil came out with its Q4 earnings, and – as tends to happen when analysts take a butcher knife to estimates – beat EPS handily, when it reported $1.56 in EPS, above the $1.34 expected, if... »

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