Crude oil prices continue to drop in the wake of Saudi Arabia's shift in leadership. U.S. policymakers will have a tougher time with new King Salman than they've had in some time.
The oil price today (Wednesday) continued its seven-month fall after Tuesday's supply report.
As trading opened Wednesday, WTI oil fell right above $45 while Brent oil dropped to about $49.
The oil price today (Friday) rose slightly after the death of King Abdullah of Saudi Arabia.
Early Friday morning, WTI oil jumped above $46 a barrel while Brent increased to more than $49 a barrel.
Low oil prices may have a silver lining, after all. Without a doubt, oil stocks have taken a pasting in recent months as oil prices have plunged more than 50%. But Money Morning Chief Investment Strategist Keith Fitz-Gerald, a seasoned market analyst with 33 years of experience, views such turmoil not with dread, but optimism. […]
The crude oil price drop today (Tuesday) fell to its lowest in five years. Both WTI and Brent oil are down 59% since June 2014.
If this trend continues, oil will be the lowest in a decade.
The current price of oil per barrel today (Monday) showed no sign of breaking its downward spiral. The long-suffering energy sector caused widespread losses in the U.S. equity market.
Late Monday morning, both WTI oil and Brent oil hit new six-year lows.
Getting started this year took a bit longer than usual.
When I returned home from the Bahamas, I had to hook up an entirely new system of computers and peripherals. To top it off, everything is in a new version of Windows.
Talk about a monopoly! After a few beers, I would be happy to tell you what I really think of it.
Finally, things are now getting back to normal.
Of course, the oil price "Grinch" is still with us. He outstayed his welcome weeks ago, but with the shorts still driving oil prices lower he's decided to extend his stay.
And as the first two trading sessions this week have shown, the instability in the energy sector remains as well.
But as I'll show you, it's not all bad news.
Oil prices today (Wednesday) edged up slightly after dipping to their lowest levels since April 2009 on Tuesday.
Early Wednesday, WTI oil prices dropped below $47 a barrel, their lowest level in more than five years. But at 9:45 EST, the U.S. benchmark rose to $48 for February delivery.
Big-name oil stocks have taken a beating since June.
ExxonMobil Corp. (NYSE: XOM) is down 12.6% in the last seven months. Other oil giants like Chevron Corp. (NYSE: CVX) and ConocoPhillips (NYSE: COP) are down 18% and 22.8% in the same time.
But according to Money Morning's Chief Investment Strategist Keith Fitz-Gerald, the fall won't last forever.
Money Morning's "unloved" pick of the week is oil and gas explorer and producer Northern Oil and Gas Inc. (NYSE: NOG).
An unloved investment is one that's been beaten down – but is actually a great value. Investors then get an amazing entry point into a good long-term investment.
With the recent plunge in oil prices, Money Morning Chief Investment Strategist Keith Fitz-Gerald has been on the lookout for beaten-down bargains. And he believes NOG stock fits the bill.