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Last week, the price of a barrel of West Texas Intermediate crude oil exceeded $50 for the first time since July. In six to 12 months, we believe higher prices should be here to stay.
The market is oversupplied, and oil may experience relapses on a short-term view. Nevertheless, it is reasonable to suppose that, a year from now, when we expect the oil market to be balanced, the Brent crude price may trade at $72 and WTI at $67.
Last week's price rise, totaling roughly 10 percent, was initiated by the large drop in U.S. oil rigs in early October. U.S. oil-directed rigs fell to a five-year low of 614 a few weeks ago, according to Baker Hughes, and then to 605 on Friday.
Further, the U.S. Energy Information Administration estimates that U.S. crude production dropped by 120,000 barrels per day to a 12-month low of 9.01 million barrels per day in September from August. The EIA also raised its oil-demand growth forecasts for 2015 and 2016, while cutting 2015 non-OPEC supply growth. U.S. oil demand continued to expand at a solid pace, up 3.5 percent year-on-year to 19.98 million barrels per day in July.
Kinross Gold Corporation, fifth largest in world gold production rankings, produced 2.71 Moz slightly exceeded the Kinross’ guidance of 2.5-2.7 Moz of gold equivalent and is 3% higher than 2013
According to oilfield services company Baker Hughes (BHI), there were 795 active oil and gas rigs in the United States in the week ended October 9, 2015. This is 14 less than the previous week, which ended October 2.
In the past six weeks, 90, or 10%, US rigs were idled. With last week’s fall, the US rig count is now at its lowest level since May 2002.
August selloff was a Panic or Firesell, but that was real "selloff" for XOM but remember the formula $1 loss = $4.6Billion loss in Mkt Cap and that still needs to cover for strong company like XOM. In August low the Mkt Cap was reduced to $100Billion...Yes B with Billion..!!
XOM) saw its short interest take a jump to 65.79 million shares from the previous level of 62.77 million. Shares closed Friday at $79.26, within a 52-week trading range of $66.55 to $97.20
Warren Buffet is optimistic on Oil outlook ...consolidate your position against short sellers..!
Oil's latest non-OPEC supply in 2016 by nearly 0.5 mb/d - the biggest decline in more than two decades. Lower output in the US, Russia and North Sea is expected to drop overall non-OPEC production to 57.7 mb/d. US light tight oil, the driver of US growth, is forecast to shrink by 0.4 mb/d next year.