Those are the facts, both scientific and financial. OPEC is steadfast in it's resolve and that is good news. They will continue to be the one factor that will steady the market. There is a fall in demand for oil. It isn't just a glut.
January 5, 2014
By Joe Carroll
Tumbling crude prices (click here) will trigger a flood of oilfield write downs starting this month after industry returns slumped to a 16-year low, calling into question half a decade of exploration.
With
crude prices down more than 50 percent from their 2014 peak, fields as
far-flung as Kazakhstan and Australia are no longer worth pumping, said a
team of Citigroup Inc. (C:US)
analysts led by Alastair Syme. Companies on the hook for risky,
high-cost projects that don’t make sense in a $50-a-barrel market
include international titans such as Royal Dutch Shell Plc (RDSA) and
small wildcatters like Sanchez Energy Corp. January 5, 2014
By Joe Carroll
Tumbling crude prices (click here) will trigger a flood of oilfield write downs starting this month after industry returns slumped to a 16-year low, calling into question half a decade of exploration.
The impending write downs represent the latest blow to an industry rocked by a combination of faltering demand growth and booming supplies from North American shale fields. The downturn threatens to wipe out more than $1.6 trillion in earnings for producing companies and nations this year. Oil explorers already are canceling drilling plans and laying off crews to conserve cash needed to cover dividend checks to investors and pay back debts....
For the USA legislation to add to this collapse is a huge mistake, but, Republicans legislate to their cronies and not real life. It is ridiculous to think the KXL is a viable project. The support for the KXL is extreme politics, so what else is new in the USA?
January 5, 2014
NBC News Staff, CNBC and the Associated Press
What a way to start the first full week of trading in 2015. (click here) The Dow Jones Industrial Average tumbled more
than 300 points on Monday, dragged down by falling oil prices amid
worries that while they are a boon for consumers, they could hurt other
sectors of the economy.
It was the worst session
for the Dow and for the broader S&P 500 index in over three weeks.
The Dow unofficially dropped 1.84 percent, the S&P shed 1.81 percent
and the Nasdaq dropped 1.6 percent. Monday capped the stock market's
first four-day losing streak since December 2013 and sent stocks to
their lowest level in two weeks...
