Global Market Commentary, Analysis and Investments
In the 1850s, hardy Russian explorers and fur trappers traipsing about mountain ranges and sea passages noted oil seeps around what we call Cook Inlet today. These are the earliest historical references to the oil in Alaska.
Over the next hundred years, a variety of fortune-seekers – lone prospectors, private wildcatters and big oil companies – took shots looking for commercial oil here. While there was some success, there were mostly setbacks and a trail of abandoned wells.
[Read more...]The chairs and nameplates are being lined up, the caviar is being prepped, the world’s finest hookers and blow are standing by. Tomorrow, OPEC gathers for one of their occasional price-fix…er, production quota meetings in Vienna, Austria. As always, the party will ensue.
But for a bunch of people who supposedly hold the world economy by the short and curlies…we can’t help but notice the ministers are looking decidedly feeble these days. As a consequence, the bickering – in Arabic, Farsi, Spanish, Portuguese and English – is liable to be more heated than usual this time around.
[Read more...]Crude oil topped $103 this morning.
The last time oil was this high was Sept. 26, 2008 – the last trading day before the US House rejected the first bank bailout bill. Wall Street then threw a snit and slashed 777 points off the Dow in one day.
Good times.
There doesn’t appear to be any overt reason why the price popped today. But beneath the surface, we see a series of ominous developments from Saudi Arabia, the world’s No. 1 oil exporter. Events that could make $103 oil seem as quaint as an 8-track tape left in an abandoned car for the last 40 years.
[Read more...]Recently, I had a long talk with Ali Moshiri, President of Chevron Africa and Latin America Exploration and Production Company. Mr. Moshiri has been working for Chevron for over 30 years. He's one busy man, whose responsibilities begin in the southern waters of the Gulf of Mexico and extend to the cold reaches of the southern Atlantic Ocean.
[Read more...]Iraq will pump up oil production from 2.4 million barrels a day now to 12 million barrels by 2017. Thats the promise of Prime Minister Nouri al-Maliki, whod like to hold onto his job after elections on Sunday.
Its not 2004 anymore. And its no longer in Washingtons interest to play up purple fingers in Iraqi elections. So lets bring you up to speed on whats been happening there since the surge was deemed a success:
[Read more...]Markets in the US ended yesterdays session in the red. The Dow was off by 100 points, or around 1%. The broader S&P 500 fell a bit harder, down 1.3% at the close. Gold slipped, too. The yellow metal sunk below the $1,100 mark and now trades for about $1,095 per ounce. Oil gained a smidge, to just shy of $80 a barrel.
[Read more...]Front and center this morning, we have the dollar back in the catbirds seat, as the risk aversion campers were out again late yesterday and overnight. The euro (EUR) is one whole figure lower than yesterday morning, as it goes back and forth around the 1.41 figure. The risk aversion campers came out of the woodwork again late yesterday when S&P cut Japans outlook to negative, citing diminishing flexibility to cope with the nations swelling debt load. Hmmm… HEY! S&P! HAVE YOU LOOKED UNDER THE HOOD OVER HERE IN THE US? I DIDNT THINK SO!
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Crack This Code: EROEI
“I just want to stop and make sure we’re not on fire,” Brad said as we pulled over.
My friend Brad Farquhar is the co-founder and vice president of Assiniboia Capital, which invests in farmland. We had just driven through a canola farm some 50 miles outside of Regina, Saskatchewan. And apparently, the canola crop can get sucked in the car engine and cause a fire.
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