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: Tortoise
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 in Institutional Asset Manager
Tortoise launches suite of UCITS funds focused on energy transition, sustainable infrastructure and water Tortoise has launched three UCITS funds – the Tortoise Energy Transition UCITS Fund, the Tortoise Sustainable Listed Infrastructure UCITS Fund and the Tortoise Sustainable Global Water UCITS Fund. These new products are part of the Tortoise Ecofin Platform. The platform houses […]
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 Rob Thummel in Barron's
Low Prices Boost Hopes for Natural Gas Natural gas finally has broken out of the tight trading range it’s been stuck in for the past six months. But it’s done it the hard way, by falling to a more than three-year low. However, there could be good news in the bad news. Cheaper gas prices […]
Tortoise's Rob Thummel in The Wall Street Journal
Shale Output Shows Signs of Slowing The number of active oil rigs in the U.S. fell to a 17-month low last week Oil prices are back on the rise, but shale drillers still have little incentive to ramp up activity. The number of active oil rigs in the U.S. fell to a 17-month low of […]
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 TBLU ETF in The New York Times
As Fresh Water Grows Scarcer, It Could Become a Good Investment Water is easy to take for granted. It falls from the sky, and, though it’s vital, we sometimes treat it as if it’s worthless. How often have you seen sprinklers running in the rain? Yet the prospect of shortages in the years ahead could […]
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 Rob Thummel in S&P Global
Q2 a cautious period for upstream E&Ps, but little change seen for rest of 2019 CEOs still wary of oil price volatility Executives likely hold capex steady at midyear Firm financial, operational targets a top priority Houston — Second-quarter 2019 was a cautious quarter for US upstream operators, and little change is expected in 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 on Yahoo Finance
Trump calls off military strike against Iran – President Trump approved military strikes against Iranian targets, but then called it off late last night. Yahoo Finance’s Akiko Fujita, Heidi Chung, and Kristin Myers are joined by Nick Holmes, Tortoise Director and Investment Analyst, break down the details.
Tortoise's Rob Thummel quoted in Bloomberg
Oil Slips Below $54 as Trade Fears Outweigh U.S. Gasoline Demand American crude stockpiles fell by more than expected last week WTI futures shed earlier loss; OPEC+ may extend supply curbs Oil slipped below $54 a barrel after a short-lived spike as anxieties about global trade and a supply glut overshadowed record gasoline consumption in […]
Rob Thummel in Wall Street Journal
Frackers Scrounge for Cash as Wall Street Closes Doors With traditional financing options dwindling, shale companies explore costlier alternatives Shale drillers are scrambling to raise cash as oil prices plummet and financing from Wall Street dries up. The companies behind the U.S. fracking boom are turning to asset sales, drilling partnerships and other alternative financing […]
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 […]
CNBC with Michelle Johnston
Here’s how to play energy infrastructure stocks – Michelle Johnston, senior managing director at Tortoise Capital Advisors, joins CNBC’s “The Exchange” to discuss Tortoise’s new fund that focuses on energy infrastructure.
Tortoise at NYSE's Opening Bell
Today’s Bell Ringer, April 23, 2019 – Today’s bell ringers are Tortoise Essential Assets Income Term Fund (TEAF) with Kristin Douglass, the director of the strategic client group, and Michael Pappas, the regional vice president, at the NYSE, and X4 Therapeutics (XFOR) with CEO and President Paula Ragan, PhD, at the Nasdaq.
Rob Thummel on Fox Business
Senior PM Rob Thummel discussed the energy sector on Fox Business
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 […]