It’s been a tough week for oil, and today is no different, as the earlier rally attempt has faded. Oil is dropping to its lowest level in more than three months. WTI is down, another 1.70% to $48.44 and Brent is down, 1.65% to $51.33.
The latest Baker Hughes rig count isn’t helping matters. This is the 8th consecutive week that US oil rigs have risen, this week by 8 to 617. Oil is currently on pace for a 7% decline for the week, making this its worst performance in five months.
The markets have given up most of the earlier gains, with the Dow down, and the S&P500 and Nasdaq holding on to slight gains. Materials, Technology and Telecom are the bright spots, while Energy, Financials and Real Estate lag. Advancers still outpace decliners 1607/1286 on the NYSE and 1493/1300 on the Nasdaq.
|I admit that for 50+ years I have been against oil and have missed many opportunities to make money with oil stocks. |
Fast forward to today, I don't understand when so many things that run on fossil fuels, everything is becoming more efficient, Mr Tesla is developing solar power, how can big oil expect demand to grow?
Bert Pulitzer on 3/10/2017 6:51:52 PM
|I don't believe we can count on OPEC and other nations to cut back their oil production when they are dependent on it for their nations income. That being the case, and with the ramp up of the USA shale producers and that production increase, I don't see how oil prices can stay above $45.|
I am heavy in energy stocks, but am now preparing to shift my portfolio from energy dominated to other sectors that will surly grow under the Trump presidency. My returns will be a little lower, but it's better than getting whacked down the line when the owners of oil stocks realize that their companies can't afford that high dividend they were paying out and bail out.
William S. Brown on 3/10/2017 7:05:50 PM
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