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Mike Havrilla submits:
The accompanying chart presents an 8-week analysis of global coal futures prices as a follow-up to my previous 5-month analysis last month of Market Vectors Coal ETF (KOL), PowerShares Global Coal ETF (PKOL), S&P 500 ETF (SPY), U.S. Natural Gas (UNG) + Oil (USO) Funds, and the Energy Sector ETF (XLE). The global price of coal is tracked by the near-month coal futures contracts from the U.S. (QL – Central Appalachian NYMEX Coal Futures), South Africa (AFR – Richards Bay ICE Coal Futures), and Europe (ATW – Rotterdam ICE Coal Futures) – posting a decline of 38% on an equally-weighted average of the three coal futures contracts. Complete Story »
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Michael Fitzsimmons submits:Gasoline has fallen to $1.99 a gallon here in my neck of the woods. Everyone seems to be really happy about this. However, it will come as no surprise to my faithful readers that I can even find problems with cheap gasoline! Cheap oil and gasoline will simply reinforce the uninformed American public's opinion that they have an inalienable right to oil which is both plentiful and cheap. Read some of the editorials in the latest financial magazines and you will see that $145/barrel oil and $4.50/gal gasoline have already been long forgotten (it was only 6 months ago). So what do I propose? Well, at a time when the US government is printing trillions of US dollars to, as Jim Rogers says, "transfer money from the competent (the US tax-payer) to the incompetent (bankers, Wall Streeters, insurance & automotive execs)", and since the US dollar is strong (?), why not use some of these paper dollars to fill up the Strategic Petroleum Reserve? I mean, if Bush thought buying oil at over $100/barrel was a good idea, it must be a real steal under $60. Besides, the next oil crisis is going to be a real doozy! Don't believe me? Just look at all the canceled production projects recently as the credit crunch and cheap oil take their toll. Meanwhile, the skeleton-in-the-closet (oil reservoir depletion rates) keeps knocking most mature oil reservoir yields at about a 6% a year clip. Complete Story »
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Michael Fitzsimmons submits:Last week, US automakers went to Congress with their hat in hand. The auto executives were all smiles, as was Nancy Pelosi and others. As a US taxpayer, I can tell you that I was not smiling, and I resented their happy demeanor. The automakers' insistence on building non-competitive SUVs and Hummers and the like hurt the US in two major ways: first, it helped increase our reliance on foreign oil. Second, it allowed Toyota (TM) and Honda (HMC) to eat their lunch. Of course Congress is to blame as well by not raising the CAFE standards, legislating tax-breaks to encourage business purchases of SUVs (?), and by caving to automotive lobbyists on every possible occasion. Net-net, the US imports 70% of its oil, many jobs have been lost, and the economy has suffered as a result. So, now the middle class taxpayer has yet another sector to bailout. Since no one is going to bail me out, I want to insist that Congress get something out of these auto executives for my money: Complete Story »
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Jeff Wilson submits:With plug-in electric cars starting to ship, and many more scheduled to come online in the next few years, the market for electric vehicle batteries is heating up. Electric vehicles put new demands on batteries. In particular, batteries need to hold a lot of energy (to go a long distance on a single charge) and they need to have a long life (years of dependable service). Complete Story »
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Mark J. Perry submits: 
According to the EIA, the major energy producing companies (listed here) like [[BP]], Exxon (XOM), Shell (RDS.A), Chevron (CVX), etc. earned $131.5 billion in profits in 2006 (most recent year available, data here), see chart above. Complete Story »
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Michael Fitzsimmons submits:The biggest mistake the United States could make right now is to assume recent weakness in oil and gasoline prices means the energy crisis is over and the US can go back to our old energy habits and policies. An editorial in Friday's edition of The Wall Street Journal inferred that high oil prices were solely the result of weak US dollar policies which caused a speculatory oil price bubble. The author conveniently neglected to point out that while the dollar did drop roughly 40% since Bush got elected, oil prices went up 500%. The author then recommended US auto companies not use their tax-payer bailout dollars to manufacture fuel efficient automobiles because there would be no market for them with oil under $50/barrel, which is coming (according to him). Notably, the author neglects to mention the role high oil prices played in the current automotive manufacturing crisis as the US big three focused on gas guzzling Hummers and SUVs as opposed to fuel-efficient intelligent design. Complete Story »
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John Henry submits:For the last 3 years, the world’s oil majors have not had an easy time from the oil producing states. Increasing oil prices has led to a complacent attitude by oil reliant governments. This often masks inefficiency, sometimes corruption, and has led to high taxation coupled with unsound business practices. Russia's oil production for instance, has been reducing each year despite the governments desire to increase output. Easy credit and a speculative environment resulted in many new oil companies coming to the market, with high valuations and little, if any, proven reserves. As the oil price increased so did the tax receipts and so did the smaller companies share prices. This resulted in state influenced companies investing less and the global situation where finding new oil, or purchasing oil reserves, became ever more expensive due to the barrel price and the demand for people and equipment. Times change, oil is now trading around $65 per barrel, a 16 month low, but still way above its 2002 price of $25. Prior to this it has not been higher than $30 since 1987. Was $25 artificially low? Have China, India and Russia really started using so much more oil in the last six years that oil should be substantially more than $25? Complete Story »
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Ockham Research submits: The price of crude oil dropped again Thursday to rest at a 13-month low of $74, representing a 50% fall from the peak price of just under $148 only three months ago. The declining price has been mostly attributed to slumping demand from a stumbling global marketplace. Let’s think back to three months ago and you will surely remember that the price of oil, and more specifically the price at the pump, was the number one topic of conversation; the reason being that as everyone now realizes, oil is the lifeblood of our economy and when it gets expensive the effects are felt by everyone. Granted a lot has happened in the last three months and financial markets are extremely volatile, but oftentimes volatility can create opportunity. Many investors surely noticed that the energy and basic materials sectors were down more than 14% Wednesday, and the question that must be asked is, “What is the true price of oil?”. That is a tremendously complex question with factors both economic and geopolitical, but it’s in our DNA at Ockham to try to break it down to what is important and actionable. Remember when crude first crossed over $100 per barrel, we wrote (Relief at the Pump: Don’t Hold Your Breath) that it would be a while before consumers and the economy would get a break from expensive oil. Well, now eight months later after substantial price appreciation, the oil bubble has burst, which is a blessing because I shudder to think what this credit crisis mess would be with the added impact of record high oil... can you say stagflation? Complete Story »
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Keith Fitz-Gerald submits:Iraq recently signed its first oil deal in 35 years with a foreign company. And – quite surprisingly to many observers – the company wasn’t one of ours. Complete Story »
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Chevron (CVX) waited and waited to post which rigs and platforms were damaged or destroyed by Hurricane Ike in September 2008. Weeks go by after Hurricane Ike, TELOZ (TELOZ) announces a good quarterly dividend, and days later ... TELOZ issues a damage report in a press release dated October 7th, 2008: Complete Story »
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 Hickey and Walters (Bespoke) submit:
An article in the Wall Street Journal last month mentioned that Boone Pickens' hedge funds had lost nearly $1 billion for the year through August 31st. One fund was down nearly 30% through 8/31 and another smaller commodity-focused fund was down 84%. The Boone Pickens funds are energy specific, and the S&P 500 Energy sector is down another 34% since the end of August. While the BP Capital holdings have not been released yet for the end of the third quarter, the holdings as they stood at the end of the second quarter indicate that performance has most likely gotten much worse since the end of August unless serious hedging strategies were put in place. Complete Story »
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 FP Trading Desk submits: Canadian oil and gas companies are officially shark bait. And we’re not talking about the small and medium-sized shops. The biggies - think Suncor Energy Inc. (SU), EnCana Corp. (ECA), Canadian Natural Resources Ltd. (CNQ), Talisman Energy Inc. (TLM) and Nexen Inc. (NXY) - could all be targets for the super biggies, according to Terry Peters, an analyst at Canaccord Adams, riffing off an article in Petroleum Intelligence Weekly. Mr. Peters said in a report last week: Complete Story »
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William Patalon III submits:Chevron Corp. (CVX), the focus of Money Morning’s “Buy, Sell or Hold?” feature back in late July, said it's predicting a jump in its third-quarter results, despite a decline in oil-and-gas output. Without offering actual financial details, the second-biggest U.S. oil company said in its interim update that it “expects third-quarter earnings to exceed those of 2008’s second quarter.” The San Ramon, Calif.-based Chevron attributed the improved results to higher energy prices and better refining margins - both factors that were predicted by Money Morning Contributing Editor Horacio Marquez. Complete Story »
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Dobromir Stoyanov submits:Chevron Corporation (CVX) operates as an integrated energy company worldwide. The company’s organized into several segments including Petroleum operations, chemical operations coal mining, power generation, insurance, and real estate activities.
Chevron is a dividend achiever as well as a component of the S&P 500 and Dow Jones Industrials indexes. It has been increasing its dividends for the past 20 consecutive years. From the end of 1999 up until September 2008 this dividend stock has delivered an annual average total return of 11.10 % to its shareholders. The stock has lost about four percent of its value so far in 2008. Complete Story »
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