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Is Brazil the New Oil King?
With Exxon Mobil Corp.’s (XOM) new oil discovery off the coast of Brazil – the latest in a series of such offshore finds and potentially the largest Western Hemisphere discovery in three decades – the South American nation has taken another giant step in its quest to become a global energy superpower.
Exxon’s Azulao-1 well tapped a reservoir that reportedly contains as much as 8 billion barrels of recoverable oil, says Luiz Lemos, a partner at TozziniFreire Advogados, a Brazilian law firm that represents foreign energy companies.
“This is very huge,” Lemos told Bloomberg News.
So is the potential benefit for Brazil. If…
18Mar2009 | Money Morning | 0 comments | ContinuedGlobal Investing News
Live Nation Buys Ticketmaster; China Inflation Trudging Slowly; MillerCoors Profit Falls 40%; UBS Cuts Jobs, Announces Profitability; Traders Bid up Gold Options; Oil Falls Below $39;WalMart Cuts Jobs at Home Office; Cisco Raises $4 Billion
- Live Nation Inc. (LYV), the world’s largest concert promoter, said it is buying Ticketmaster Entertainment Inc. (TKTM), the world’s largest ticketing company, for $2.5 billion including debt, Reuters reported. The merger will create a music powerhouse, already unpopular with fans and likely to receive intense scrutiny from government antitrust investigators.
- China inflation continued slowing in January, rising 1%, the slowest pace in nearly seven years. “Inflation could…
Schlumberger 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 | ContinuedMexicos Oil Production Declines the Fastet Since WW2
Petroleos Mexicanos, Mexico’s state oil company, will probably report its fastest drop in production since 1942, eroding revenue as plunging crude prices limit the amount of cash available to drill for new reserves.
Pemex last year likely extracted 2.8 million barrels a day, down about 9 percent from the 3.08 million a day pumped in 2007, representing a total of $20 billion in lost sales, according to data compiled by the government and Bloomberg. The Mexico City- based company, which had revenue of $104 billion in 2007, plans to report annual production figures tomorrow.
By then, Cantarell may be producing…
The Ghost of Crude Oil Futures (Part 1)
Most people have heard the phrase, “it takes a big man to admit when he’s wrong”.
Well, I’m about 5’9”, and I don’t believe that people should be exalted when they do something that they’re supposed to do. It doesn’t make you a big man, it makes you honest. You’re supposed to be honest.
I’m going to do something profound. Something most people should do, particularly those in a position or profession of dealing out commentary, suggestions, and advice – especially when there’s money involved.
I’m going to tell you I was wrong about something. And I’m going to do it without…
26Dec2008 | Oxbury Research | 0 comments | ContinuedOil Prices Climb on Speculation that OPEC and Russia will Cut Production
Speculation that oil prices are beginning to bottom helped push crude contracts higher yesterday (Wednesday), as traders closed out short positions and rumors surfaced that both Russia and the Organization of Petroleum Exporting Countries (OPEC) are planning to cut production next week.
Light, sweet crude for January delivery rose $1.45, or 3.4% to settle at $43.52 on the New York Mercantile Exchange, after climbing by as much as 7% earlier in the day. Futures have plunged roughly 70% since hitting a record-high $147.27 a barrel in July. However, they may be set for a rebound as traders close out short positions and production cuts…
11Dec2008 | Money Morning | 0 comments | ContinuedA Slippery Slope Ahead for Oil
Dr. James Schlesinger says the U.S. attitude towards oil “has only two modes – complacency and panic.”
Schlesinger should know. In the 70’s he closely watched the Middle East as the U.S. Secretary of Defense. Then he would move onto become the first U.S. Secretary of Energy when oil prices were really starting to move up during the Carter Administration.
He was in the thick of the oil panic of the 70’s. And he was there, holding numerous seats on oil companies’ boards of directors, during two decades of complacency.
Oil is hovering around $50 a barrel and we’re at the middle…
2Dec2008 | Q1 Publishing | 0 comments | ContinuedUnprecedented Volatility Will Precede Highly Profitable Rebound
In the 20 years I’ve been creating stock-market forecasts, I’ve never seen such a contradictory set of forces at work in the markets all at one time. I could just as easily make the case that we’re finally nearing a bottom, as I could that we’re in for protracted downturn punctuated by sharp, quick drops.
The only question in my mind is what shape an eventual recovery will take, for I see three possibilities:
- A "U," with a slow, methodical reversal that gradually transitions into a market rebound.
- A "V," with a quick, sharp reversal that marks the start of a powerful…
The Future of Oil
By Andrew Mickey
Chief Investment Strategist, Q1 Publishing
“Now is a good time to buy.”
That’s what R.S. Sharma, the chairman of India’s national oil exploration company ONGC, said last week.
Sharma added, “The world financial crisis and slumping oil prices have made energy assets more attractive.”
Is he right?
Well, yes and no. It’s a good time to buy oil. But thanks to a few major changes in the oil industry over the years, a great time is likely on the way.
Oil company shares have been in freefall since oil prices topped out over the summer. There are dozens of oil companies trading at prices…
17Nov2008 | Q1 Publishing | Comments Off | ContinuedUnprecedented Volatility Will Continue to Rock the Stock Market in Advance of a Possible Rebound in Mid-2009
In the 20 years I’ve been creating stock-market forecasts, I’ve never seen such a contradictory set of forces at work in the markets all at one time. I could just as easily make the case that we’re finally nearing a bottom, as I could that we’re in for protracted downturn punctuated by sharp, quick drops.
The only question in my mind is what shape an eventual recovery will take, for I see three possibilities:
- A “U,” with a slow, methodical reversal that gradually transitions into a market rebound.
- A “V,” with a quick, sharp reversal that marks the start of a powerful…
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