Quantcast
Channel: Apprentice Millionaire Portfolio » Cushing
Viewing all articles
Browse latest Browse all 5

Oil price hasn’t hit bottom yet as surplus expands : Alan Greenspan

0
0
The slump in oil prices hasn’t curtailed output, and there is a huge amount bottled up in the U.S., former Federal Reserve Chairman Alan Greenspan said in an interview with Bloomberg Television on Friday.
Associated Press 
The slump in oil prices hasn’t curtailed output, and there is a huge amount bottled up in the U.S., former Federal Reserve Chairman Alan Greenspan said in an interview with Bloomberg Television on Friday.

 Inventories at Cushing, Oklahoma, the delivery point for U.S. benchmark futures, will keep rising, he said.

“We are probably at the point now, where at the current rate of fill, we are going to run out of room in Cushing by next month,” he said. “Until we find a way to get out of this dilemma, prices will continue to ease because there’s no place for that oil to go except into the markets.”

West Texas Intermediate futures dropped 1.9% to US$46.17 a barrel as of 9:31 a.m. Friday on the New York Mercantile Exchange. Prices are down almost 60% from their June peak.

U.S. crude stockpiles increased for nine weeks through March 6 to 448.9 million barrels, the highest in Energy Information Administration records dating back to August 1982. The nation pumped 9.37 million a day last week, the fastest pace in weekly estimates compiled by the Energy Department’s statistical arm since 1983.

FP0313_US_Petroleum_supply_940_AB

Stockpiles at Cushing rose by 2.32 million barrels to 51.5 million last week, the highest level since January 2013. Cushing has a working capacity of 70.8 million barrels, according to the EIA.

The surplus may soon strain U.S. storage capacity, renewing a slump in prices and curbing its output, the International Energy Agency said in a monthly market report Friday. The IEA boosted estimates for U.S. oil production this year as cutbacks in drilling rigs have so far failed to slow output.

Drillers have idled 653 rigs since the start of December, data from Baker Hughes Inc. show. The number of active machines seeking oil was 922 as of March 6, the lowest since April 2011, the services company said.

“The rigs that have been closing down have not been affecting the capacity to produce crude,” Greenspan said. “You are getting the inefficient rigs shutting down, but the capacity to basically build oil expansion remains there.”

and  we posted this inhttp://www.youroffshoremoney.com

JACK A. BASS MANAGED ACCOUNTS – YEAR END UPDATE AND FORECAST
November 2014 – 40 % cash position

Year End Review and Forecast

“Oil/ Energy

I am very happy for the call in natural gas prices – out at $12 and into oil. When oil was above $100 we lessened positions and that is our saving grace in the past two weeks. We are not bottom feeders and will wait for a turn in the market before reentering drillers or producers. “

No one – and I am not being humble here – can project the future with great accuracy but our clients continue to do very well and we offer that experience to you.

Fees : 1 % annual set up and a performance bonus of 20 % – only if we perform.

You can withdraw your funds monthly if you require an income stream.

Contact information:

To learn more about portfolio management ,asset protection, trusts ,offshore company formation and structure for your business interests (at no cost or obligation)

Email info@jackbassteam.com or

Call Jack direct at 604-858-3202

10:00 – 4:00 Monday to Friday Pacific Time ( same time zone as Los Angeles).



Viewing all articles
Browse latest Browse all 5

Latest Images

Trending Articles





Latest Images