Oil Heads for Second Monthly Gain Before Fed Chairman’s Speech at Bloomberg.
“Growing global demand for oil will push prices to $125 a barrel sometime next year and possibly to $180 by the end of the decade, according to a Barclays research report Thursday.” Fuel Fix
U.S. producers are leaving a lot of money on the table. The Brent-WTI spread at the WSJ.
“Statoil said the Bakken and Three Forks oil plays in North Dakota would play a key role in plans to boost its North American production from 100,000 barrels of oil equivalent per day to more than 500,000 boepd by 2020.” UPI
“Iraq produced 3.051mn b/d of crude oil in July, surpassing 3 million b/d for the first time since the months before the 1990 invasion of Kuwait” at MEES.
OPEC is on the side of the oil investor. Conversely, Oil’s rise troublesome for Asia at the Globe and Mail.
Mexico details Gulf oil find at Fuel Fix.
From Daith Wealth:
IT’S TIME TO BET AGAINST BIG OILThe bullish percent index for the energy sector (BPENER) triggered a sell signal aily Wealth on Monday.
A sell signal occurs when the BPENER rallies into overbought territory – above 80 – and then turns lower. The red circles on the chart indicate the four sell signals that have occurred over the past two years.In each of the previous three cases, oil stocks sold off sharply. The AMEX Oil Index (XOI) dropped anywhere from 11% to 29% sometime over the next five weeks. It wasn’t always a straight shot lower, of course. Sometimes, the oil sector chopped around for a few days before the selling pressure finally took hold.In each case, though, shorting the oil stocks following aBPENER sell signal would have been a profitable trade.