by Matt Taibbi, Rolling Stone:
We’re going to get into this more at a later date, but there was some interesting late-breaking news yesterday.
According to numerous reports, the European Commission regulators yesterday raided the offices of oil companies in London, the Netherlands and Norway as part of an investigation into possible price-rigging in the oil markets. The targeted companies include BP, Shell and the Norweigan company Statoil. The Guardian explains that officials believe that oil companies colluded [...]
Keith Schaefer: Refineries Will Be Big Winners When Price Gaps Widen
Source: Zig Lambo of The Energy Report (2/7/13)
The Street thinks oil price differentials stem from lack of pipelines. That’s only partly true, says Keith Schaefer, editor of Oil & Gas Investments Bulletin, arguing that limited refinery capacity is just as big a challenge. Schaefer expects most investors to be caught completely off guard when the Brent/WTI gap widens and [...]
by Climate Progress, Oil Price:
ExxonMobil recently issued its latest global energy projections in a report called the “2013 Outlook for Energy: a view to 2040.”
The report (pdf) is chock full of figures and graphs showing an inexorable rise in global energy demand and supply, as well as the growing market for Exxon’s products.
As can be expected, the report shows that despite some recent efficiency gains, the world is on course to [...]
Conditions are so bad, they are just plain bad. (Sandy and California gas crisis are just the catalyst this time) I believe anything which can trigger the collapse of consumer spending and slowdown in economic activity will crash the stock market because the institutions will suddenly begin betting on a fall in the oil price and then stock market.
THE NEXT RECESSION WILL BE TRIGGERED BY OIL
At this point, watch the price of oil if [...]
Senior Technical Strategist Ryan Detrick. “This is unprecedented and really only adds to the high levels of uncertainty already out there.
Markets Halted as Wall Street Endures Hurricane Sandy
As Hurricane Sandy made its way up the Eastern Seaboard and targeted the nation’s financial center, trading was suspended for the Dow Jones Industrial Average (DJI) and other major indexes and exchanges. In fact, because the potential for greater problems will rise throughout [...]
October 30, 2012
The price of European Brent oil opened Tuesday’s trading session firm over $109 a barrel as Hurricane Sandy threatens a partial operational shutdown in refineries on the US East Coast as the Hurricane it New York City late last night.
Latest Brent Oil Price
In London, ICE Brent oil futures for December 2012 delivery was trading at $109.58 a barrel, 09:02 GMT today on the ICE Futures Exchange, or 0.1 [...]
California is experiencing:
Cities Filing For BK
Now Gas Shortgage
2010: Every 1 cent increase in gasoline decreases U.S. consumer disposable income by about $600 million per year. The move in oil in the past week alone has almost entirely wiped out the most recent stimulus.
Investors — certainly U.S. stock investors — would be wise to keep one eye on the price of oil, currently pushing $90 per barrel. Oil [...]
The sharp increase in oil prices following the European Union’s oil ban against Iran (July 1) has cost the 27-member bloc nearly $7bln in the past two months.
While the average oil price stood at $95 in June (one month before the EU sanctions were put into effect), the figure increased to $102.5 and $107.5 in the two months after the implementation of the embargos.
The European officials have put the total [...]
Lindsey Williams: The Dollar will Collapse shortly after the Elections
Mordern day Noah, Pastor Lindsey Williams: The Dollar will Collapse shortly after the Elections, get out of all paper assets, secure your portfolio with gold and silver, gold will still go to $3000/oz maintains Pastor Lindsey Williams and silver will go to $75/oz, regarding the wars in the middle east Lindsey Williams says that every country will be given to [...]
Jared Cummans: It is no secret that grain prices have been soaring as a number of savvy commodity investors have been cashing in on the latest trend to take the world of hard assets. Many are also aware that a nation-wide drought has been the culprit of said price rises. But while the drought has been widely covered, few realize just how severe it has been. For starters, the trailing 12 months [...]
Motorists may have been paying too much for their petrol because banks and other traders are likely to have tried to manipulate oil prices in the same way they rigged interest rates, an official report has warned.
Concerns are growing about the reliability of oil prices, after a report for the G20 found the market is wide open to “manipulation or distortion”.
Traders from banks, oil companies or hedge funds have an [...]
Look around the world as ArabianMoney always does in the summer because the excessive heat of the Middle East drives us all to seek out cooler climates, and you very quickly realize this year that the main issue is deflation, not inflation.
Gas prices are falling with the oil price. Indeed, falling commodity prices are taking the pressure off input prices across the board.
The demand destruction of widespread economic contraction [...]
WTI crude traded as low as $78.03 today – that’s providing an outsized assist as the U.S. and the EU clamp down on Iranian oil exports with less fear that the sanctions will spark a price rise that would harm the global economy.
A sharp fall in oil prices is helping the U.S. and the European Union clamp down on Iranian oil exports in the coming days with less fear [...]
Based on a swap-spread-based model, EURUSD should trade around 1.30, but based on GDP-weighted sovereign credit risk EURUSD should trade around 1.00; so who is right and what are the factors that supporting the Euro at higher levels than many would assume (given the rising probability of a Euro-zone #fail and the 0.82 lows from 2000). UBS addresses four key reasons for the apparent paradox based on the difference between ECB and Fed ‘monetization’, [...]
Forget Peak Oil, Time To Worry About Peak Oil Labor
In a recent working paper, researchers at the the IMF (International Monetary Fund) attempt to reconcile the Peak Oil debate that whether resource constraints will dictate the future of oil output and prices, or advance in technology motivated by high oil price would eventually provide a solution to more production, as well as higher oil prices.
An economic model was developed incorporating both [...]
Big Oil Is Gaming the System to Keep Domestic U.S. Prices High
Leah McGrath Goodman – who has written for the Financial Times, Barron’s, The Wall Street Journal, Forbes and Fortune – notes that the U.S. is now an exporter of refined petroleum products, but that Americans aren’t getting reduced prices because the oil companies are now pricing the fuel according to European metrics:
The U.S. is now selling more petroleum products than it is [...]
By Washington’s Blog
Leah McGrath Goodman – who has written for the Financial Times, Barron’s, The Wall Street Journal, Forbes and Fortune – notes that the U.S. is now an oil exporter, but that Americans aren’t getting reduced oil prices because the oil companies are now pricing the oil according to European metrics:
“The U.S. is now selling more petroleum products than it is buying for the first time in more than six decades. [...]
WASHINGTON – Under pressure to take action on rising gasoline prices, President Obama wants Congress to strengthen federal supervision of oil markets, increase penalties for market manipulation and empower regulators to increase the amount of money energy traders are required to put behind their transactions.
The White House plan, which Obama was to unveil Tuesday, is more likely to draw sharp election-year distinctions with Republicans than have an immediate effect on [...]
by Farid A. Khavari, Phd
A Warning to All Americans:
This booklet depicts a scenario that is already unfolding, leading to the end of the United States of America’s position of world leadership. The end could come as early as 2013.
The U.S. economy would sink deeper into depression, with recovery all but impossible. The dollar would no longer be the world’s reserve currency. Worst of all would be the sudden widespread dominance [...]
From 24/7 Wall St:
T. Boone Pickens is no stranger when it comes to high oil price predictions. He used to say “$80 before I am 80″ and that turned out to be correct and then some as the oil and energy bubble from 2007 to 2008 rose endlessly before petering out just under the $150 per barrel mark.
On CNBC this morning, T. Boone Pickens issued his newest decree on higher [...]
BY JULIAN PHILLIPS
The SWIFT Settlement System
In our previous article we looked at whether the U.S. Dollar was headed for a major fall or not. We demonstrated how the dominance of the U.S. dollar was almost entirely dependent on the grip it had over oil producers and this allowed the oil price to be denominated in the U.S. dollar. The U.S. has gone to war in Kuwait and Iraq over this issue under the guise [...]
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China Ocean Shipping (Group) Company plunged to a record US$1.64 billion loss in 2011 and its biggest since being listed seven years ago.
The largest state-owned shipping conglomerate in China saw profits fall to new lows after recording a profit of $1 billion in the previous year, the China Daily reported.
In an industry hit by incredible deficits in 2011, Cosco has produced probably the largest financial loss [...]
High international oil prices are bad news. Bad for Europe, bad for the US, bad for emerging economies and bad for the world’s poorest nations. A period of prolonged high prices is bad for all oil producing nations, including Saudi Arabia, and they are bad news for the energy industry more widely.
It is clear that sustained high prices are starting to take their toll on European economic growth targets. [...]
By Muriel Boselli
PARIS – Oil consumer nations are set to pay a record $2 trillion this year for oil imports if crude prices do not fall, the International Energy Agency (IEA) said on Tuesday, undermining economic recovery.
Crude hit $128 a barrel this month, only $20 short of its 2008 peak, and is up more than 15 percent since January, largely because of sanctions against oil producer Iran.
“For the first time [...]
The United States intelligence agencies, the Israeli Mossad and the IAEA don’t believe that Iran is currently developing nuclear weapons, although they agree that they have the means to do so. Therefore, an attack would be highly counterproductive. The moment Israel attacks Iran – a futile attempt, since the facilities are buried deep into the mountains – the Iranians will immediately start a nuclear weapons program. Perhaps Iran is even [...]
John Williams just warned that significant inflation will feed into the global system because of rising oil prices and the Fed’s policy to debase the dollar. Williams, who founded ShadowStats, also warned the US dollar will take a major hit because of global “dollar dumping.” Here is what Williams had to say about the situation: “With oil and gasoline prices pressured by market concerns over Middle Eastern political stability, monthly consumer [...]
by Gregor Macdonald, CM
In the Spring of 2011, when Libyan oil production — over 1 million barrels a day (mpd) — was suddenly taken offline, the world received its first real-time test of the global pricing system for oil since the crash lows of 2009.
Oil prices, already at the $85 level for WTIC, bolted above $100, and eventually hit a high near $115 over the following two months.
More importantly, however, is [...]