CNBC's Bertha Coombs discusses the day's activity in the commodities markets. Crude continues to head south, even though geopolitical events keep a floor around the low $90s.» Read More
Now is the time to take a look at oil tanker stocks, said Omar Nokta, head of research for marine transport at Dahlman Rose & Company. He shared his stock picks with investors.
Can crude oil go to $95 this year? Of course it can. But consider this: Yesterday (Wednesday), the U.S. government reported that net commercial crude oil stocks plunged by 3.9 MMbbls or 1.2 percent...
A deteriorating situation in Venezuela puts future U.S. imports from that country at risk. In just the last two weeks we have seen Venezuela: devalue its currency, institute rolling blackouts along the power grid, don the jackboot…again and cry crocodile tears for Haiti.
According to the latest seasonal outlook for the end of the North American heating season (February to April), the International Research Institute (IRI) forecasts a 40 percent probability that temperatures will fall into the coldest third of years throughout market areas in the Gulf and Southeast.
It looks like we are ramping up turnarounds. Capacity utilization rates plunged by 292 bps to 78.4%. In fact, last week’s pace was a record low, i.e., not related to a hurricane. As such, gross refinery inputs, 13.9 MMbbl/d, fell below the 14 Mbbl thresholds in the month of January for the first time since 2000.
Energy prices were weak on Wednesday: The liquids dropped to their lowest close all year and natural gas followed suit. A lack of weather, a weak equities market and a resurgent dollar have energy bulls playing defense, writes Stephen Schork.
Last week, Chevron set off a flare when it warned analysts on the Street that its fourth quarter 2009 earnings would underwhelm. In a followup to that warning, Chevron yesterday disclosed it was “restructuring” its downstream business to make it “leaner,” i.e., the company will slash its refining workforce...
Last Thursday, the U.S. Census Bureau released what looked like a bearish advanced retail sales number. This report came on the heels of the prior week’s greater-than-anticipated jobs number, thus raising concern regarding the sustainability of the incipient economic recovery. Stephen Schork breaks down the energy ramifications.
Bears are far, far from out of the woods: Something squirrelly was going on in the Henry Hub pit yesterday morning. It almost smelled like the Dukes were up to something, writes Stephen Schork.
Who's the only guy in the WORLD who buys crude oil? The refiner. Chevron right now could not make money refining $70 oil. So if Chevron et al. cannot pass on the cost of $70 oil to vocationally challenged consumers, why then does Wall Street think $80, $90 is justified? Read Stephen Schork's blog post.
Chevron Corporation reported in its interim update late Monday that earnings for the fourth quarter 2009 are expected to be lower than in the third quarter 2009. Upstream earnings are projected to be in line with third quarter results, but downstream results are expected to disappoint due to poor refining margins, writes Stephen Schork.
Energy prices were weak on Monday - Natural gas futures dropped like a rock after last week’s (freeze off) rumor buying segued into fact selling. Meanwhile crude oil and the products hit higher highs but closed lower on mostly sideways trading. We expect more of the same until tomorrow’s DOE releases, writes Stephen Schork.
The labor market is a lagging economic indicator. That is because on initial signs of economic recovery firms will tend to call back laid-off workers and increase overtime before they make the commitment to increase their payrolls, writes Stephen Schork.
Volatility has returned. There are a little more than 11 weeks or approximately 60 trading days remaining until the expiration of the NYMEX April contract (the first contract of this year’s refill season), writes Stephen Schork.
A very bearish DOE report and resurgent dollar couldn’t stop the February WTI contract from crossing its 2009 83.19 high print, writes Stephen Schork.
With the winter weather in the East expected to linger for the better part of this month, the market’s concern regarding heating oil is the industry’s ability to sate this demand. remains in question, writes Stephen Schork.
Energy prices were strong yesterday - and who knew so many people in the U.S. burn crude oil to heat their homes, writes Stephen Schork.
The NYMEX sold off hard in the wake of last week’s EIA report. Here at The Schork Report we switched our bias to bearish on the previous session, thus we are pleased. But as we analyze in today’s issue, we are not 100% sure this report is as bearish as Thursday’s price path seemed to indicate, writes Stephen Schork.
The surge in nonconventional (shale) production notwithstanding, industry efforts to rein in production – either by not completing drilled nonconventional wells or by scaling back vertical rigs – has shifted the supply curve to the left, writes Stephen Schork.
In addition to the seasonal uptick in gasoline demand (students returning home for the holidays and shoppers trudging off to the malls for last minute Xmas shopping), last weekend’s winter storms likely encouraged consumers to top off at the pump, writes Stephen Schork.