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2016-08-08 19:15:00

OIL PRICES: $40 - $50

OIL PRICES: $40 - $50

 

OIL PRICES JUL - AUG 2016

 

OIL PRICES SEP 2015 - AUG 2016

 

According to OGE, former Federal Reserve Chairman Alan Greenspan suggested that oil prices have probably bottomed out at about $40 per barrel after tumbling more than 20 percent in the past two months into a bear market.

"It's hard for me to imagine it going very much lower, but it could," he said Wednesday, according to the transcript of a conference call organized by Rock Creek Group, an investment advisory firm in Washington.

Greenspan sees oil trading in a range of about $40 to $50 a barrel over the next couple of years. A $50 price would be high enough to encourage new shale oil production in the U.S., he said.

Oil futures traded near $42 a barrel in New York on Thursday, down from a 2016 closing high of $51.23 on June 8.

Greenspan made the following additional points during the call:

China's economic system is "unsustainable" because the government effectively guarantees "everything" against loss. "They started going in the right direction" in trying to change that but "then they reversed course" in the face of political opposition, he said.

He was surprised by how strong automobile sales were last month, but he cautioned that there were limits on how far consumer spending could carry the economy while business investment was weak. "This is an unstable outlook," he said.

The U.S. federal government should be running a budget surplus, not a deficit, to build up funds to pay for retiring workers. The surplus should be 3 percent of gross domestic product or more, Greenspan said.

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Earlier: 

MAJORS DEBT: $138 BLN 

NEGATIVE RUSSIAN OIL 

OIL PRICE: $43.1 

PRICES: PROGRESS WILL BE SLOW 

URALS: $38.68

 

 

 

Tags: OIL, PRICES,

Chronicle:

OIL PRICES: $40 - $50
2018, February, 16, 23:15:00

DEWA INVESTS $22 BLN

AOG - The Dubai Electricity & Water Authority (DEWA) is to invest around $22bn on new energy projects across the next five years, with the renewables sector accounting for an increasing share of electricity generation, according to CEO Saeed Mohammed Al Tayer.

OIL PRICES: $40 - $50
2018, February, 16, 23:10:00

TRANSCANADA NET INCOME $3.0 BLN

TRANSCANADA - TransCanada Corporation (TSX:TRP) (NYSE:TRP) (TransCanada or the Company) announced net income attributable to common shares for fourth quarter 2017 of $861 million or $0.98 per share compared to a net loss of $358 million or $0.43 per share for the same period in 2016. For the year ended December 31, 2017, net income attributable to common shares was $3.0 billion or $3.44 per share compared to net income of $124 million or $0.16 per share in 2016.

OIL PRICES: $40 - $50
2018, February, 16, 23:05:00

RUSSIAN NUCLEAR FOR CONGO

ROSATOM - February 13, 2018, Moscow. – ROSATOM and the Ministry of Scientific Research and Technological Innovations of the Republic of Congo today signed a Memorandum of Understanding on cooperation in the field of peaceful uses of atomic energy.

OIL PRICES: $40 - $50
2018, February, 16, 23:00:00

U.S. INDUSTRIAL PRODUCTION DOWN 0.1%

FRB - Industrial production edged down 0.1 percent in January following four consecutive monthly increases. Manufacturing production was unchanged in January. Mining output fell 1.0 percent, with all of its major component industries recording declines, while the index for utilities moved up 0.6 percent. At 107.2 percent of its 2012 average, total industrial production was 3.7 percent higher in January than it was a year earlier. Capacity utilization for the industrial sector fell 0.2 percentage point in January to 77.5 percent, a rate that is 2.3 percentage points below its long-run (1972–2017) average.

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