It is suddenly hip to be bullish crude oil again. Bearish calls that oil could crash to $10.00 a barrel seem be off of the table. Talk that oil would never exceed $40.00 a barrel ever again has been proven to be wrong. Now the market and the analysts are starting to understand the impact the oil price crash has had. It has created a long lasting effect on future oil production and has sparked a surge in demand.
Crude oil prices continue to rise as the market prepares for another drop in the U.S. rig count and floods in the Gulf of Mexico could slow U.S. oil imports. This comes as Exxon Mobil and Chevron report earnings and no doubt more capital spending cuts in a historic retrenchment in the oil complex.
Exxon Mobil Corp. saw its credit rating cut by S&P 500 for the first time since the Great Depression! This is another sign that crude oil prices have bottomed. Exxon Mobil Corp. lost its AAA rating and saw it lowered to AA+. Even the biggest of “big oil” cannot escape the fallout from the global oil price crash.
Is Exxon Mobil doing God's work? Ahead of the Pope Francis's encyclical on global warming, Exxon CEO Rex Tillerson is trying to explain the good the global energy production does for the global economy and the human race at large.
Even with the recent rebound in the price of crude oil, don't look for production cuts to stop. Oil is breaking out as it is clear that crash in oil prices significantly changed the fundamentals and the future production growth curve.
Exxon Mobil Corp reported a smaller-than-expected drop in quarterly profit on Thursday as oil and gas output and refining results grew even as lower crude prices ate into earnings at the world's largest publicly traded oil company.
U.S. stocks were set to open little changed on Wednesday, with traders eyeing a $70 billion mega-deal in the energy space and ahead of minutes from the most recent meeting of the Federal Reserve's policy-setting committee.