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Saudi Energy Minister Is Worried
Updates
Later, 8:40 p.m. Central Time: Saudi Arabia Minister of Energy has reason to be concerned: American operators apparently making money on $40-oil.
Original Post
- that's a pretty wide range
- the tea leaves suggest we are stuck in a trading range of $45 to $49 in current US dollars
- Saudi will hemorrhage cash reserves at anything less than $90, and below $60 their losses are unsustainable
- there is no evidence that Saudi Arabia will/can significantly increase crude oil exports
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Active Rigs Back Down To 28
7/12/2016 | 07/12/2015 | 07/12/2014 | 07/12/2013 | 07/12/2012 | |
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Active Rigs | 28 | 73 | 190 | 186 | 212 |
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Market At Late Afternoon
NYSE, new highs: 277
- Cabela's
- Chevron (a big whoop)
- Cliffs Natural Resources
- XOM (a huge whoop)
- Medtronic
- Murphy USA
- Newfield Exploration (NFX) (who wudda thought?)
- ONEOK (OKE)
ONEOK Partners (OKS) - Winnebago Industries
- Humana
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GOP Hypocrite
Paul Ryan defends the wall around his own home, but won't put up a "wall" to protect America. He says he put up the wall around his own home to protect his three children. The ranchers in Arizona and Texas along the Mexican border know exactly what we're talking about.
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