Oil Cuts Coming
Oil traded nearly 2% lower early Friday, apparently moving on news Saudi Arabia won't back an emergency OPEC production meeting. But bigger-picture oil news is also flowing. In its closely watched monthly oil report, the International Energy Agency said the latest oil-price tumble is expected to cut non-OPEC supply by nearly a half million barrels a day as producers in the U.S., the U.K. and Russia cut spending. By the end of 2016, those cuts are likely to result in the biggest production decline since the fall of the Soviet Union, the IEA said. U.S. supply, generally produced from shale formations, is seen sinking by nearly 400,000 barrels a day next year, the IEA said. The demand picture is improving. The IEA said global oil demand growth is expected to climb to a five-year high of 1.7 million barrels a day in 2015, and will rise by 1.4 million barrels a day in 2016.Goldman Rethinks
Goldman Sachs reworked their prediction. The global supply glut in the oil market is even bigger than expected, they said, and could push prices to as low as $20 a barrel. That's the lowest end of their expectations. Goldman's base case pegs U.S.-traded oil at $38 over the next month, averaging near $45 a barrel next year, down from a previous estimate of $57.A Loss for Pfizer
Pfizer PFE shares could be volatile after a U.K. judge ruled against the drug maker in a closely watched patent case for blockbuster seller Lyrica. The ruling was in favor of the generic-drug makers free to sell cheaper versions of the seizure and fibromyalgia treatment. Good trading, JJ @TDAJJKinahan This piece was originally posted here by JJ Kinahan on September 11, 2015.TD Ameritrade, Inc., member FINRA/SIPC. Commentary provided for educational purposes only. Past performance of a security, strategy, or index is no guarantee of future results or investment success. Inclusion of specific security names in this commentary does not constitute a recommendation from TD Ameritrade to buy, sell, or hold.
Options involve risks and are not suitable for all investors. Please read Characteristics and Risks of Standardized Options before investing. Supporting documentation for any claims, comparison, statistics, or other technical data will be supplied upon request.
The information is not intended to be investment advice and is for illustrative purposes only. Be sure to understand all risks involved with each strategy, including commission costs, before attempting to place any trade. Clients must consider all relevant risk factors, including their own personal financial situations, before trading.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.