Tuesday, July 23, 2013

The World Has More Oil And Gas Than Anyone Thought

Rob Wile | Jun. 10, 2013, 10:24 AM | 2,559 |

The EIA has upgraded its estimates of worldwide oil reserves by 11% thanks to shale.

It also boosted its shale gas estimates 10%, and combined with earlier U.S. results, said there's now 47% more known amounts of gas reserves.

The agency had never fully studied worldwide shale oil deposits, but now estimates in additional 313 billion barrels' worth of shale or tight oil compared, with 2011 estimates mostly focused on the U.S.

Here's the full comparison between prior estimates and the new report: 

The agency added results from new gas formations in a host of countries. Basically everyone got upgraded except Asia. Canada and Argentina added the greatest boost to their respective regions. Here's the full worldwide regional ex-U.S., which actually went up 15%.

And here are your new league shale tables (with estimates of the Advanced Resources Institute, which co-write the new study, in parantheses) — oil:

And gas:

On Friday, BP economist said global oil markets are oversupplied.

Please follow Money Game on Twitter and Facebook.
Follow Rob Wile on Twitter. Tags: Oil, Gas, Natural Gas, Shale Oil, Shale | Get Alerts for these topics »

To embed this post, copy the code below and paste into your website or blog.

View the original article here

Goldman Sachs' Forecasts For The Global Financial Markets In One Tiny Table

Sam Ro | Jun. 10, 2013, 6:04 AM | 2,390 |

There isn't a whole lot on the economic or earnings calendar this week until Thursday.

Perhaps now's a good time for a mid-year assessment of your investments.

For what it's worth, here's a table rounding up Goldman Sachs' forecast for everything:

goldman sachs financial forecastsGoldman Sachs

Please follow Money Game on Twitter and Facebook.
Follow Sam Ro on Twitter. Tags: 2013 Predictions | Get Alerts for these topics »

To embed this post, copy the code below and paste into your website or blog.

View the original article here

The Greek Stock Market Is Crumbling

In Athens, the Greek stock market is down 5.8% today after a deal to privatize state natural gas firm DEPA failed to attract any bids from investors.

DEPA was supposed to be one of the key revenue-raisers for the Greek privatization program. Failure to privatize DEPA will make it challenging for Greece to meet the revenue targets specified by the troika of EU, ECB, and IMF lenders in its bailout package.

The chart below shows the Athens Stock Exchange today.

ase general indexBusiness Insider/Matthew Boesler, data from Bloomberg

Please follow Money Game on Twitter and Facebook.
Follow Matthew Boesler on Twitter. Tags: Greece, Euro Crisis | Get Alerts for these topics »

To embed this post, copy the code below and paste into your website or blog.

View the original article here

10 Things You Need To Know This Morning (AAPL, GOOG, AZN, SPY, DIA)

Good morning. Here's what you need to know. Asian markets were higher in overnight trading with the Nikkei surging 5%. The Shanghai Composite was closed for the Dragon Boat holiday. Europe is mixed and U.S. futures are higher.Apple's Worldwide Developer Conference begins today and continues through June 14 in San Francisco. People began queuing up at 9:15 a.m. on Sunday, to ensure they got seats to Apple's keynote presentation, where the company will preview new features for iOS and OSX, the software running iPhones and Macs.Please Note: Business Insider will never share your information with any other companies. You also have the ability to unsubscribe from these newsletters at any time simply by following the unsubscribe link located at the bottom of each email

Please follow Money Game on Twitter and Facebook.
Follow Mamta Badkar on Twitter.
Ask Mamta A Question » Tags: 10 Things Before Opening Bell | Get Alerts for these topics »

To embed this post, copy the code below and paste into your website or blog.

View the original article here

Every Retail Investor Should Know About Wall Street's 'New York Sell, Boston Buy' Trade

ConvergEx Group Chief Market Strategist Nick Colas was recently at a conference for Registered Investment Advisers (RIAs), and he learned that the "Main Street" crowd is decidedly optimistic on the prospects for stock market.

"Essentially, this is one pretty bulled up crowd," writes Colas in a note to clients. "And it’s not just the presenters, many of whom run mutual funds or exchange traded funds. You’d expect them to be optimistic. No – it is the warm embrace of the message by the RIAs here that is most notable."

Colas's observations at the conference reminded him of something he calls the "Boston buy, New York sell" routine on Wall Street, which he describes as such:

For as much as Wall Street has changed over the last few decades, one ritual still begins the day at virtually all research-driven brokerage firms: the “Morning Call.”  If you haven’t worked at one of these operations, you probably have a fairly antiseptic view of what this entails.  Sector analysts and strategists gathering with the firm’s salespeople to opine on markets and stocks and guzzle on 20 ounce Starbucks…  Some polite questioning, perhaps...  And then all the salespeople hitting the phones to spread the word to clients on the firm’s investment viewpoints as expressed by the analysts. 

The reality is somewhat sloppier.  Analysts give their perspectives, yes, on the investment merits of the public companies under their coverage.  But the most likely question from the sales staff is either “Why isn’t everything you just said already in the stock?” or “What are the 24 words I can say on the off chance I actually get a client on the phone?”  And every salesperson serves accounts with a wide variety of investment perspectives.  What the guy covering hedge funds needs from an analyst call is very different from the gal covering long-only mutual funds.

As a result, the same analyst morning call gets transmitted in very different ways.  It might start as an upbeat reiteration of a “Buy” recommendation with some color about the current quarter that the analyst believes will be a penny below consensus.  The hedgie salesman will call every account saying “My guy/gal says that this company is going to miss.  Short the stock.”   The mutual fund saleswoman will go out with “Gotta buy this name if/when it pukes on the quarter.”  Old school Wall Street salespeople call this a “New York sell, Boston buy” call.

"To sum up, this is essentially one of those 'New York sell, Boston buy' calls," says Colas of the bullishness on display at the RIA conference.

"Is this group too amped up in the near term? Probably," writes Colas. "But I think it’s a mistake to call an absolute market top on the basis of this enthusiasm."

After all, says Colas, "this crowd has lived through so much in the last five years that I doubt their currently bullish tendencies will be easily derailed."


View the original article here

Australian Dollar Getting Creamed Again

Australia has one of the ugliest currencies in the world right now for two related reasons.

Commodities have been weak, and Chinese growth has been poor.

This weekend we got served a brand new helping of poor Chinese data, which we've rounded up here.

As such, more pain for the Aussie dollar.

Here's a chart going back a few days:

Please follow Money Game on Twitter and Facebook.
Follow Joe Weisenthal on Twitter.
Ask Joe A Question » Tags: Australia | Get Alerts for these topics »

To embed this post, copy the code below and paste into your website or blog.

View the original article here