In late 2014, when crude oil was vacillating between roughly $60 and $80 a barrel, Tom Kloza of the Oil Price Information Service called for a plunge in crude prices over the next year. Now, Kloza sees further downside for the commodity that's already tumbled nearly 8 percent this year as U.S. production keeps climbing. "Back to the drawing board for crude oil prices," he remarked Friday in an interview on CNBC's "Trading Nation." Kloza's comments come on the heels of crude oil's worst weekly performance since early March, in which the commodity lost nearly 7 percent to settle just below $50 a barrel. "It's the sense that too much gasoline and really a drop in U.S. demand in particular, but a little bit of softness in India and some other places, is going to lead to an undertow for refinery runs," Kloza, who co-founded the Oil Price Information Service and is the firm's global head of energy analysis, said Friday.
Same-store sales for the restaurant industry fell 1.6% in the first quarter, marking the fifth consecutive quarter of negative results, according to industry research firm Black Box Intelligence. Restaurant traffic plunged 3.6% in the quarter, says Black Box Intelligence, with the average check up 1.9%. The increase in check is of little comfort: it's slower than the average 2.3% increase seen in 2016 as brands relied more on promotions and took smaller price increases in response to sluggish traffic.
Excluding one-time gains related to the sale of the Craftsman tool business and certain real estate, Sears lost between $190 million to $230 million. Shares of Sears fell slightly to $13.35 in early trading on Monday. Sears also announced the departure of CFO Jason Hollar, who had only been on the job for about six months.