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The Two Midstream Oil Stocks Set To Thrive In 2021 By Alex Kimani - Dec 15, 2020, 12:00 PM CST
Just like the rest of the oil and gas sector, the U.S. midstream oil and gas segment has been hugely disrupted by the plunge in global energy demand spawned by the coronavirus pandemic. Since the beginning of the current year, many North American midstream players have seen their market values cut roughly in half, with huge pullbacks in production as well as a ramping down of capacity by refineries, liquefaction facilities, and exporters taking a heavy toll. To make matters worse, many of these businesses have historically demonstrated weak earnings potential or carried excessive debt or both.
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Bank Of China Gets Tiny Fine For Negative Oil Price Disaster By Alex Kimani - Dec 11, 2020, 4:00 PM CST
The global oil market descended into a new low in April after oil prices crashed into negative prices for the first time ever.
On April 20, May West Texas Intermediate (WTI) futures contract sunk by an unprecedented 310% to minus $38.45/barrel, marking the first time that a futures contract for U.S. crude prices went negative and wiped out thousands of investors.
Negative oil price is a bizarre situation that essentially means that oil producers have to pay traders to take the worthless oil off their hands.
Is Elon Musk Wrong About Lithium? There is a massive amount of lithium on earth.there really is enough lithium in Nevada alone to electrify the entire U.S. fleet. Elon Musk, Tesla CEO. Back on November 23, lithium producer stocks got badly hammered after Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk made the above remark on Tesla s battery day event. Tesla s main thrust of the event was that EV batteries were about to become much cheaper and more powerful and could give internal combustion engines (ICEs) a serious run for their money in the years to come.
Musk s comments are certainly bearish for a commodity that has seen its price in free fall, tumbling 33% in the space of just 12 months.
The current year marks the 15th anniversary of the U.S. shale boom, a period in which fracking technology across such states as Texas, Colorado, New Mexico, North Dakota, and Wyoming helped establish the nation as a top oil and gas producer.
Unfortunately, high costs of production compared with conventional drilling has led to the sector consistently printing red ink and resulted in considerable destruction of shareholder value. The Covid-19 pandemic and subsequent oil price crash has led to investors souring on the industry further, credit becoming harder to come by, and a cross-section of Wall Street calling the end to the sector.
Was Buffett Right About Energy In 2020? marketwatch.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from marketwatch.com Daily Mail and Mail on Sunday newspapers.