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Baker Hughes expects U.S. rig count surge on oil boom
(Reuters) - Baker Hughes Inc (BHI.N) believes the U.S. oil-directed rig count would have to double to more than 2,500 rigs if analyst estimates of a 2 million-barrel-per-day increase in U.S. oil production by 2017 are correct.
Chief Financial Officer Peter Ragauss said this rapid shift to oil production, which has caused severe short-term disruptions to the U.S. market this year, would ultimately favor Baker Hughes because of its technology.
The move out of natural gas areas to those rich in liquids has squeezed pricing for hydraulic fracturing services, but stronger pricing elsewhere was expected to offset that.
"Frack pricing is declining in the gassy basins, but on the flipside the volumes are declining in the gassy basins, so it has less impact," Ragauss told the UBS Global Oil and ...
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Crude trades with negative momentum on concerns over Europe, Iran deal
Iran agreed to let western nuclear inspectors into the country during talks in Bagdad today with US, UK, France, China, Russia and Germany, reducing the supply risk and providing some relief.
Moreover, the World Bank lowered its economic growth forecast for China, the world`s second-largest oil consumer, this year to 8.2% from 8.4% on sluggish US and European demand and softer property market.
Investors are losing their appetite for risk after they were spooked by the mounting worries over Greece exiting the eurozone, which could determine other countries to follow it, according to Jin Liqun chairman of China Investment Corp.
European leaders meet in Brussels today where the debate between French President Francois Hollande and German Chancellor Angela Merkel may intensify as the idea ...
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AUD/USD Reaches This Year’s Low
The Australian dollar continued its tumble today, reaching the lowest level this year against the US dollar, as adverse market sentiment and the interest rate cut earlier this month are still driving forces that push the currency down.
Europe is hurting risk and, as a result, riskier currencies, the Aussie (as the Australian currency is nicknamed) among them. The general uncertainty about the future also hurts commodities. The Australian dollar is a commodity currency and the decline of prices for raw materials hurt it. Commodities rallied in the second half of the past week and extended the rally on Monday, but slipped on Tuesday.
The decrease of the main interest rate by the Reserve Bank of Australia at the beginning of this month continues to put pressure on the Aussie. The cut was ...
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Strengthened dollar
Today a mix of sentiments were spread throughout the day on a local and global scale as we watched Facebook Inc. retreating and investors speculating that China and Europe will stimulate growth, yet optimism was the major sentiment felt on the U.S soil mainly after that the superpower`s existing home sales jumped by 3.4 percent in April; a clear sign of recent stability within the housing market.
Accordingly we watch the dollar strengthen on this unexpected cheerful data to therefore see the Dollar index which measures the performance of the U.S. dollar against a basket of currencies including the Euro, the Pound, and the Yen, rose to currently trade at 81.27 recording its highest level at 81.38 and its lowest at 80.92
As a result the euro fell against the dollar and remains on plunging ...
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YouTradeFX Daily Market Analysis : 22/05/2012
Fundamental News
Today’s highlights:
· CPI (MoM) (GB, 09:30 GMT)
· BOE Inflation Letter (GB, Tentative)
· Existing Home Sales (U.S., 15 :00 GMT)
The U.S. labor market is set to strengthen this year, a survey published by the National Association for Business Economics said Monday. The survey of 54 economists said non-farm payroll increases will average 188,000 per month this year, up from the prior projection of 170,000. The jobless rate is expected to fall to 8 percent by the fourth quarter of 2012.
Japan’s foreign investments and assets grew to the second-highest level on record as companies used the high yen to make acquisitions abroad, a trend that may help them cope with stagnant demand at home. Investments abroad grew 3.3 percent to 582 trillion yen ($7. ...
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Eyes on U.K. inflation as slowing pressures support QE expectations
The tension remains across the board and the focus shifted to leaders and central bankers to end the uncertainty over the outlook from slowing growth to a Greek exit. The U.K. is one of the biggest economies in harm’s way and Cameron expressed this fear in the G8 and the BoE is stuck between a rock and a hard place amid a frail recovery and elevated inflation.
Since April conditions took a strong turn in the UK progress. One of the arch MPC doves Adam Posen shifted stance and stopped the calls for more QE amid the general view that inflation might be more persistent; the economy unexpectedly entered recession, and the debt crisis in the euro area resurfaced with a vengeance.
The latest May Inflation Report reflected the tough task ahead of the policy makers to balance to risk between ...
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Exclusive: U.S. lets China bypass Wall Street for Treasury orders
(Reuters) - China can now bypass Wall Street when buying U.S. government debt and go straight to the U.S. Treasury, in what is the Treasury's first-ever direct relationship with a foreign government, according to documents viewed by Reuters.
The relationship means the People's Bank of China buys U.S. debt using a different method than any other central bank in the world.
The other central banks, including the Bank of Japan, which has a large appetite for Treasuries, place orders for U.S. debt with major Wall Street banks designated by the government as primary dealers. Those dealers then bid on their behalf at Treasury auctions.
China, which holds $1.17 trillion in U.S. Treasuries, still buys some Treasuries through primary dealers, but since June 2011, that route hasn't been necessary.
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Major pairs currently narrow trading
Today on a daily scale we watched on one hand the yen plunging in front of most of its conterparts after that it was speculated that the Bank of Japan will add stimulus this week to support the country`s growth while that on the other hand the euro gained prior losses against the dollar as the German Finance Minister announced that "everything necessary" will be done by France and Germany to keep Greece in the Union.
Yet so far some technical movements are taking place throughout the currencies market within the U.S session to accordingly watch the major pairs and currencies narrow trade and therefore the dollar index, which measures the dollar performance against a basket of currencies including the Euro, the Pound, and the Yen is actually consolidating on the four-hour and one-hour ...
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Treasury prices fall as G8 leaders back Greece in euro zone
(Reuters) - Treasuries prices fell slightly on Monday after world leaders over the weekend backed keeping Greece in the euro zone, easing some demand for safe haven U.S. debt, and as $99 billion in new Treasuries supply scheduled for this week was seen weighing on prices.
A summit of the Group of 8 leading industrialized nations on Saturday said they had an interest in having Greece stay in the euro zone and said they would balance European austerity in the region with U.S. style-stimulus seen as vital to healing ailing euro-zone economies.
Investors are looking to the European Central Bank for signs that the central bank will offer new long-term loans as bank funding stresses in the region again rise, though the ECB is not expected to act unless conditions in the worsen.
"There was a ...
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