Showing posts with label rigs. Show all posts
Showing posts with label rigs. Show all posts

Friday, March 18, 2016

Gold and Oil Are Soaring…Justin says There is Only One You Should Buy

By Justin Spittler

Gold had a HUGE day yesterday. The price of gold jumped 2.5% to $1,263/oz. Gold is this year’s top performing asset. With a 19% gain since January, it’s off to its best start to a year since 1974, according to Bloomberg Business.

Casey Research founder Doug Casey thinks this is just the beginning.....
In case you missed it yesterday, Doug explained why gold is set to rise at least 200%...and possibly even 400% or 500%. It’s a “must-read” essay, especially if you’re worried about the fragile stock market, slowing economy, or reckless governments.

In short, Doug believes the government has set us up for a crisis that “will in many ways dwarf the Great Depression.” And Doug expects the coming economic disaster to ignite a historic gold bull market.
When people wake up and realize that most banks and governments are bankrupt, they’ll flock to gold…just as they’ve done for centuries. Gold will rise multiples of its current value. I expect a 200% rise from current levels, at the minimum. There are many reasons, which we don’t have room to cover here, why gold could see a 400% or 500% gain.

Gold stocks will soar even higher.....
Longtime readers know gold stocks offer leverage to the price of gold. A 200% jump in the price of gold could cause gold stocks to spike 400%...600%...or more. The Market Vectors Gold Miners ETF (GDX), which tracks large gold miners, has soared 52% this year. Yesterday, it closed at its highest level since February 2015.

But gold stocks are still extremely cheap..…
Doug is loading up on gold stocks right now.
Right now gold stocks are near a historic low. I’m buying them aggressively. At this point, it’s possible that the shares of a quality exploration company or a quality development company (i.e., one that has found a deposit and is advancing it toward production) could still go down 10, 20, 30, or even 50 percent. But there’s an excellent chance that the same stock will go up by 10, 50, or even 100 times.

If you’re interested in multiplying your money by 5x or 10x in the coming gold “mania,” now is the time to take a position in gold stocks. The window of opportunity won’t stay open long. As Doug said, gold stocks will skyrocket once people realize the financial system is doomed. Because this window of opportunity is small, we’re currently running a special $500 discount on our service that recommends gold stocks, International Speculator. Click here to learn more.

Crude Oil is also soaring.....
As Dispatch readers know, there’s been nothing but bad news in the oil sector for nearly two years. The price of oil crashed 75%. Two months ago, it hit its lowest price since 2003. But since then, oil has climbed 36%. It jumped 5.1% yesterday. Why the big reversal? We’ll get to that in a second. First, let’s recap the recent disaster in the oil industry.

The world has too much oil.....
From 1998 to 2008, the price of oil surged more than 1,200%. Last year, U.S. oil production surged to the highest level since the 1970s. Global output also reached record highs. High prices encouraged innovation. Oil companies developed new methods, like “fracking.” This unlocked billions of barrels of oil that were once impossible to extract from shale regions. Today, the global economy produces more oil than it consumes. Each day, oil companies produce about 1.9 million more barrels than the world needs.

Crude Oil companies have slashed spending to cope with low prices.....
They’ve sold assets, abandoned billion dollar projects, cut their dividends and laid off more than 250,000 workers since June 2014. According to investment bank Barclays, oil and gas producers cut spending by 23% last year. Barclays expects spending to fall another 15% in 2016. This would be the first time in two decades the industry has cut spending two years in a row. Last week, the number of U.S. rigs actively pumping oil and natural gas plummeted to its lowest level in 70 years.

With oil prices rising, many U.S. companies can’t bring rigs back online fast enough.....
They don’t have enough workers or equipment after all the spending cuts. The Wall Street Journal reports:
Some of the largest U.S. oilfield services firms have laid off 110,000 people in the past year, Evercore ISI analysts estimate, and many of those workers have no plans to return to the industry.
Close to 60% of the fracking equipment in the U.S. has been idled during the downturn, according to IHS Energy, which estimates it would take two months for some of that equipment to return.

The Wall Street Journal continues:
Still, even if prices return to levels where shale drillers can make money again, many companies are vowing to be cautious. Some are tempered by what occurred last spring, when producers jumped back into drilling new wells after oil prices briefly hit $60 a barrel, inadvertently worsening a supply glut that ultimately made prices worse.

This is a dramatic shift in thinking by the industry.....
Oil companies had been pumping near-record amounts of oil for almost two years, despite low prices. Many companies had no choice. When all your revenue comes from selling oil, you have to keep pumping and selling oil. Companies could either sell oil for cheap or go out of business.

With fewer rigs pumping oil today, oil prices are climbing..…
Still, the oil crisis is far from over. Even with the recent rally, the price of oil is 65% below its 2014 high. It’s trading around $38 a barrel. Many companies won’t earn a profit unless oil gets back to $50. According to The Wall Street Journal, one-third of U.S. oil producers could go bankrupt this year. A wave of bankruptcies would likely trigger another leg down in oil stocks.

The oil market is highly cyclical.....
It goes through big booms and busts. Today, the industry is going through its worst bust in decades. It will boom again...but not until the world works off its massive oversupply of oil. According to the International Energy Agency, the oil surplus could last into 2017.

Last month, Saudi Arabia, Russia, Qatar, and Venezuela agreed to cap oil output.....
Saudi Arabia and Russia are two of the world’s three largest oil-producing countries. Qatar and Venezuela are also major oil producers. These countries agreed to “freeze” their oil production at January levels. They quickly broke the agreement. On Monday, CNN Money reported that Saudi Arabia and Russia actually boosted output last month. Both countries are pumping record amounts of oil. They don’t have much choice. Oil makes up 80% of Saudi Arabia’s exports. It accounts for 52% of Russia’s exports.

Nick Giambruno, editor of Crisis Investing, doesn’t think Saudi Arabia will survive the crisis.....

But he says the U.S. shale industry will survive.
By keeping the market saturated with oil, the Saudis are driving down the price. They hope to drive it down low enough and long enough to bankrupt the shale industry…since shale oil costs more than Saudi oil to produce. The U.S. shale industry is a major source of competition.

In the 1990s, the U.S. imported close to 25% of its oil from Saudi Arabia. Today—because of high U.S. shale oil production—the U.S. imports only 5%. The Saudis are having some success. In the past year, at least 67 U.S. oil companies have filed for bankruptcy. Analysts estimate as many as 150 could follow. The shale oil industry is in ‘survival mode.’

The Saudis have damaged the U.S. shale oil industry. And they’ll continue to cause more damage. But they won’t bankrupt every producer. The shale industry has more staying power than Saudi Arabia. Some producers now say they’re profitable with $40 oil. And their pace of innovation will drive that even lower. The industry will survive.
The Saudis are playing a dangerous game.
If the Saudis don’t stop flooding the market—and there are no signs they will—they won’t be shooting themselves in the foot…but in the head. Saudi Arabia will either collapse or surrender—and stop flooding the market. Either way, oil will eventually go a lot higher.
Shale oil stocks are a train wreck right now. Occidental Petroleum Corporation (OXY), the largest shale oil producer, is down 30% since June 2014. EOG Resources Inc. (EOG), the second-largest shale oil producer, is down 35%.

Nick sees huge opportunity here. He often reminds readers that a crisis is the only time you can buy a dollar’s worth of assets for a dime or less. And shale oil stocks are in a major crisis right now. Nick has already picked out a “best of breed” U.S. shale oil company. But before pulling the trigger, Nick is waiting for the Saudi government to show signs of cracking. The point of maximum pessimism will present a “once-in-a-generation opportunity” to pick up this shale company at an absurdly cheap price.

You can get in on this opportunity by signing up for Crisis Investing. Click here to begin your 90-day risk-free trial.

Chart of the Day

Oil is still near its lowest level in years. As we mentioned earlier, oil has rallied 36% over the past few weeks. That’s a big jump in a short period. But oil isn’t in the clear yet.  Today’s chart shows the performance of oil since 2014. You can see that the price of oil is still well below its 2014 high. It’s trading at prices last seen during the last financial crisis. Many oil companies can’t survive with current oil prices. Some will go out of business. And a wave of bankruptcies will likely spark another leg down in oil stocks. We recommend avoiding oil stocks for now.



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Wednesday, March 11, 2015

Crude Oil, Divorce, and Bear Markets

By Tony Sagami


Everybody loves a parade. I sure did when I was a child, but I’m paying attention to a very different type of parade today. The parade that I’m talking about is the long, long parade of businesses in the oil industry that are cutting jobs, laying off staff, and digging deep into economic survival mode. The list of companies chopping staff is long, but two more major players in the oil industry joined the parade last week.

Pink Slip #1: Houston-based Dresser-Rand isn’t a household name, but it is a very important part of the energy food chain. Dresser-Rand makes diesel engines and gas turbines that are used to drill for oil.
Dresser-Rand announced that it's laying off 8% of its 8,100 global workers. Many Wall Street experts were quick to point the blame at German industrial giant Siemens, which is in the process of buying Dresser-Rand for $7.6 billion.

Fat chance! Dresser-Rand was crystal clear that the cutbacks are in response to oil market conditions and not because of the merger with Siemens. The reason Dresser-Rand cited for the workforce reduction was not only lower oil prices but also the strength of the US dollar.

If you’re a regular reader of this column, you know that I believe the strengthening US dollar is the most important economic (and profit-killing) trend of 2015.

Pink Slip #2: Oil exploration company Apache Corporation reported its Q4 results last week, and they were awful. Apache lost a whopping $4.8 billion in the last 90 days of 2014.

No matter how you cut it, losing $4.8 billion in just three months is a monumental feat.

Of course, the “dramatic and almost unprecedented” drop in oil prices was responsible for the gigantic loss, but what really matters is the outlook going forward.


CEO John Christmann, to his credit, is taking tough steps to stem the financial bleeding, and that means:
  • Shutting down 70% of the company's drilling rigs.
  • Slashing it's 2015 capital budget to between $3.6 and $5.0 billion, down from $8.5 billion in 2014.
Those aren’t the actions of an industry insider who expects things to get better anytime soon.

I don’t mean to bag on Dresser-Rand and Apache, because they’re far from alone. Schlumberger, Baker Hughes, Halliburton, Weatherford International, and ConocoPhillips have also announced major layoffs. And don’t make the mistake of thinking that the only people getting laid off are blue-collar roughnecks. These layoffs affect everyone from secretaries to roughnecks to IT professionals.

In fact, according to staffing expert Swift Worldwide Resources, the number of energy jobs lost this year has climbed to well above 100,000 around the world.

From Global to Local


Sometimes it helps to put a local, personal perspective to the big-picture national news.

In my home state of northwest Montana, a huge number of men moved to North Dakota to work in the Bakken gas fields. Montana is a big state; it takes about 14 hours to drive from my corner of northwest Montana to the North Dakota oil fields, so that means those gas workers don’t make it back to their western Montana homes for months.

Moreover, the work was six, sometimes seven days a week and 12 hours a day, so once there, they couldn’t drive back home even if they wanted to. This meant long absences… and a good friend of mine who is a marriage counselor told me that the local divorce rate was spiking because of them.

Now the northwest Montana workers are returning home because the once-lucrative oil/gas jobs are disappearing. That news won’t make the New York Times, but it’s as real as it gets on Main Street USA.

From Local to National


Of course, the oil industry's woes aren’t a carefully guarded Wall Street secret. However, I do think that Wall Street—and perhaps even you—are underestimating the impact that low oil prices are going to have on economic growth and GDP numbers going forward.

Let me explain.

Industrial production for the month of January, which measures the output of US manufacturers, miners, and utilities, came in at a “seasonally adjusted" 0.2%.


A 0.2% gain isn’t much to shout about, but the real key was the impact the mining component (which includes oil/gas producers) had on the industrial-production calculation.

The mining industry is the second-largest component of industrial production, and its output fell by 1.0% in January. It was the biggest drag on the overall index.

However, the Federal Reserve Bank said, “The decline [was] more than accounted for by a substantial drop in the index for oil and gas well drilling and related support activities.”

How much did it account for? The oil and gas component fell by 10.0% in January.

Yup, a double-digit drop in output in just one month. Moreover, it was the fourth monthly decline in a row.
Last week’s weak GDP caught Wall Street off guard, but there are a lot more GDP disappointments to come as the energy industry layoffs percolate through the economy. Here’s how my Rational Bear readers are getting ready for GDP and corporate-earnings disappointments that are sure to rattle the markets.
Can your portfolio, as currently composed, handle a slowing economy and falling corporate profits? For most investors, the answer is “no.” Click above to find out how to protect yourself.

Tony Sagami

Tony Sagami

30 year market expert Tony Sagami leads the Yield Shark and Rational Bear advisories at Mauldin Economics. To learn more about Yield Shark and how it helps you maximize dividend income, click here.

To learn more about Rational Bear and how you can use it to benefit from falling stocks and sectors, click here.




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Friday, January 10, 2014

Baker Hughes Announces Fourth Quarter 2013 Well Count

Baker Hughes Inc. (NYSE: BHI) announced today that the U.S. onshore well count for the fourth quarter 2013 is 9,056 wells; down 19 wells from the revised 9,075 wells counted in the third quarter 2013. Compared to the fourth quarter 2012, the well count was up 398 wells or 5%. Due to improved drilling efficiencies, the average US onshore drilling rig now produces 9% more wells compared to the same quarter last year.

Compared to the third quarter 2013, the well count increased most notably in the Eagle Ford (up 75 wells or 7%), Mississippian (up 23 wells or 6%) and Marcellus (up 21 wells or 4%) basins. These increases were offset by reductions in the Fayetteville (down 29 wells or 18%) and Granite Wash (down 22 wells or 13%) basins.

The average US onshore rig count for the fourth quarter 2013 was down 12 rigs from the previous quarter at 1,697 rigs. On average, the US onshore rig fleet produced 5.34 new wells during the fourth quarter, representing a 1% improvement in drilling efficiencies compared to the third quarter.

For more detailed Well Count information by basin, including historical well counts and a map, visit www.bakerhughes.com/wellcount.

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Wednesday, July 31, 2013

Hess Reports Second Quarter 2013 Earnings

Hess [HES] today reported net income of $1,431 million for the quarter ending June 30th 2013. Hess beats by $0.09, misses on revenue. 2nd quarter EPS of $1.51 beats by $0.09. Revenue of $4.11B misses by $0.95B

Hess says proceeds from $3.5B in asset sales made so far in 2013 have allowed it cut debts by $2.4B and add cash to its books. Will book $933M income from the $2.05B sale of Samara-Nafta to Lukoil made in April; without the sale, Q2 net income fell to $520M from $549M in the year-ago period.

The Russian divestment and other sales sent Q2 production falling to 341K boe from 429K boe a year ago, but output was within 340K-355K boe guidance.

Read the entire Hess earnings report

 
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Tuesday, July 30, 2013

Ensco and National Oilwell Varco Report Second Quarter Earnings ESV NOV

National Oilwell Varco (NYSE: NOV) today reported that for its second quarter ended June 30, 2013 it earned net income of $531 million, or $1.24 per fully diluted share, compared to first quarter ended March 31, 2013 net income of $502 million, or $1.17 per fully diluted share. Excluding transaction charges of $57 million pre-tax, second quarter 2013 net income was $568 million, or $1.33 per fully diluted share.

The Company’s revenues for the second quarter of 2013 were $5.60 billion, which improved six percent from the first quarter of 2013 and 18 percent from the second quarter of 2012. Operating profit for the second quarter of 2013 was $826 million, or 14.7 percent of sales, excluding transaction charges.

Backlog for capital equipment orders for the Company’s Rig Technology segment was at a historic record level of $13.95 billion as of June 30, 2013, up eight percent from the end of the first quarter of 2013 and up 24 percent from the end of the second quarter of 2012. New orders during the quarter were $3.15 billion, reflecting continued strong demand for oilfield equipment.

Pete Miller, Chairman and CEO of National Oilwell Varco, remarked, “The second quarter of 2013 marked another solid quarter for NOV. Despite seasonal slowdowns in Canada and a challenging US market, the Company produced sequential gains in revenues and earnings, which were largely driven by strong revenues out of backlog and significant international growth within our Petroleum Services & Supplies and Distribution & Transmission segments.

The Company also ended the quarter with an all-time record backlog of capital equipment, as orders for new floaters and jackups continued at a strong pace, and orders for our floating production equipment more than doubled from the first quarter.” Miller continued, “In addition to our solid operating results, we are also proud to have doubled our regular dividend in the second quarter, further demonstrating our commitment to return more cash to our shareholders. As we move through the second half of 2013, we look forward to continued demand for our offshore drilling and floating production equipment, a gradual rebound in Canada, and continued growth from our other international operations.”

Read the entire National Oilwell Varco earnings report

Ensco plc (NYSE: ESV) reported diluted earnings per share from continuing operations of $1.55 in second quarter 2013, compared to $1.45 per share in second quarter 2012. Discontinued operations primarily related to rigs and other assets no longer on the Company’s balance sheet resulted in a gain of $0.02 per share a year ago. Diluted earnings per share increased to $1.55 from $1.47 in second quarter 2012.

Chairman, President and Chief Executive Officer Dan Rabun stated, “We continue to see strong, broad-based customer demand given the steady pace of new discoveries that must be appraised and developed. Based on our positive outlook, we recently ordered our eighth Samsung DP3 drillship, ENSCO DS-10, and our seventh Keppel FELS B Class jackup, ENSCO 110.”

Mr. Rabun added, “These new assets reinforce our fleet standardization strategy that provides customers consistently high levels of operational excellence.”

Revenues grew 17% to a record $1.248 billion in second quarter 2013 from $1.071 billion a year ago. Operating income grew 12% to $452 million and earnings increased $20 million to a record $361 million. The addition of ENSCO 8506 and ENSCO DS-6 to the active fleet as well as a full quarter of operations for ENSCO 8505 drove these increases. The average day rate for the fleet increased $36,000 year to year to $228,000.

Contract drilling expense was $607 million, up from $494 million in second quarter 2012. This increase was primarily due to adding new floaters to the active fleet as well as a previously anticipated increase in labor costs.

Depreciation expense was $153 million compared to $136 million a year ago. The $17 million increase was mostly due to a growing active fleet. General and administrative expense was $36 million in second quarter 2013, equal to second quarter 2012.

Interest expense in second quarter 2013 was $44 million, net of $13 million of interest that was capitalized, compared to interest expense of $30 million in second quarter 2012, net of $28 million of interest that was capitalized.

Read the entire Ensco earnings report



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Saturday, July 28, 2012

Still Doubting COT Favorite SeaDrill? SDRL

If you are still doubting the crew at Seadrill's (SDRL) ability to keep up with the current dividend this may be yet another reason to....think again. The latest news of a $4 billion commitment for the use of three offshore rigs in the Gulf of Mexico should assuage concerns about the company's ability to contract out all the rigs it has ordered as speculation rigs. Calculating the contract works out to $576,800 per rig per day over six plus years and increases SDRL's contract revenue backlog by nearly a third.

Here is your free trend analysis for SDRL

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Thursday, May 24, 2012

Natural Gas Rig Count Briefly Drops Below 600

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The natural gas rotary rig count, as reported by Baker Hughes Incorporated, rose by 2 this week to 600, after falling to a 10 year low of 598 last week. After increasing modestly to 936 active rigs in the fall of 2011, the natural gas rig count has dropped sharply. The oil rig count, currently at 1,382, has generally risen steadily since 2009, largely in response to increasing crude oil prices.

Natural gas rigs are currently down about 31 percent from their level at the same time last year, while oil rigs have risen by 45 percent over the same period. However, increased productivity from shale gas formations (generated by horizontal drilling and hydraulic fracturing) and rising associated production from expanding oil directed development activity have helped maintain robust natural gas production.
Oil and Natural Gas Rigs, 2002 - 2012
number of rigs
Source: Baker Hughes Incorporated


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Friday, March 23, 2012

Rigzone: Building On Stability, 2012's Offshore Outlook Appears Bright

The total number of offshore rigs under contract has shown a high degree of stability over the past eight months. Contracted floaters, rigs capable of deepwater drilling, have not budged relative to the fourth quarter's average. Contracted jackups have fallen by 5 rigs versus the fourth quarter. But both jackups and floaters are in better shape than the third quarter. Looking ahead, oil field service companies like Schlumberger and Transocean recently made comments that hinted of further strengthening in the offshore markets both globally and in the Gulf of Mexico.
Schlumberger's 4Q11 Conference Call – "We anticipate a continued recovery in the deepwater Gulf of Mexico with strong demand for high-value technologies. In the international markets, we expect 2012 rig count to be up around 10 percent versus 2011, driven by strong offshore activity in West Africa, the North Sea and Brazil…"
Transocean's 4Q11 Conference Call – "While the global economic uncertainty still lingers, our major customers' capital spending budget for 2012 pertains a year-on-year increase averaging around 12 percent to 15 percent."
Worldwide utilization for the mobile offshore drilling fleet has averaged 72.3 percent over the last 12 months. Most recently, utilization was 72.5 percent spanning the entire global fleet. Utilization has been holding steady between a range of 71 to 73 percent since setting a recent low of 69 percent back in February 2011.
Looking at absolute numbers, the count for offshore rigs is up 35 rigs (+11 drillships, +16 jackups, and +8 semisubs) to 560 rigs contracted globally over the past 12 months. On a net basis, the entire fleet of marketed rigs has grown to 772 rigs throughout the globe, up 37 (+17 drillships, +6 jackups, +14 semisubs) rigs versus one year ago.
Currently, there are 60 drillships working (from a global fleet of 78), implying 77 percent utilization. Semisubs number 163 contracted from a total of 213 rigs, also approximately 77 percent utilization. Globally, the jackup segment, the largest of the three groups, has had a dampening effect on the overall utilization with 337 under contract out of a total fleet of 481 rigs or utilization of 70 percent.
We continue to see a mending and recovery for offshore rig usage, in the Gulf of Mexico (GOM), nearly two years after the Macondo oil spill. However, we would note that there are still 13 fewer rigs working in the region relative to levels prior to the incident. Currently, 89 (10 drillships, 59 jackups, 20 semisubs) rigs are under contract in the region with a combined utilization of 62 percent. Rigs situated in U.S. waters of the GOM comprise 71 percent (100 percent of drillships, 63 percent of jackups, and 80 percent of semisubs) of the mix in the region. The rest of the rigs (i.e. 26 rigs) are in Mexico's territorial waters.
Posted courtesy of Rigzone.Com

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Tuesday, November 24, 2009

Land Rig Count Recovery Continues: What Goes Down Must Come Up


Driven by a confluence of factors including the credit crunch, commodity price collapse and widespread economic malaise, the U.S. land rig count decline witnessed between August 2008 and June 2009 was by far the most devastating downturn of the last 20 years. On a percentage basis, the recent downturn was similar to the 1998-1999 downturn, it just occurred in half the time. In absolute terms, more than twice as many rigs fell out of the rig count in the 2008-2009 downturn than in each of the last two major collapses.

However, the recovery so far has been promising, and in the five months since the downturn, the rig count has recovered by 241 rigs or 29%. In absolute terms, this is more than in the first five months of either of the prior two recoveries. On a percentage basis, the current rebound is unfolding faster than the 2001-2002 recovery but not as quickly as the 1998-1999 recovery. The table below summarizes the last three downturns and the five month periods following the troughs.



Rig Count Likely Headed Higher, but Risks Abound
Although a general consensus has formed that the land rig count will continue to increase during 2010, it would be wise to balance optimism with a sense of caution in the current recovery. While the recovery periods in each of the last two cycles generally exhibited an up and to the right pattern (for two and six years respectively), the present upturn is occurring in a noisy environment where multiple variables could take a course that would result in a plateauing rig count or possibly even a second bottom.....read the entire article.

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Tuesday, April 7, 2009

Crude Oil Could Fall On Hurricane Season Estimates


"Forecasters See Lower Average for 2009 Atlantic Hurricane Season"
According to forecasters at Colorado State University, the 2009 Atlantic hurricane season is expected to show average storm activity from June 1 to Nov. 30. The forecasters cite an average of 12 storms for the active season, six of which will transform into hurricanes with two set to become intense hurricanes, which are defined by sustained winds of 111 miles per hour or more....Complete Story

Saturday, March 28, 2009

Russia To Become China's Biggest Energy Supplier? Active Oil Rigs In The U.S. Drops By 46


"Oil Falls as Dollar's Gain Against the Euro Reduces Appeal of Commodities"
Crude oil in New York fell the most in two weeks as the dollar’s gain against the euro reduced the appeal of commodities to investors and stock markets declined....Complete Story

"Goldman Sachs Says Oil Rally Vulnerable as Demand Drops, Contango Widens"
Oil’s rally to a four-month high is vulnerable to a correction because near-term demand for crude isn’t yet strong enough to support a sustained advance, Goldman Sachs Group Inc. said....Complete Story

"Russia Capable of Becoming China's Biggest Energy Supplier"
Russia is fully capable of becoming the biggest energy supplier for China in upcoming 15 years," Russian Deputy Prime Minister Alexander Zhukov said here Friday. Zhukov made the remarks in addressing the China-Russia Investment Forum....Complete Story

"Number Of Active Oil Rigs Drops By 46"
The number of rigs actively exploring for oil and natural gas in Wyoming fell by two this past week. Nationally, the number of such rigs in the United States dropped by 46 this week to 1,039....Complete Story
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