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Quiet day so far but trends intact under surface

Quiet day so far but trends intact under surface

A very subdued market so far (at 2 p.m. New York time) today. Maybe its the solar eclipse. After all who wants to put on a long position when the sun is about to be eaten by dragons? As of 2 p.m. the Standard & Poor’s 500 stock index was up just 0.06%. But...
Oil stumbles to near $42 before steadying

Oil stumbles to near $42 before steadying

I suspect that today’s “rally” in oil was simple a result of the commodity falling too far, too fast and opening the way for some traders to make a buck or two on the upside. U.S. benchmark West Texas Intermediate fell to $42.24 a barrel as of 11:45...

Trying to put a price on fear

There’s short-term panic and long-term fear. Both are at work in the financial markets this morning. The common factor, of course, is Libya, where Muammar Gaddafi seems determined to fight for control to “the last man standing” in the words of his son Seif al-Islam....

Update Petrobras (PBR)

Disappointment on Petrobras (PBR). Although it’s disappointment that investors will ultimately get over. The government is charging Petrobras more than expected to buy 5 billion barrels of oil reserves. (Pre-transfer the company has proven reserves of 15 billion...

Update Petrobras (PBR)

(I’m on vacation until August 24. Until then JubakPicks.com will operate on a reduced schedule of one or two posts a day. I’ll resume the full schedule when I return.) Forget about news that Petrobras (PBR)–one of the stocks in my long-term...

Update Transocean (RIG)

The best you can say about Transocean (RIG) is that it has a tin ear for public opinion. The company’s public response to the Deepwater Horizon disaster in April has been to say 1) It wasn’t our fault and 2) We’re not on the hook for very much money. Even if true, and...

Sell Statoil (STO)

I’m selling Statoil (STO) on today’s bounce because the euro debt crisis has changed the medium-term fundamentals for this Norwegian oil company. As I wrote in my 12:30 May 21 post...

OPEC cheats on production quotas, oil prices fall

After the recent rally in oil to $87 a  barrel, an increasing number of OPEC (Organization of Petroleum Exporting Countries) members have started to cheat by pumping more oil than quotas allow. News today, April 19, that production from OPEC members increased 4.6% in...

Oil drilling failure rate surges at the Western majors

It’s not a factor now in the climbing price of oil but the trend certainly doesn’t portend cheaper oil down the road. Or a rosy future for the Western oil giants. In 2009 Chevron’s (CVX) drilling failure rate climbed to 35%. More than one-third of exploratory wells...

Update Encana (ECA)

EnCana (ECA) formalized its split into two companies when it began trading as EnCana (ECA) and Cenovus Energy (CVE) on the New York Stock Exchange on December 9. Shareholders in EnCana received one share of the new EnCana and one share of Cenovus for each share of the...