Global Market Commentary, Analysis and Investments
Precious metals, energy and commodities recently hit a rough patch.
But will these low “pullback” prices last forever? Even in the face of what seems (to me) as an extreme wave of inflation rushes over us?
Today we’ll cover all the bases. Starting with crude…
West Texas Intermediate (WTI) crude oil is in the high-$80s per barrel, while the iconic Brent Crude price is under $100. That’s low, by recent standards, for two reasons.
[Read more...]Oil has climbed down more than 4% in two days. At last check, a barrel of West Texas Intermediate fetches a little over $93.
The big factor: Yesterday’s weekly crude inventory report from the U.S. Department of Energy. “The nation’s supply of oil is now 7.2% above year-ago levels,” reports The Associated Press, “and the highest since July 27, 1990, when it was at 391.9 million barrels.”
[Read more...]U.S. oil independence is picking up steam. In December, the country lost its position as the world’s largest importer of oil, with shale production climbing faster than expected. Net imports fell below 6 million barrels per day, domestic production increased more than 1 million barrels per day and demand declined by about 700,000 barrels per day.
[Read more...]There is one reason why you should oppose the proposed $5.3 billion Keystone XL Pipeline. And it has nothing to do with “green religionists,” as The Wall Street Journal calls the opposition in today’s paper.
Instead, it has everything to do with a foreign oil company using U.S. government power to force Americans off their land in the name of “eminent domain.” It has everything to do with putting a 78-year-old grandmother in jail, pepper-spraying protesters and using other bullying tactics that would make the Mafia proud.
[Read more...]Finally! Something happened recently that had nothing to do with interest rates, monetary policy, or the currency wars!
Australia’s Linc Energy’s announced that there could be a whopping $20 trillion worth of oil locked in Australian oil shale formations. The geology looks promising. That is, there is probably oil, or something very much like it trapped in the Ackargina Basin in South Australia.
[Read more...]f you want to profit from North America’s shale boom, all you have to do is follow the drill rigs.
Today in Alberta Canada there are 433 rigs spinning. Although that’s “only” about half that of Texas, there’s a lot of opportunity brewing up north.
Last week I ventured to Calgary, Alberta to get a good (cold) feel for what’s happening. From what I saw, the next leg of North America’s shale boom is taking place right now, up north…
[Read more...]If you live in a major city, there’s a good chance you rely on some form of public transportation to get around. The rest of us, however, are stuck visiting the gas pumps.
Since the beginning of 2013, it’s been anything but a happy New Year, at least as far as gasoline prices are concerned. Since January 1st, the average price for a gallon of regular gas is up about 45 cents.
[Read more...]It’s America’s final frontier for shale. And the payout will be huge.
Get this…
If you add up the recoverable resource estimate for the oft-mentioned Bakken formation in North Dakota, as well as the Eagle Ford in South Texas… then DOUBLE it, you’ll get close to the number of recoverable barrels of oil that remain trapped in the heart of this untapped “mega” shale deposit.
[Read more...]“Recovery Shows a Soft Spot,” declared a banner headline of a recent edition of the Wall Street Journal. “Soft spot” pretty much sums up the Journal’s explanation for a reported 0.1% contraction in gross domestic product (GDP) in the fourth quarter of 2012.
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Oil… and U.S. Support for Al-Qaida
“There is a moral imperative to try to stop the onslaught against the Syrian population,” urges President Obama’s former Middle East adviser Dennis Ross. “But there is also a strong U.S. national security imperative.”
Hmmm…
Oil — at least the West Texas Intermediate variety — hasn’t poked above $100 a barrel in nearly 12 months. But events in the Middle East have propelled it from below $88 a week ago to $93.19 this morning.
[Read more...]Click for detailed story