Houston, we have a problem.” Okay, maybe not so much a problem as a contradiction between “experts” on oil.
- OPEC cut its forecast for global oil-demand growth in 2016 and warned of further reductions … pointing to a larger supply surplus this year.
- The EIA is projecting that global petroleum demand is expected to increase by over 1 million barrels per day in both this year and in 2017.
Hmmm … OPEC or the EIA? Actually, who cares? Obviously, the market doesn’t, as it is jumping higher today on …
Bank earnings kicked off on an upbeat note, with JPMorgan topping profit estimates, and China's strong trade data raised hopes that the world's second largest economy was on the road to recovery.
Then again, who cares about bank earnings and China when the fundamental data coming in is, well, weak …
U.S. retail sales unexpectedly fell in March as households cut back on purchases of automobiles and other items, further evidence that economic growth stumbled in the first quarter.
Oh, that’s right. The above is lagging data, and the banks and China rebounding from their slumps is, well, fundamentally more important to the future than what we already knew – Q1 was weak.
“Houston, oil has a problem.” And the problem is the Saudis (OPEC) know the future.
GE Global Research is testing a desk-size turbine that could power a small town of about 10,000 homes. The unit’s compact size and ability to turn on and off rapidly could make it useful in grid storage.
I am going with the Saudis on the oil forecast thing, as it is one small step from desks to cars, but in the meantime, fuel cells, electric cars, hybrids, and efficiency are here.