Salient to Investors: Oil tumbled below $80 a barrel for the first time in eight months. U.S. stockpiles at the most in almost 22 years. OPEC crude supplies at the highest level since October 2008. Saudi Arabia pumped crude at the fastest pace in at least 23 years. Predictions: Eugen Weinberg at
READ MORE... →Carl Pope says: Abundant, cheap fossil-fuel energy – that created the modern consumer economies of the U.S., Europe, Russia, Australia and Japan – is not viable in the 21st century due to cost. Coal is geologically more abundant than oil, but cheap coal, close to population centers, is not. Powder
READ MORE... →Salient to Investors: U.S. crude stockpiles rose to highest level since July 1990. Predictions: Todd Horwitz at Adam Mesh Trading Group sees below $80 in the next two weeks. Fifty-eight percent of economists polled expect the Fed to expand Operation Twist. Read the full article at http://www.bloomberg.com/news/2012-06-20/oil-declines-before-fed-decision-projected-supply-drop.html
READ MORE... →Salient to Investors: Bill Farren-Price of Petroleum Policy Intelligence says Saudi Arabia will continue to meet customer demand – if demand drops, then will cut. Olivier Jakob of Petromatrix said Saudi Arabia cannot at the same time commit to a supply cut to please OPEC and commit to replace Iranian barrels to please the G-20. Predictions:
READ MORE... →Salient to Investors: Phil Flynn of Price Futures Group says the markets are betting that the anti-austerity forces in Greece will lose, which would boost oil prices, bus a win would see a deflationary downdraft impacting all markets. Sees increasing likelihood that the central banks will increase stimulus – the Fed has a lot of cover
READ MORE... →Salient to Investors: Brazil holds the world’s biggest oil discoveries since Kazakhstan found the Kashagan field in 2000. Brazil has at least 50 billion barrels of recoverable reserves in an area the size of Florida in deep waters off the coast of Brazil. Read the full article at http://www.bloomberg.com/news/2012-06-15/petrobras-worst-big-oil-bet-on-deepwater-disappointments.html
READ MORE... →BP data show that at the end of 2011, Venezuela had proven oil reserves of 296.5 billion barrels, Saudi Arabia 265.4 billion barrels, Canada 175.2 billion barrels, Russia 88.2 billion barrels, Norway 6.9 billion barrels. Read the full article at http://www.bloomberg.com/news/2012-06-13/venezuela-overtakes-saudis-for-largest-oil-reserves-bp-says-1-.html
READ MORE... →Predictions: Jefferies Bache broker Christopher Bellew said we are seeing the effects of a decade of financial imprudence in Europe and the size of the re-structuring needed, so expect significantly lower oil prices short-term. Read the full article at http://www.bloomberg.com/news/2012-06-08/oil-heads-for-longest-run-of-weekly-losses-in-more-than-13-years.html
READ MORE... →Salient to Investors: Heading for the longest run of weekly losses in more than 13 years on concern economic slowdowns in U.S. and Europe. Iitrader.com sees no growth in oil demand, and Germany, the linchpin of the euro zone,is slowing and will add more negative news Read the full article at http://www.bloomberg.com/news/2012-06-08/oil-heads-for-longest-weekly-losing-streak-since-1998.html
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