Loading ...I bought some more Nexen Inc (T-NXY, N-NXY) an oil and gas company at $39.40 after the International Energy Agency (IEA) said it plans on reducing the forecast of oil supplies after studying depletion rates on the world’s 400 biggest oil wells. Apparently the revisions (which represents an important change in methodology) to the […]
Oil:
Bloomberg reports that the Kazah Energy Minister believes that the large Kashagan field in Kazakstan has delayed commercial production for another couple years. The field was originally supposed to begin producing in 2005. This is another example of peak oil having been reached as all the big cheap oil fields have been found. The […]
Oil:
The bearish oil news today was the weekly oil inventories in the US as the total crude and refined product levels were higher by over 7 million barrels. As a result of the large build in inventories, I was expecting the price of crude to drop from its record, instead it rose to another record […]
Recap:
Dow was up 60 and TSX was up 112. I’m not really sure why the Dow was up other than Johnson and Johnson posted okay results; I guess investors took it as a positive sign that the market woes hadn’t infected all sectors of the economy. TSX was up probably because oil hit another record […]
