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Oil Price Plummets Nearly 4% on Job Cut Report
Crude oil futures plummeted nearly 4% today (Thursday) – reaching their lowest point in a month – after a disappointing jobs report ignited investor fears that the U.S. economy’s rebound may be further off than most thought.
A strengthening of the U.S. dollar against most other major currencies also weighed heavily on crude-oil prices.
The U.S. Labor Department said today employers slashed their payrolls by a larger-than-expected 467,000 in June – about 44% more than the drop of 325,000 that had been expected, according to a survey of economists conducted by MarketWatch.com. That followed a work-force reduction of 322,000 in May.
August crude…
3Jul2009 | Money Morning | 0 comments | ContinuedSchlumberger Gets Bullish on Oil Prices
A massive slump in oil exploration spending pummeled Schlumberger Ltd. (SLB), the world’s largest oilfield services corporation, as profit fell 17% in the fourth quarter. But the company said curtailed spending could be setting the stage for a rebound in oil and gas prices as supplies dwindle.
Schlumberger is pulling back as a collapse in petroleum prices led to a sharp drop in exploration spending by its customers.
Commodity prices have plummeted in recent months, as recessions in some of the world’s largest economies dampened demand. Like all oil producers, Schlumberger has been hurt by the plunge in the price of…
26Jan2009 | Money Morning | 0 comments | ContinuedBy the Numbers: Problems Ahead for OPEC
So far OPEC has been relatively successful at cutting oil production and keeping oil prices propped up. Saudi Arabia is leading the charge saying, more or less, it’s going to do what needs to be done.
They have been able to stick together, but how long can it really last?
It’s been somewhat of a surprise to see most of the OPEC members “stick to the plan” so far. Back in A Slippery Slope Ahead for Oil Prices, we looked at:
Falling oil prices puts these countries into a bind…
…a lot of countries will be facing big problems if oil falls further or if they…
OPEC: Too Little, Too Late
In March of 1974, in the midst of the oil-dependent world’s first oil shock, economist and Nobel Laureate Milton Friedman noted:
Higher [oil] prices induced consumers to economize and other producers to step up output…In order to keep prices up, the Arabs would have to curtail their output to zero…Well before that point the cartel would collapse.
Jump ahead 24 years and we’re going through it all over again.
A few days ago OPEC’s president warned “severe” cuts were on their way.
“Severe!” The markets seemed shocked. What did “severe” mean? Oil prices went back on the climb. Many traders were thinking,…
18Dec2008 | Q1 Publishing | 0 comments | ContinuedCrude Oil Futures Post Record Gain as “Peak Oil†Expert Calls for Rally to $500 a Barrel
Crude oil futures zoomed more than $16 a barrel yesterday (Monday) – and traded as high as $130 a barrel – thanks to a steep decline in the U.S. dollar and speculation that the Bush administration’s plan to bail out the financial sector might actually jump-start the U.S. economy.
The record single-trading-session gain came on a day when CNNMoney.com republished a brand new Fortune magazine story in which author and noted “peak oil pundit” Matthew R. Simmons stated that crude prices were headed for $500 a barrel.
Story continues below…
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Oil Prices: 2 Ways to Hedge Against Global Oil Demand
Hurricane Ike is bearing down on the oil fields in the Gulf of Mexico, the Saudi’s are cutting back on production, there’s been little reduction in demand from Asian countries… and yet oil is in retreat.
Why doesn’t supply and demand seem to apply to oil? Well – as we’ve been witnessing the past few weeks – it does. Oil prices are now on the verge of breaking through the $100 barrier.
In response, the stocks of companies who are even remotely connected to its production and distribution have gotten punished – down by 50% or more in some cases – in…
17Sep2008 | Investment U | Comments Off | ContinuedGet On the Other Side of the Pump
If there’s one thing I’m certain of, it’s that casino owners don’t have a soft spot for gambling addicts.
In the same vein, auto body shops don’t want you to drive safely and Norton and McAfee don’t give a crap who’s hacking into your computer (and are probably hoping it continues).
You shouldn’t feel bad either. In our free market economy, no one is stopping you from profiting from oil the same way the big boys do.
Currently, the price of a barrel resides right at $100. That’s a 32% discount from the high only two months ago. Admittedly, I didn’t even think…
12Sep2008 | Oxbury Research | Comments Off | ContinuedEnergy Q&A Part III: Investing in Uranium Stocks
Q: “I would very much appreciate your opinion and discussion of uranium mining stocks, as well as the future of uranium, in light of the oil price.â€
I think that Denison Mines (DML: TSX) is a well-managed uranium mining company with great future potential. It’s a buy.
I think that Cameco Corp. (CCJ: NYSE) is a poorly managed company that is sitting on a great uranium reserve position. Cameco is a hold — only because I pray every night that someone comes along to buy it out and install new management.
I recently recommended Curtiss-Wright Corp. (CW: NYSE) to my Outstanding Investments…
20Jun2008 | Energy and Oil | Comments Off | ContinuedSaudi Arabia Agrees to Increase Oil Output After Crude Hits Another New High
Oil soared to yet another record high on Friday after Goldman Sachs Group Inc. (GS) raised its price forecast for the second half of the year. However, during a visit with Saudi Arabia’s King Abdullah U.S. President George W. Bush was able to convince the world’s leading oil exporter to increase its output.
Light sweet crude for June delivery jumped $3.31 a barrel, or 2.7%, to reach $127.43 in electronic trading on the New York Mercantile Exchange. Oil prices have now soared 103% in the past 12 months.
The jump was largely attributable to a new prediction from investment-banking giant…
19May2008 | Money Morning | Comments Off | ContinuedOil Crosses $120 Threshold
Oil surged to a new record high yesterday (Monday), as it gained $4 to trade above $120 in morning trading on the New York Mercantile Exchange. A combination of factors was cited for the rise including trouble in Iran and Nigeria, the weak U.S. dollar, and an unexpected increase in the ISM non-manufacturing survey.
U.S. light sweet crude rose to a record of $120.36 a barrel in on the NYMEX before falling back to a record close of $119.97 – up $3.65.
In Nigeria, a member of the Organization of Petroleum Exporting Countries (OPEC), rebels have been targeting Royal Dutch Shell PLC…
6May2008 | Money Morning | Comments Off | Continued
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