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 […]
Economics:
The Bank of Canada reported that it doesn’t see credit conditions returning to normal until 2010. Growth in 2008 is expected to be weak but still positive 1.4%; 2009 should see strengthening to 2.4% and 2010 should see growth of 3.3%. Given the weakness forecasted, expect the BOC to continue cutting interest rates at […]
Canadian retail sales decreased 0.7% in Feb, still up 5.7% y/y. This is another sign that Canada could be heading for a rough patch and might be an indication of the more conservative nature of Canadians compared to Americans when it comes to spending.
Commodities:
Weekly oil inventories (all grades) showed a drop of […]
Recap:
Big day in the markets with the Dow and TSX up 256 and 248 respectively. A number of companies reported earnings today: JP Morgan’s earnings were down 50%, IBM’s up 26%, EBay up 22% and Sallie Mae posted its third consecutive loss. The theme today seems to be that the weakness in the market is […]
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 […]
