Overnight, US markets were belted with the S&P 500 slipping 3.3%, its biggest fall since 8 February 2018. The Dow Jones Industrial Average also copped a beating, losing 3.1%, also its biggest fall since 8 February 2018. There is a sense of frustration this morning as there is little agreement as to what comes next.
Oil producers have come under pressure this morning with Beach Energy Limited [ASX:BPT] losing 5.48% as oil prices fell overnight. Beach Energy has fallen from $2.19 to $2.07 on the back of weaker oil prices sparked by record production.
Some people believe crude will march to higher prices. Others say it’s overpriced… It’s tough to know who’s right. But, objectively speaking, the sector remains broadly ‘hated’ by the market.
BHP Billiton Limited [ASX:BHP] share price fell 1.48% immediately upon opening, following an announcement revealing a 37% fall in profit for the 2018 financial year.
The Carnarvon Petroleum Limited [ASX:CVN] share price has surged by 25% at the time of writing. Which doubled the price of its close on Friday trading at 17.5 cents, before the announcement of Monday’s pre-news trading halt. This is all new ground for CVN, which saw its... Click here.
The release of its recent second quarter results have proved promising for the oil and gas producer, with shares of Woodside Petroleum Limited [ASX:WPL] increasing...
This morning’s announcement also revealed that BHP’s plan to divest its underperforming US shale oil and gas business was nicely on track and that transactions could be completed later in the year.
Today, I’ll take a look at the Aussie dollar gold price, which adjusts for the difference between the US and Aussie dollar exchange rate. This is a far more important price to watch for Aussie gold stock investors.
Oil market has become a crowded trade. Any correction in the oil price could see a swag of hedge funds selling to lock in profits. And that is what we saw this week as oil had its biggest price drop in more than two years.
Caltex Australia Limited [ASX:CTX], an energy corporation, is riding a market wave today. The company stock is up on the back of a Woolie’s deal. As of writing, CTX is up just over 4% by midday.