Oil’s Slide Deepens on Mounting Demand Worries Unexpected rise in crude stockpiles sends prices to lowest close since mid-January A rout in oil prices deepened Wednesday after government data showed an unexpected increase in stockpiles, triggering fresh worries that demand for fuel is weakening alongside the U.S. economy. U.S. crude futures fell 4.7% to $51.09 […]
Tag: Oil
Tortoise's Brian Kessens in Bloomberg
Oil Slump Deepens on ‘Shocking’ Jump in U.S. Fuel Stockpiles Swelling American inventories compound global recession fears WTI futures fall almost 6%; Brent crude hits 7-month low Oil plunged, re-entering bear-market territory, as a surprise increase in American crude stockpiles fueled worries about a growing glut amid an increasingly dismal economic view. Futures in New […]
Tortoise's Brian Kessens in Reuters
Oil rises on expectations of Fed rate cut, another U.S crude drawdown NEW YORK (Reuters) – Oil prices rose about 2% to a two-week high on Tuesday on optimism the U.S. Federal Reserve will cut interest rates this week for the first time in more than 10 years, boosting demand expectations in the world’s biggest […]
Tortoise's Rob Thummel in MarketWatch
Chevron, Exxon earnings: Shale M&A is high on the list of investor concerns Exxon Mobil Corp. and Chevron Corp. are slated to report second-quarter earnings next Friday before the bell amid heightened interest in U.S. shale and continued concerns about flagging demand for oil. For Chevron CVX, +0.12%, it will be the first earnings report […]
Tortoise's Brian Kessens in Bloomberg
Oil Fades as Flagging U.S. Fuel Demand Adds to Economic Angst Gasoline, distillate stockpiles grew almost 10 million barrels WTI falls for third day amid weak consumption data from EIA Americans burned through a lot less gasoline and diesel fuel than expected last week, feeding into investor angst over oil demand. Futures slid as much […]
Tortoise's Rob Thummel in Bloomberg
The Shale Boom in the Permian Is Slowing Down High well-decline rates burning cash as investors stay away Smaller producers fight to survive, bigger ones cutting back The promise of the Permian is shrinking. Producers in the nation’s oil-rich shale basins are dialing back growth plans in the face of a growing panoply of problems […]
Tortoise's Brian Kessens in Bloomberg
Oil Leaps as Stockpile Drop Adds to Iran Tensions, Gulf Storm American inventories fall to lowest in three months: EIA WTI climbs near $60 a barrel; Fed chair hints at rate cuts Oil climbed near $60 a barrel as a steep drop in U.S. crude inventories added to signs of a tightening market from the […]
Tortoise's Matt Sallee in Bloomberg
Oil Rebounds as U.S. Gasoline Drop Helps to Ease Post-OPEC Gloom U.S. stockpiles fell by 1.6 million barrels last week: EIA WTI futures rise 1.9% after sliding most in a month on Tuesday Oil rebounded as a drop in U.S. gasoline supplies helped crude prices shrug off their biggest decline in a month. Read more […]
Tortoise's Nick Holmes in Bloomberg
Oil Jumps Near $60 on Biggest U.S. Stockpile Drop Since 2016 Inventories declined 12.8 million barrels last week, EIA says WTI climbs as much as 3.6%, as draw far exceeds expectations Oil rose near $60 a barrel for the first time this month as a huge drop in U.S. crude inventories bolstered the outlook for […]
Tortoise's Nick Holmes in Bloomberg
Oil Set for Year’s Worst Month as U.S. Glut Adds to Trade Woes Decline in stockpiles just one-fifth of expected withdrawal WTI dropped 3.8% as EIA report adds to U.S.-China tension Oil was on track for its worst monthly loss this year after a smaller-than-expected withdrawal from U.S. storage facilities fueled worries about weakening demand. […]
Tortoise's James Mick in Reuters
Oil prices drop as trade war worries outweigh supply disruptions Oil prices fell sharply on Wednesday as China signaled it would play the rare earths card in its trade war with the United States, stoking concerns that an ongoing stand-off could hurt crude demand. Supply constraints linked to OPEC output cuts and political tensions in […]
Tortoise's Rob Thummel in Bloomberg
Oil Tumbles as Swelling U.S. Stockpiles Rekindle Fears of a Glut American crude supplies jumped to highest since July 2017: EIA WTI crude drops more than 3%, extending trade-fueled decline Oil tumbled the most in about three weeks as a report of surging U.S. crude and fuels stockpiles rekindled fears of a glut even as […]
Tortoise's Rob Thummel in Bloomberg
Shale Overhead Costs Under Fire as Investors Drill Even Deeper Producers have cut growth plans, everyday costs now targeted Push comes as stocks continue to underperform broader market U.S. shale producers that have reined in growth plans to mollify investors are now facing increasing pressure to slash their own pay and gut bloated offices. Almost […]
Tortoise's Brian Kessens in Barron's
Oil in the U.S. Is Cheaper Than Overseas. That’s Bad News for U.S. Oil Producers Crude oil prices are forking. U.S. crude oil is priced at a near $10 discount to Brent, the international benchmark, the widest gap between the two since October of last year. That spread will create short-term winners and losers across […]
Tortoise's Matt Sallee in Reuters
Bar rises for shale takeovers as Chevron bows out of Anadarko fight Chevron Chief Executive Michael Wirth’s decision to opt out of a bidding war for Anadarko Petroleum Corp has raised the bar for deals, and dampened expectations that oil majors will drive a new wave of consolidation in U.S. shale. Wirth last week ruled […]
Rob Thummel quoted in WSJ
Oil Volatility Picks Up, Putting 2019 Rally Under Scrutiny Portfolio managers move into less-risky investments; prices swing with Trump pressure on OPEC and Iran Volatility is picking up in oil markets following a powerful 2019 rally, prompting a retreat among portfolio managers into less-risky investments in a sector that many investors still view as hot. […]
Reuters with Brian Kessens
Occidental CEO Vicki Hollub makes bold bid for rival shale producer With a $38 billion bid on Wednesday for rival oil producer Anadarko Petroleum Corp, Occidental Petroleum Corp CEO Vicki Hollub has again grabbed the spotlight, as the oil and gas industry trailblazer squares off against Chevron Corp, a company four times Occidental’s size. Hollub, […]
Tortoise's Rob Thummel in Bloomberg
Occidental Bids $38 Billion for Anadarko in Plan to Beat Chevron Cash-and-stock proposal values oil producer at $76 per share Occidental says it made three offers to Anadarko since March The first major bidding war has broken out in the Permian. After being rebuffed several times, Occidental Petroleum Corp. on Wednesday made public a $38 […]
Rob Thummel on Fox Business
Senior PM Rob Thummel discussed the energy sector on Fox Business
Matt Sallee quoted in CNN Money
Oil shoots above $65 on fears about Iran sanctions US oil prices raced above $65 a barrel on Monday for the first time since Halloween after the White House pledged to deepen its crackdown on Iran. The Trump administration vowed to bring Iran’s oil exports to “zero” by removing the waivers that previously allowed some […]
Nick Holmes quoted in Bloomberg
Oil Stumbles as Crude and Gasoline Declines Dash Expectations U.S. inventories fell by 1.4 million barrels last week: EIA Stock draws show tightening market but fall below API forecast Oil lost ground after government data showed U.S. crude and gasoline supplies shrinking less than forecast by an industry report. Futures in New York closed down […]
Rob Thummel comments on Oil
Oil Prices Near Five-Month High As U.S. Gasoline Stockpiles Tumble Crude oil prices held near a five-month high after U.S. government data showed the biggest decline in gasoline stockpiles since 2017, offsetting an increase in crude inventories. Futures in New York rose as much as 0.9% on Wednesday, while gasoline futures jumped as much as […]
Tortoise's Nick Holmes quoted in Bloomberg
Crude Oil Market Rallies on Fading Fears of a Glut Wagers on rising U.S. crude price reach highest since October Positive sentiment may be close to peak: U.S. Bank’s Haworth The oil market has all but forgotten last year’s price crash. Money managers haven’t been this optimistic about U.S. oil prices since early October, just […]
Tortoise's Brian Kessens in Bloomberg
Oil Hits 2019 High on Biggest U.S. Crude Storage Drop Since July U.S. crude exports climbed to second highest since 1993 Dovish Fed lends support to risk appetite and bullish demand Oil closed at a new high for the year in New York after the biggest withdrawal of crude in U.S. storage tanks since July […]
Tortoise's Matt Salle Quoted in Bloomberg
Oil Rises as Saudi, Venezuela Supply Cuts Eclipse Boom in U.S. Oil climbed for a second day as dwindling shipments from two of the world’s biggest crude exporters eclipsed another big jump in U.S. supplies. Futures in New York closed up 1.5 percent, reaching the highest point in a week. The rally came as the […]
Tortoise's Rob Thummel in Wall Street Journal
Battered Oil Investors Dive Back Into Crude Signs suggest heavyweight producers from OPEC are cutting output and the breakneck expansion in U.S. shale drilling is slowing down Oil investors, their wounds still fresh from last year’s sharp selloff, are again growing bullish on crude. Supporting the confidence of hedge funds and other money managers: signs […]
Brian Kessens in Bloomberg
Oil Bulls Get Bolder as OPEC Cuts Lessen Odds of a Relapse Net-long bets on Brent crude rally rise most since August ‘Risks on the upside much more likely now’: portfolio manager Oil’s bulls are getting bolder. With production cuts orchestrated by OPEC taking hold and U.S. shale drillers promising to curb spending, hedge funds […]
Tortoise's Rob Thummel quoted in The Wall Street Journal
Fears Loomed Large in Oil’s Worst Quarter Since 2014 The U.S. crude benchmark finished the year 25% lower after a slump that shaved $30 off oil prices The oil market is engulfed by fears of a global growth slowdown, as worries grow that falling demand and robust output from major producers will lead to a […]
Nick Holmes on Yahoo! Finance
Oil on the move as OPEC members pledge to cut production – Yahoo Finance Video – Crude oil is now trading below $45 a barrel after more OPEC members agreed to deeper production cuts. Yahoo Finance’s Alexis Christoforous speaks to Tortoise Director and Investment Analyst Nick Holmes about the future for oil.
Tortoise's Matt Sallee in Bloomberg TV Asia
We Need Additional Oil Supply Out of OPEC, Says Tortoise’s Sallee – Matt Sallee, senior managing director at Tortoise, discusses the OPEC supply boost and his outlook for production. He speaks on “Bloomberg Daybreak: Asia.”