Well, we have our answer from OPEC, which decided to keep output numbers at current levels, despite plenty of rumors among oil traders that it would cut supply. At a meeting yesterday, OEPC officials indicated that higher energy prices would further crimp the global economy, so cutting back on oil supply...
It’s good to see oil prices on the rebound – up over $48 per barrel as of mid-day Monday. That’s an eight-week high and attributable to OPEC’s apparent decision to tighten oil supply by cutting off an additional 800,000 barrels of oil daily, if the rumors I’m hearing are...
There’s a lot happening in the oil market this week so let’s get straight to it. China syndrome -- China is the latest government to stockpile oil inventories – buying up millions of barrels of oil at cheaper prices and storing them for a rainy day, and to avoid oversupply in its own...
I don’t write about oil stocks all that much, but it’s earnings season, and some of the big boys are clocking in with profit numbers. The impact those numbers have could reverberate onto the profit pictures of oil drilling and oil refining companies, so they’re well worth looking at...
I wrote last week how Morgan Stanley had an epiphany of sorts, in buying 2 million barrels of oil at a (seemingly) bargain basement price, and then storing its stash of crude on an oil supertanker off the Gulf of Mexico. The idea is to buy in bulk while prices are low and then sell when prices rise again...