Disclaimer: this is not an investment site. Financial news is posted to help me put the Bakken into perspective.
- Nasdaq: up 13
- Dow 30: up 17
- WTI: $48.60
XLNX: wow, wow, wow. Beats on earnings, revenues.
Before The Market Opens
Futures. Up 28 points.
Exuberance. Oilprice.com still suggesting that OPEC could hit its target, $60 oil with extension of cuts. Right now, WTI before market opens: drops 2% overnight, now trading below $49. This has to be very worrying for Saudi Arabia and those US operators that bought Permian for $40,000/acre.
Exuberance. oil supermajors dig out of doldrums as cash poised to surge -- Bloomberg. We'll see when XOM, COP, CVX report.
What, Me Worry? US E&Ps can turn a profit on $50 to $60 oil -- Barclays. That's not the quesiton: can they make money on $30 to $40 oil?
Saudi losing share. To Iran, Iraq on oil cuts -- Bloomberg. Tea leaves suggest to me the OPEC (wink, wink, Saudi Arabia) won't extend the cuts; if the cuts are extended, won't amount to much. At $100-oil the Armaco IPO is worth $2 trillion, some say. At $50-oil, not so much.
Not quite right. Headline from last night -- "oil prices stable after big draw in US crude inventories." -- Reuters. Less than 12 hours later, WTI tumbles 2%, now below $49.
Completely missed this one: UNP trading at its 52-week high. Who wudda thought? Up almost 2% overnight.