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Posts Tagged ‘Commodities’

ConocoPhillips profits, revenue drained by lower oil prices

April 30th, 2015 No comments
ConocoPhillips Los Angeles Refinery in operation (AP)

ConocoPhillips Los Angeles Refinery in operation (AP)

Is all the bad headlines oven baked in to appetite stocks?

ConocoPhillips COP is up 0.6% to $68.46 after the association pronounced first-quarter gain sank 87%, mostly due to slumping wanton oil prices.

Revenue fell 50% to $7.7 billion from $15.4 billion in the initial entertain of 2014.

The association pronounced it satisfied $36.96 a tub for oil in the quarter, down 48% from the $71.21 a tub in the year-ago quarter.

“The poignant downturn in prices has been a exam for the industry,” pronounced CEO Ryan Lance.

Houston-based ConocoPhillips, the world’s largest eccentric scrutiny  and prolongation company,  was between the initial of the zone to cut oil-related spending on brand new and existent oil and gas wells.

But ConocoPhillips pronounced Thursday which it stays on lane to encounter the formerly settled aim of 2% to 3% prolongation expansion for the year.

ConocoPhillips shares have been off 21% from 52-week highs.

Oil prices fall on word of nuclear accord with Iran

April 2nd, 2015 No comments
(AP Photo/Charlie Riedel, File)

(AP Photo/Charlie Riedel, File)

Word which a rough settle with Iran to extent growth over the chief module pushed oil futures down Thursday.

Benchmark West Texas Intermediate wanton fell 1.2% to $49.47 a barrel, whilst Brent wanton tumbled 3.4% to $55.18. Wholesale U.S. gasoline prices forsaken  3.3% to $1.77 a gallon on the New York Mercantile Exchange.

Economic sanctions have exceedingly singular oil-rich Iran from exporting crude, as good as a little unfamiliar investments in Iran’s oil, gas and petrochemical industries. Iran now exports about 1 million barrels of wanton a day, down some-more than 50% from the 2.5 million barrels it was shipping prior to U.S. and European imposed one some-more sanctions in 2012.

The Energy Information Administration reported which U.S. wanton inventories rose to jot down levels for the 12th uninterrupted week final week. With the tellurian oil markets already glutted, wanton prices have been approaching to go on sliding. Tanker brokers guess which Iran has stored at slightest thirty million barrels in super tankers forward of a intensity extensive agreement tying the chief plans.

“I think this headlines has the intensity to put some-more downward vigour on wanton and gasoline prices in 2016 and beyond,” says Tom Kloza, comparison appetite researcher for the Oil Price Information Service. “This will lapse to credentials sound soon, where the U.S. and the universe still needs to understanding with a still-swelling inorganic substance glut.”

“Bottom line: this is a poor year for fuel, with the but team-work from Iran,” Kloza says.

U.S. gasoline prices now normal $2.40 a gallon, down 32.6% from year-ago levels, but up scarcely 20% from a six-year low of $2.03 a gallon  in late January.

Follow Strauss on Twitter @gstrauss_ 

 

 

Copper’s collapse tarnishes mining, metals stocks

January 14th, 2015 No comments
Getty Images

Getty Images

Crude oil isn’t the usually commodity removing trashed these days.  A fall in copper prices on the London Metal Exchange pushed prices down scarcely 9% to their lowest levels given mid-July Wednesday on reports of negligence direct in China and alternative key markets.

Copper is a key industrial product and cruise a substitute for growth. But prices on the New York Mercantile Exchange’s COMEX overwhelmed Jul 2009 lows early Wednesday sealed off 4.5% at $2.52 a pound.

The slip tarnished an form of miners and metals producers.  Among them: Freeport-McMoran FCX, down 11% to $18.74;  Southern Copper SCCO off 4% to $25.56; Rio Tinto RIO,  down 2% to $42.95; BHP Billiton, off 2.8% to $44.16, Vale VALE, down 5.5% to $8.03 and Glencore GLNCY, down  7.7% to $7.45.

Global X Copper Miners COPX, an ETF focused on the sector, slumped 8% to $6.19.

 

Crude oil’s drop sinks energy stocks, boosts airlines.

October 27th, 2014 No comments
AFP/Getty

AFP/Getty

Crude oil’s drop next $80 a tub Monday sent appetite zone bonds in to an additional tailspin.

The  catalyst: Goldman Sachs cut the 2015  price aim on benchmark West Texas middle wanton oil from $90 a tub to $75 and set the  2016 cost aim at $80 a tub – about where wanton is now trade after in contact with $106 a tub in June.

The investment bank’s bearish appetite zone call – the ultimate between a array on Wall Street –  is formed on an increasingly oversupplied tellurian market, weaker direct and the incapacity of the Organization of Oil Exporting Countries (OPEC) to say pricing appetite as North American oil shale prolongation surges.

The inform quickly pushed WTI  to $79.60 on the New York Mercantile Exchange.  WTI finished down thirty cents $80.71.

Among losers: Haliburton HAL, down 6% to $52.39, Nabors  NBR Industries; down 7% to $17.48;  Newfield NFX Exploration; down 5% to $28.17,  Laredo LPI Petroleum, off 6% to $17.70; Goodrich GDP Petroleum, down 8% to $8.64 and Tenneco, TEN , down 8% to $50.29. C&J Energy Services CJES  sank 10% to $17.71,  Sanchez Energy SN also mislaid 10% to $16 and Canadian Natural Resourses CNQ eased 3% to $33.76.

Exchange-traded appetite zone supports additionally dropped, but pared early losses. iShares MSCI Global Energy Producers FILL, down 7% in sunrise trading, sealed off 2% to $23.70. The Energy Sector Sector SPDR XLE  fell 2% to $83.78.

Airlines, meanwhile, got an additional lift on the prospects of reduce jet fuel prices, nonetheless many pared early gains. Industry personality United Continental UAL climbed 4% to $51.73, whilst JetBlue  JBLU rose 1% to $11.08.

Follow story bonds on Twitter @gstrauss_

Crude oil tanks again, drowning oil producer stocks

October 14th, 2014 No comments
AFP/Getty

AFP/Getty

Another unemployment in wanton oil prices pummeled the appetite zone Tuesday.

Benchmark West Texas sank 4% to $82.32 a tub – a 28-month low – whilst Brent Intermediate mislaid 3.4% to $85.12, a uninformed four-year low. The slip came after the International Energy Agency cut the opinion for oil direct expansion by some-more than 20% whilst stating that September oil prolongation had jumped.

“It’s unequivocally a undiluted charge or negativity,” says Nasdaq appetite researcher Tamar Essner. “There’s a lot of interpretation that’s unequivocally bearish – the strengthening dollar and the clarity that Saudi Arabia is not going to cut prolongation to await prices. It seems similar to the marketplace is trending reduce from here. It doesn’t appear similar to were bottoming.”

Before Tuesday’s offered spree, oil futures had already depressed some-more than 20% from mid-June 2014 peaks, due to surging prolongation in North Americ and price-cutting by key exporters Iraq, Iran and Saudi Arabia.

The destruction in wanton spilled over to indiscriminate gasoline prices, that forsaken  7 cents to $2.18 a gallon. That’s expected to go on putting vigour on sell prices, right away averaging $3.18 a gallon. Price tracker gasbuddy.com says siphon prices could dump an additional twenty cents or some-more by early November.

While consumers might have some-more income in their pockets, slip appetite costs meant reduction increase for appetite producers stocks. Drillers, suppliers and alternative appetite producers gifted a uninformed turn of offered Tuesday.

Among the losers:

Chesapeake Energy CHK, down 6% Monday, fell 2% to $17.49.   ConocoPhillips COP fell 3% to $66.20. Midstates Petroleum MPO sank 27% to $2.35. Hercules Offshore HERO forsaken 16% to $1.47 and Hess, HES down 6% Monday, mislaid an additional 2.4% to $75.91. But Goodrich Petroleum, GDP  down 29% Monday, recovered 6% to $8.10.

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Bull market for beef; cattle futures hit all-time highs

July 22nd, 2014 No comments

X00254_9Consumers aren’t expected to get a mangle on mountainous beef prices soon. Cattle prices, already up neatly this year, have been flirting with jot down highs.

Cattle futures for mid-October smoothness climbed 1.9% to a jot down $1.58.18 a pound, as parsimonious reserve and taking flight summer direct one after another to accelerate prices.

Slumping corn prices and aloft prices yield an inducement for ranchers to progress drought-depleted  herds, that have been nearby there lowest levels given the early 1950s. But consumers aren’t expected to get a mangle on steaks and burgers soon. It can take up to twenty-two months for cattle to strech massacre weight.

Through June, belligerent beef prices were up  15% to about $3.40 a bruise over year-ago levels. USDA preference class sirloin beef was up 16% to $7.69 a pound.

 

 

Gold shines as prices hit 3 1/2 month high

July 10th, 2014 No comments

Gold surged 1.5% to $1,345 an unit Thursday after tellurian batch markets plunged on weakening mercantile data.The gains, that propelled mark bullion prices to their top levels given March,  extended Wednesday’s convene after the Federal Reserve pronounced it would keep seductiveness rates nearby jot down lows.

Gold prices  tumbled scarcely 30% final year as investors shifted to stocks.  But prices have risen usually given early June.

A weaker dollar and a process change in India, the world’s No. 2 bullion buyer, additionally bolstered Thursday’s metals rally. India, that imposed a 10% taxation on bullion purchases to quell demand, is approaching to cut the taxation to 6%.

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