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Metals Thoughts: Late-inning rally
Brad Yates Natural ResourcesThe Bank of Japan holding off on any further action has created a massive Yen carry unwind and a general lack of faith in Kuroda/Abe ability to push the Yen lower. That combined with general hedge fund outflows has big offer in the dollar and has been turbo fuel for what I otherwise consider to be an overextended gold rally.
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The global oil industry: Shell’s post-merger future
Lucy Wallwork Natural ResourcesAnglo-Dutch Shell, now the world's third-largest private oil and gas company by output, was left out of the series of mergers in the early 2000s that created the supermajors of today. But prior to the industry restructuring, Royal Dutch Shell was the largest oil company in the world. The recently completed merger with BG Group, against a tough oil price backdrop, aims to keep the company among the list of the biggest global players.
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Metals Thoughts: Doha on my mind
Brad Yates Natural ResourcesSpot gold has bounced off the 50-day moving average again with the aid of a weaker USD, now at $1,236 all the way north of $1,250. We count this as the second such test so far in April, and so far seems to be successfully held.
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K-12 schools shifting focus toward environmental studies
Bambi Majumdar EducationDominion Resources, an energy company based in Virginia, recently announced a plan for $1 million in educational grants. The grants will focus on outstanding environment, energy and workforce development programs in K-12 schools within the company's geographic footprint.
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The global oil industry: Chevron pivots to ‘small oil’
Lucy Wallwork Natural ResourcesLike ExxonMobil, Chevron Corporation was formed out of the ashes of the breakup of Rockefeller's Standard Oil Company into 34 companies in 1911. However, the California-based major has not positioned itself as well as its larger competitor to face the current crisis, following years of heavy investments and cost overruns on massive projects like the Gorgon and Wheatstone LNG projects in Australia.
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Energy service companies struggle to stay alive amid low oil prices
Chris Frevert Natural ResourcesSince 2014, over 60 percent of privately-held oilfield service company owners have reduced their rates for top customers by more than 20 percent. And over 65 percent have seen their gross revenues decline by more than 30 percent, according to respondents to the third survey we've conducted since the downturn began.
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Metals Thoughts: Dollar bets
Brad Yates Natural ResourcesThe broad dollar index has seen an impressive revaluation since early March, and it has helped spur a bid under many risk assets and anything dollar denominated, which very much includes metals.
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Metals Thoughts: A tradition unlike any other
Brad Yates Natural ResourcesInteresting action overnight as we saw a reversal of some recent trends: ETFs were sellers, Asian physical market were buyers, and correlation with WTI swung back to negative. The EFP bouncing back about 20 cents overnight is indicative of some good futures buying.
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The global oil industry: ExxonMobil maintains investor trust
Lucy Wallwork Natural ResourcesThis week I am tackling the giant of the giants, ExxonMobil. With a market capitalization hovering around $400 billion, Exxon until recently vied with Apple for the title of largest company in the world by valuation. Its annual revenues are frequently larger than entire countries, including Serbia and Tanzania.
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Metals Thoughts: Terror in Brussels
Brad Yates Natural ResourcesMarkets and security forces are on high alert this morning in the wake of the terror attacks in Brussels that have left at least 25 dead and 50-plus injured. There is a slight flight to safe assets, but the net effect seems to be somewhat muted as we are sadly growing used to these sorts of headlines on an all-too-frequent basis.
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