|Day's Range||57.50 - 59.10|
U.S. crude was pressured by climbing inventories, which are at their highest nationwide since July 2017 and at the highest since December 2017 at the Cushing, Oklahoma, delivery hub for the U.S. benchmark.[EIA/S] Economic worries fed by U.S.-China trade tensions have hit global markets, with the MSCI All Country index headed for a weekly fall exceeding 1%, its third week in the red.
Futures in New York rebounded somewhat on Friday but still ended the week down 6.6%, the biggest decline since late December, after days of escalating rhetoric between China and the U.S. Chinese envoy Cui Tiankai said the Asian nation was committed to striking a deal on Friday but said it’s ready to apply countermeasures to American sanctions. Oil plunged 5.7% in New York on Thursday as investors fled riskier assets following the White House’s blacklisting of Huawei Technologies Co. and several Chinese surveillance companies, moves that have been met with defiance by Beijing. A report showing U.S. crude explorers cut drilling activity last week may have eased concern over growing oil supplies, said Ashley Petersen, an oil analyst at Stratas Advisors LLC in New York.
The Trans Mountain expansion (TMX) project, which the Canadian government bought last year for C$4.5 billion ($3.35 billion) to help it get built, would nearly triple shipments of oil sands crude from Alberta to Canada's Pacific Coast. It has endured years of regulatory delays and fierce opposition from environmentalists, some indigenous groups and the British Columbia government. "This decision provides critical clarity for Trans Mountain, and future interprovincial pipeline projects," said Chris Bloomer, CEO of the Canadian Energy Pipeline Association.
Oil and Broader Market Dragged the Energy Portfolio(Continued from Prior Part)US equity indexesIn the trailing week, US equity indexes had the following correlations with US crude oil active futures:the S&P 500 (SPY): 53.2%the S&P Mid-Cap
BP: Lower Oil Prices Caused the Stock to Fall 5% in Q2BP stock, oil prices, and marketsSo far, BP (BP) stock has fallen 5.4% in the second quarter due to a fall in oil prices. WTI, the benchmark crude oil, has fallen 3.7% in the second quarter.
Oil prices rose early on Friday, recovering from Thursday’s plunge that sent both WTI and Brent to their lowest levels in nearly two months, but prices are still poised to record the largest weekly decline of 2019
For the first time ever, the famously coal-centric state of West Virginia last year produced more natural gas, as measured by energy content, than coal. West Virginia hasn’t been the biggest coal-producing state for a while; Wyoming, which passed it back in the 1980s, now mines more than three times as much of the stuff each year.
Oil and Broader Market Dragged the Energy Portfolio(Continued from Prior Part)Oil’s implied volatilityOn May 23, US crude oil’s implied volatility was 29.8%, which is 12% below its 15-day average. Usually, lower implied volatility supports oil
Oil and Broader Market Dragged the Energy PortfolioOil dragged energy stocks lowerOn May 16, US crude oil June futures fell 5.7% and settled at $57.91 per barrel—the biggest daily decline for active US crude oil futures since December 24. A 1.2%
Friday, May 24 — most of the top 20 cryptocurrencies are reporting moderate gains on the day by press time, as bitcoin (BTC) crosses the $8,000 mark again. Bitcoin is up over 5% on the day, trading at $8,018 at press time, according to CoinMarketCap. Earlier this week, CEO of Morgan Creek Capital Mark Yusko said bitcoin should be in every investor’s portfolio.
Bruno Guy Deruyck became the CEO of Yanchang Petroleum International Limited (HKG:346) in 2016. This report will...
After the opposition Labor party suffered heavy losses in coal-mining regions in Saturday’s Australian federal elections, the Carmichael project looks to be getting closer than ever to approval. There's a rarely discussed problem with this, though: The numbers on Carmichael don’t stack up – and haven't for most of the past decade, despite the mine becoming a high-profile proxy for broader fights over fossil fuels among politicians, lobbyists and environmentalists. (An Adani spokeswoman said our assumptions were incorrect, but didn't dispute any specific figures or provide alternative ones.
In the wake of a new report suggesting Alberta’s oil sands may be even more toxic than originally anticipated, the nuclear industry offers an unlikely solution
Asian cracks spreads have fallen to levels not seen since the Spring of 2003, and this negative development has caused several refiners to cut crude intake
Hess Corp., Concho Resources Inc., Cimarex Energy Co., and National Oilwell Varco Inc. were among stocks which slid more than 6%. While there’s no shortage of supply risks -- including the possibility that the Organization of Petroleum Exporting Countries will extend output curbs or that energy flows will be disrupted by rising tension in the Middle East -- those concerns have been mitigated by swelling U.S. stockpiles, meaning there’s been little respite for prices. Capital One upgraded its ratings on several companies to overweight from equalweight and is now bullish on Bonanza Creek Energy Inc., Berry Petroleum Corp., Callon Petroleum Co., Marathon Oil Corp., Noble Energy Inc., Penn Virginia Corp., SM Energy Co., and Cimarex Energy Co. Additionally, Comstock Resources Inc., Laredo Petroleum Inc., and W&T Offshore Inc. were raised to equalweight from underweight.
We often see insiders buying up shares in companies that perform well over the long term. Unfortunately, there are...
Marathon Petroleum (MPC) needs investors to pay close attention to the stock based on moves in the options market lately.
Passive investing in an index fund is a good way to ensure your own returns roughly match the overall market. Active...
How Did Energy Commodities Impact Energy Stocks?(Continued from Prior Part)Natural gas–weighted stocks’ returnsOn May 15–22, our list of natural gas–weighted stocks fell 10%, while natural gas April futures fell 2.2%. On average, natural
How Did Energy Commodities Impact Energy Stocks?Oil-weighted stocks are sensitive to oilThe following oil-weighted stocks could be sensitive to oil’s price movements based on their correlations with US crude oil July futures on May 15–22:
We're definitely into long term investing, but some companies are simply bad investments over any time frame. We...
Current market volatility may seem low when taking into account the numerous supply outages and the trade war between the U.S. and China, but oil markets could be about to get a lot rockier in the second half of 2019