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Shell, Total Lead Energy Shares Lower – $45 a barrel

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From an article by Alan Soughley published by BloombergBusinessweek 13 Jan 2015 under the headline: 

“European Stocks Decline; Shell, Total Lead Energy Shares Lower”


Royal Dutch Shell Plc and Total SA led energy-related companies lower…

A gauge of energy stocks slid 1 percent today, for the worst performance of the 19 industry groups on the Stoxx 600. Oil extended losses to trade below $45 a barrel amid speculation that U.S. crude stockpiles will increase, exacerbating a global supply glut that’s driven prices to the lowest in more than 5 1/2 years.


Screen Shot 2015-01-13 at 09.23.28From an article by Clifford Krauss published by The New York Times (NY edition) 13 Jan 2015 under the headline:

“Oil Prices Fall to Lowest Since 2009”


HOUSTON — Oil prices took another sharp turn downward on Monday to levels not seen since the depths of the 2009 recession. Several international banks predicted even lower prices later this year because of an oversupplied global crude market.

The latest daily downward spiral of more than 5 percent has brought several crude oil benchmarks down by more than 55 percent since June in one of the fastest drops ever for the volatile commodity.

The drop came even as Venezuela and Iran coordinated their efforts to persuade OPEC to cut production; Canadian Natural Resources, a major global producer, announced deep investment cuts; and American companies dropped their rig drilling count at quickening speed.

The day’s plunge began after Goldman Sachs released a bearish oil report Sunday night predicting that the American price benchmark, which dropped to about $46 a barrel on Monday, would fall to $41 in three months and $39 in six months — before recovering to $65 by the end of the year.

Oil analysts say the 93-million-barrel-a-day global oil market has a supply surplus of one million to two million barrels, and that surplus is not going away soon.

“The pain limit for U.S. shale drillers was reached when U.S. oil prices dropped below $50 a barrel,” said Per Magnus Nysveen, head of analysis for Rystad Energy, a Norwegian-based global consultancy.

OPEC is supposed to be a cartel, but its members are competing fiercely for market share. Just last week the United Arab Emirates joined Iraq and Kuwait in trying to undercut Saudi Arabia, ostensibly a close ally, by pricing its crude below Saudi levels in Asia.


From a Reuters article published 13 Jan 2015 published under the headline:

“European shares fall as oil slump hits energy stocks”

PARIS: European stocks fell in early trading on Tuesday  with the relentless drop in oil prices fuelling worries over the prospect for corporate profits in the energy sector.


From an FT article published 13 Jan 2015 under the headline:

“Investors barrel out of oil stocks”


Oil-related stocks are being pummelled following a plunge in the price of the black stuff to a six-year low.

As fears grow of an oil glut due to China’s slowdown and Opec members’ refusal to cut production in favour of protecting their market share, Brent crude for February delivery has swooned to $45.23 per barrel, its lowest since March 2009.

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