SA: Oil & Money Conf London
hmm UVXY other Vs rising ah Maybe effects of ADBE YUM X news.
U.S. oil output on brink of "dramatic" decline, executives say
Oct 6 2015, 15:28 ET | By: Carl Surran, SA News Editor
Oil industry execs speaking at the Oil and Money conference in London warn of a "dramatic" decline in U.S. production that could pave the way for a future spike in prices if fuel demand increases.Former EOG Resources (EOG +2.7%) CEO Mark Papa, now a partner at energy investment firm Riverstone Holdings, expects U.S. oil production to stall this month and begin to decline from early next year.Royal Dutch Shell (RDS.A, RDS.B) CEO Ben van Beurden agrees, saying U.S. oil producers will struggle to refinance while prices remain so low, leading to lower output in the future.Weatherford (WFT +9.9%) CEO Bernard Duroc-Danner notes that the speed and brutality of cost cutting in the industry is the deepest since 1999; in addition to WFT, he thinks just two other big North American oil services companies will remain as the sector is forced to consolidate.November WTI crude climbed $2.27, or 4.9%, to settle at $48.53/bbl for the highest settlement since Aug. 31, propelling energy stocks (XLE +2.3%) to the top of today's stock market leaderboard.ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, USL, DNO, OLO, SZO, OLEM
The greatest deception men suffer is from their own opinions.
~ Leonardo da Vinci
