Joel Elconin - Benzinga Pre-Market Prep Show – Tue 14 Apr, 2020

Bank earnings and oil are telling a very different story than the rise in US markets

Joel Elconin joins me to share his thoughts on the continued market rally in the face of negative comments/forward guidance from banks. The oil market is also telling us to not expect a major rebound in demand which is also flying in the face of the market rally. However there is the buy the dip mentality and massive amount of money being created…

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Comments:
  1. On April 14, 2020 at 9:16 pm,
    Excelsior says:

    U.S. Oil Drilling Grinds To A Halt At Key Shale Hotspots

    By Nick Cunningham – Apr 14, 2020

    “Oil and gas production in the United States has peaked and is already in decline.”

    “The latest data from the EIA’s Drilling Productivity Report sees widespread production declines across all major shale basins in the country. The Permian is set to lose 76,000 bpd between April and May, with declines also evident in the Eagle Ford (-35,000 bpd), the Bakken (-28,000 bpd), the Anadarko (-21,000 bpd) and the Niobrara (-20,000 bpd).”

    “Natural gas production is also in decline, a reality that occurred prior to the global pandemic but is set to accelerate.”

    https://oilprice.com/Energy/Crude-Oil/US-Oil-Drilling-Grinds-To-A-Halt-At-Key-Shale-Hotspots.amp.html