The global oil glut may become even worse, as the rapid adoption of solar energy installations reduce the demand for oil. The outlook for coal is even bleaker: Solar and wind together are expected to totally replace coal in the next 20 years. In fact, this year’s annual report from Bloomberg New Energy Finance predicts […]
Technical advances in horizontal drilling have transformed shale oil into the most cost-effective and fastest sector in the US petroleum industry. Fracking operations in the American West are now considered the global swing producer, instead of Saudi Arabia. As efficiency has risen and costs have fallen, shale now supplies 2/3 of the natural gas and […]
The rapid increase in Iran’s oil exports have caught global oil markets by surprise. The nation’s pledge to return to pre-sanctions levels of production by June were seen as a pipe dream earlier this year, but have apparently become reality. Locked in an ideological and economic battle with Saudi Arabia, Iran sees rapidly increasing their […]
We continue to see more and more evidence that the market for high-end diamonds and precious gems is beginning to catch fire. Earlier this week, in fact, the magnificent Aurora green diamond sold for a record-setting $16.8 million (HK$130 million) to a Hong Kong jewelry company.
Oil prices near $50 a barrel is bringing cautious optimism to America’s shale oil fields. The drilling companies that survived prices under $30 a barrel are discreetly increasing production, but are keeping a wary eye on global oil demand. Is the oil market finally recovering for real, or is this another trap set by the […]
Escalating violence in Nigeria’s main oil-producing region is pitting the army against a new militant group determined to destroy the nation’s oil industry. The group responsible for these attacks call themselves the Niger Delta Avengers. Their stated goal is to force the government to invest more money in the environmentally and economically devastated Niger Delta […]
Although often overlooked relative to the silver and gold markets, platinum is primarily an industrial metal that combines beauty, rarity, and status as a precious metal. Not only are there developments worth watching in the platinum mining industry, but the metal could also offer interesting trading opportunities for bullion investors.
The largest diamond ever discovered in North America was recovered by Rio Tinto (RIO) at its Diavick diamond mine in northwest Canada. However, this diamond was slated to have been pulverized (by accident) if not for a fluke!
The Canadian mining firm, Lucara (LUC), must be celebrating its string of good fortune. The company unearthed not just one but two incredible diamonds from the Karowe mine it operates in Botswana. Clocking in at 813 carats and 1,109 carats, these are two of the largest raw diamonds ever found.
Reuters and Oilprice.com are reporting that the Libyan oil industry may come to a complete standstill in the next month. A rival Libyan government in Tobruk has shut down the nation’s largest oil terminal, through which 75% of Libyan oil exports are loaded. In a case of economic blackmail, the Tobruk government is demanding concessions […]
A recent scientific paper has calculated actual global oil reserves as being less than 50% of the claimed 1.7 trillion barrels. A combination of plunging oil prices and overly optimistic accounting means there are a total of 875 billion barrels of “phantom oil” on the books of oil companies world-wide. Some analysts claim that the […]
With so much of the focus in the precious metals markets homing in on gold and silver (and deservedly so), the Platinum Group Metals (PGMs) have gotten lost in the shuffle. As a result, both the palladium and platinum price were lagging behind their better-known cousins so far in 2016. This trend has finally begun […]
What’s ahead for the oil market, after the Saudi-led destruction of the Doha production agreement? Global crude prices crashed in the immediate aftermath of Sunday night’s failed meeting, but some of those large losses were reversed on news of an oil workers’ strike in Kuwait. Oil prices finally turned positive on Tuesday due to the […]
It should surprise no one that the megabank Goldman Sachs (GS) is bearish on gold. This has been a common theme for commodities analysts at Goldman. Earlier this year, the bank called for the gold rally to fizzle out and prices for the yellow metal to fall back toward $1,000/oz. Even after gold’s unbelievable performance […]
As the oil summit in Qatar’s capital of Doha approaches, questions are swirling. Will a production freeze mean anything, when global oversupply is already growing at 1.5 million barrels every day? Can an agreement be reached without Iran? Will oil producers not attending the Doha conference negate the effects of any agreement? Can any agreement […]
As crude futures gyrate on every little rumor, hopes are pinned on the grand conference of oil producers scheduled for April 17 in Doha, Qatar. A final list of attendees has not been released, but representatives from around 15 oil exporting nations are expected to participate. These nations account for 73% of global oil production. […]
One byproduct of the global crash in oil prices that doesn’t get much attention is the status of abandoned oil wells. If a company has gone bankrupt or out of business, there may be no one but the state left to foot the bill for plugging hazardous wells. From Alberta to Texas to Pennsylvania, state […]
Net longs on oil futures are at an eight-month high, as money managers and hedge funds increase bets that the current oil rally will continue. News of lower production in the US and a drop in exports from two OPEC members is helping build bullish sentiment. However, this oil rally may be planting the seeds […]
The Obama Administration dismayed four governors and several oil companies when it announced it was reversing course and not issuing drilling leases off the southeastern US coast. The news, however, was cheered by environmentalists and at least 106 coastal tourist communities who had fought hard to block Atlantic drilling. In a statement announcing that the […]
A group of six criminals have finally been brought to justice for perpetrating the biggest heist in London’s history. Authorities secured convictions relating to a robbery of diamonds, gold, and other valuables over Easter weekend last year, after almost a year of investigating the case. There is some discrepancy in the value of the gold […]