However, getting the floating storage down is just as important.
Many trading houses, such as Glencore and Trafigura[TRAFGF.UL], have said since March that although inland or onshore crude storage was still profitable, offshore storage at sea was probably out of question due to higher costs associated with shipping fees traders have to pay to tanker owners
Dollar continues to decline to $96.11. If we can get back to the $80 level, where is was before oil tanked would be great.
I am investing in Lawler. If CI has influence on his good decisions, so be it. Can you imagine what we would be trading at if we did not sell the UTICA for 5 billion !!!!!
Can still buy another 68 million shares. That will not get us below the 1 mill threshold but if they keep plugging along at it they could reach it in a few years.
Despite the currency hit, Corning's first-quarter earnings rose 35% during the quarter. That allowed the company to grow its cash hoard to $5.1 billion, much of which it will return to shareholders, said Mr. Flaws.
The company likes to keep a cushion of $2 billion in cash and short-term investments. It doesn't expect to spend much of the remainder on capital expenditures or acquisitions, he added.
Corning's board authorized a $1.5 billion share repurchase program in December and spent a third of that in the first quarter alone.
They are getting a buy out....................by themselves. They extended the buy-out and it will add to shareholder returns. They had excess stock out and good to see they are finally addressing the problem.
Dollar down to $96.35 this morning. The stronger dollar correlated directly with lower crude prices last year. Let's hope we can get a reverse pattern starting this summer.
Waste of time buying since every increase is just shorted.
The recent low and support level is approx. $96.39. It is currently trading at $96.70. It will be interesting to see if it holds support this week. If not, good for oil price.
That is a sign the Bakken is declining as they ship most oil east on trains.
Lower oil prices and falling shale-oil production have cut demand for key types of railroad cars, Bob Tita reports. Buyers ordered 4,470 new railway tank cars during the quarter ended March 31, down 6% from a year earlier and about 70% from the 14,964 tank cars ordered during the fourth quarter, according to the Railway Supply Institute, a Washington-based trade group. Orders for covered "hopper" cars, used mostly to deliver fracking sand to drill sites, also fell in the first quarter to 131 cars, from 11,565 a year earlier and 8,627 cars during the fourth quarter. New rules to make tank cars that haul flammable liquids safer during derailments are expected to stimulate the car market.
EIA underestimating the decline much like they underestimated growth. Their models don't hold up well with big swings.
You mean the hedges that they fail to disclose. We do have a gain but for how long? SWN had few forward hedges. That is probably a good thing. All the guys will cut back if they don't have hedges to support production.
Get all the producers to cut back sharply, let the pipelines run a little dry and force the middlemen to increase prices as their stocks fall. That is what needs to happen.