For the fourth day in a row, oil prices fell on Thursday, as concerns over the economy could keep people closer to home, not only on this busiest of summer travel times, but throughout the rest of the summer as well.
There's really little to justify any optimism in the economic conditions we face, a the majority of economic data confirms we're either slowing down in growth, or, which is more likely, really never experienced any real growth, other than the government printing money and artificially propping up certain segments of the market in hopes it would buy enough time for a recovery to happen.
The government has lost that bet, and consumers know they need to be careful how they spend their money in light of economic uncertainties, which continue on.
New housing starts have plummeted, construction is down, jobless claims are up and homebuyers signing contracts also dropped in May, confirming fears of how shaky the economy really is.
Travel is one of the few things consumers can manage, and we're probably going to see a lot less of it this summer season, and oil prices will remain under downward pressure as a result.
Showing posts with label Oil Demand. Show all posts
Showing posts with label Oil Demand. Show all posts
Friday, July 2, 2010
Monday, June 28, 2010
Peter Schiff Bullish on Precious Metals, Oil
Peter Schiff stated recently that while he is heavily invested in gold, he is also bullish on other precious metals, and oil as well.
Specific metals identified by Schiff were platinum and silver, although he added he is also bullish on some industrial metals too.
The Gulf oil accident with BP (NYSP:BP) is particularly noteworthy in Schiff's estimate of oil in general, and he said the costs of offshore drilling will skyrocket, including insurance.
There will also be less oil because of the moratorium in the Gulf, which will decrease production if that isn't changed.
Demand for oil from China is a factor as well. So combining what appears to be increased demand and lower supply, and there is nowhere for oil prices to go but up, in Schiff's view.
Specific metals identified by Schiff were platinum and silver, although he added he is also bullish on some industrial metals too.
The Gulf oil accident with BP (NYSP:BP) is particularly noteworthy in Schiff's estimate of oil in general, and he said the costs of offshore drilling will skyrocket, including insurance.
There will also be less oil because of the moratorium in the Gulf, which will decrease production if that isn't changed.
Demand for oil from China is a factor as well. So combining what appears to be increased demand and lower supply, and there is nowhere for oil prices to go but up, in Schiff's view.
Tuesday, May 11, 2010
Occidental Petroleum (NYSE:OXY) Drops on Inflation, EU Fears
Occidental Petroleum (NYSE:OXY) fell, along with other energy and commodity companies, as increased inflation in China and major concerns over the fallout from the sovereign debt crisis in Europe, and whether or not the almost $1 trillion will do much to stop it, has investors wandering if demand can hold up under these economic circumstances.
With austerity measures tied to the sovereign debt bailout of some European countries, along with China battling inflation and attempting to ward off a potential bubble, thoughts are demand will start to decrease for raw materials, and adding Europe and China together could result in significant cutbacks, which could devastate countries and companies counting on Chinese demand to grow their economies.
One positive Occidental Petroleum does have in general, is they have no exposure in the Gulf of Mexico, which could have created many headaches and problems for them.
So while demand is a major issue going forward, at least they can focus primarily on economic issues and not legal ones, along with uncertainty about the future off deepwater, offshore oil drilling.
Occidental does have some offshore exposure, but that's in working with Libya and Qatar, but in the Americas it's all onshore drilling, which makes them a more predictable company than those with major offshore exposure at this time, especially those in the Gulf.
With austerity measures tied to the sovereign debt bailout of some European countries, along with China battling inflation and attempting to ward off a potential bubble, thoughts are demand will start to decrease for raw materials, and adding Europe and China together could result in significant cutbacks, which could devastate countries and companies counting on Chinese demand to grow their economies.
One positive Occidental Petroleum does have in general, is they have no exposure in the Gulf of Mexico, which could have created many headaches and problems for them.
So while demand is a major issue going forward, at least they can focus primarily on economic issues and not legal ones, along with uncertainty about the future off deepwater, offshore oil drilling.
Occidental does have some offshore exposure, but that's in working with Libya and Qatar, but in the Americas it's all onshore drilling, which makes them a more predictable company than those with major offshore exposure at this time, especially those in the Gulf.
Monday, April 5, 2010
Exxon Mobil (NYSE:XOM) Drilling Third Philippine Well in South Sulu Sea
Exxon Mobil drilling in Philippines
Exxon Mobil (NYSE:XOM) is ready to drill its third well in the South Sulu Sea of the Philippines, as they continue to search for oil reserves in the region.
The drill rig used on the previous two wells will be again put into use in the third well, and should be in the area no later than May, although there's a possibility it could arrive in April sometime.
Costs for drilling this well are estimated at $100 million.
There are an estimated 750 million barrels of oil at this particular location, according to the Philippine Department of Energy.
Exxon Mobil (NYSE:XOM) is ready to drill its third well in the South Sulu Sea of the Philippines, as they continue to search for oil reserves in the region.
The drill rig used on the previous two wells will be again put into use in the third well, and should be in the area no later than May, although there's a possibility it could arrive in April sometime.
Costs for drilling this well are estimated at $100 million.
There are an estimated 750 million barrels of oil at this particular location, according to the Philippine Department of Energy.
Wednesday, March 31, 2010
Bank of America (NYSE:BAC): Oil at $90 a Barrel
Will oil reach $90 a barrel in 2010?
Bank of America (NYSE:BAC) say they see oil reaching as high as $90 a barrel before the end of 2010, although others believe prices will stay close to where they're at today for the remainder of the year.
Of course most of this is all speculation, as we need to wait to see whether Americans loosen up their wallets in the summer months and travel more, or decide to stay closer to home. Much will depend on that as to the demand oil will have.
Some reasons cited for prices remaining lower is the large global supply and probable lower demand will keep prices in check.
It's possible prices could even fall in the summer months, again, depending on the traveling habits of consumers.
Bank of America (NYSE:BAC) say they see oil reaching as high as $90 a barrel before the end of 2010, although others believe prices will stay close to where they're at today for the remainder of the year.
Of course most of this is all speculation, as we need to wait to see whether Americans loosen up their wallets in the summer months and travel more, or decide to stay closer to home. Much will depend on that as to the demand oil will have.
Some reasons cited for prices remaining lower is the large global supply and probable lower demand will keep prices in check.
It's possible prices could even fall in the summer months, again, depending on the traveling habits of consumers.
Friday, March 5, 2010
BP (NYSE:BP) Out-produces ExxonMobil (NYSE:XOM)
BP Versus ExxonMobil
BP (NYSE:BP) has made a big deal about it producing more oil and gas for the first time in history over its giant competitor ExxonMobil (NYSE:XOM).
The problem is the profits of BP plunged by 45 percent in 2009, while ExxonMobil had earnings of over $4 billion more than BP, making the boast somewhat empty.
While blaming the decrease in profits on oil prices falling, you have to consider ExxonMobil experienced the same conditions, and were able to thrive in them, revealing evidently a BP company that doesn't have its costs reined in as they should have.
BP Versus ExxonMobil
BP (NYSE:BP) has made a big deal about it producing more oil and gas for the first time in history over its giant competitor ExxonMobil (NYSE:XOM).
The problem is the profits of BP plunged by 45 percent in 2009, while ExxonMobil had earnings of over $4 billion more than BP, making the boast somewhat empty.
While blaming the decrease in profits on oil prices falling, you have to consider ExxonMobil experienced the same conditions, and were able to thrive in them, revealing evidently a BP company that doesn't have its costs reined in as they should have.
BP Versus ExxonMobil
Tuesday, March 2, 2010
India in Major Saudi Oil Deal
India Importing More Oil from Saudi Arabia
In a deal with Saudi Arabia, India has increased its supply of oil from the Arab nation from 25.5 million tons a year to 40 million tons a year, equal to about 770,000 barrels a day.
India also wants to increase its imports of heavier crude oil a well, from Saudi Arabia.
Plans are for three new refinery plants in India to increase the overall refining capacity in the country to about 178 million tons a year by the end of 2012, which would represent about a 20 percent increase if they succeed.
India Importing More Oil from Saudi Arabia
In a deal with Saudi Arabia, India has increased its supply of oil from the Arab nation from 25.5 million tons a year to 40 million tons a year, equal to about 770,000 barrels a day.
India also wants to increase its imports of heavier crude oil a well, from Saudi Arabia.
Plans are for three new refinery plants in India to increase the overall refining capacity in the country to about 178 million tons a year by the end of 2012, which would represent about a 20 percent increase if they succeed.
India Importing More Oil from Saudi Arabia
Wednesday, February 24, 2010
API: Crude Oil Inventories Drop
Crude Oil Inventories Drop
The American Petroleum Institute said yesterday that crude oil inventories in the United States dropped by 3.14 million barrels last week to 334.4 million.
Distillate fuels fell by 834,000 barrels to 158.7 million, which inventories for gasoline increased by 1.74 million barrels to 232 million.
Today the Energy Department will release their inventory report as 10:30 a.m. EST.
It'll be interesting to see if the report from the API lines up with the Department of Energy report, as they do move in different direction about 25 percent of the time over the last several years.
The major reason for the discrepancy is the API collects data on a voluntary basis while the DOE does on a required basis.
With consumer sentiment dropping to 46, people are starting to be concerned over the alleged economic recovery, which most really aren't feeling in their pocketbook, and are starting to doubt as being real.
With that in mind, we'll probably find out inventories have in fact risen, as people again hold back on spending and travel.
Crude Oil Inventories Drop
The American Petroleum Institute said yesterday that crude oil inventories in the United States dropped by 3.14 million barrels last week to 334.4 million.
Distillate fuels fell by 834,000 barrels to 158.7 million, which inventories for gasoline increased by 1.74 million barrels to 232 million.
Today the Energy Department will release their inventory report as 10:30 a.m. EST.
It'll be interesting to see if the report from the API lines up with the Department of Energy report, as they do move in different direction about 25 percent of the time over the last several years.
The major reason for the discrepancy is the API collects data on a voluntary basis while the DOE does on a required basis.
With consumer sentiment dropping to 46, people are starting to be concerned over the alleged economic recovery, which most really aren't feeling in their pocketbook, and are starting to doubt as being real.
With that in mind, we'll probably find out inventories have in fact risen, as people again hold back on spending and travel.
Crude Oil Inventories Drop
Friday, February 5, 2010
Morgan Stanley (NYSE:MS): Oil to $95 a Barrel in 2010
Morgan Stanley (NYSE:MS) Oil Price Estimates
Morgan Stanley (NYSE:MS) analyst Hussein Allidina recently said he believes oil will reach $95 a barrel by the end of 2010, while surging to $100 a barrel sometime in 2011.
“We expect that fundamentals will continue to improve,” said Allidina. “Our increased 2011 price reflects an improved GDP outlook that will require a higher price to ration demand to meet inadequate supply.”
Morgan Stanley added they believe oil demand worldwide will increase to 1.7 barrels a day.
What is being considered the impetus behind this is the recent strengthening of the U.S. dollar and the assertion by China that it is tightening things up over there.
The idea that a recovery will drive those prices up is somewhat laughable, as there is almost nothing to point in that direction, even though it is the mantra of mainstream media; at least in relationship to the United States.
As far as the U.S. dollar having any sustainable rally, that's a ridiculous thought as well, undermining the Morgan Stanley assertions.
Morgan Stanley (NYSE:MS) Oil Price Estimates
Morgan Stanley (NYSE:MS) analyst Hussein Allidina recently said he believes oil will reach $95 a barrel by the end of 2010, while surging to $100 a barrel sometime in 2011.
“We expect that fundamentals will continue to improve,” said Allidina. “Our increased 2011 price reflects an improved GDP outlook that will require a higher price to ration demand to meet inadequate supply.”
Morgan Stanley added they believe oil demand worldwide will increase to 1.7 barrels a day.
What is being considered the impetus behind this is the recent strengthening of the U.S. dollar and the assertion by China that it is tightening things up over there.
The idea that a recovery will drive those prices up is somewhat laughable, as there is almost nothing to point in that direction, even though it is the mantra of mainstream media; at least in relationship to the United States.
As far as the U.S. dollar having any sustainable rally, that's a ridiculous thought as well, undermining the Morgan Stanley assertions.
Morgan Stanley (NYSE:MS) Oil Price Estimates
Saturday, January 30, 2010
Chevron (NYSE:CVX) Down on Refining Losses
Chevron Quarterly Report
An increase in revenue for Chevron (NYSE:CVX) wasn't enough to make up for large losses in it refining business as the energy and oil company wasn't able to overcome the $613 loss, even though revenue surged by 10.3 percent in the quarter to end at $47.6 billion.
Consequently, earnings for the company plunged to $3.1 billion, a huge plunge from the $4.9 billion it earned in the same quarter in 2008.
Falling natural gas and crude oil prices were the reasons given for the poor performance.
Analysts had been looking for earnings to come in at $1.7 a share on revenue of $40.4 billion.
"In this challenging environment, Chevron's successes in operational reliability and cost management made valuable contributions to our bottom line," said Chevron Chairman and CEO John Watson. "Our financial strength enabled continued investment in our excellent portfolio of capital and exploratory projects and an increase in the annual dividend on our common shares for the 22nd consecutive year."
Annual earnings for Chevron reached $10.5 billion, or $5.24 a share, in contrast to $23.9 billion, or $11.67 a share they reached in 2008.
Chevron Quarterly Report
An increase in revenue for Chevron (NYSE:CVX) wasn't enough to make up for large losses in it refining business as the energy and oil company wasn't able to overcome the $613 loss, even though revenue surged by 10.3 percent in the quarter to end at $47.6 billion.
Consequently, earnings for the company plunged to $3.1 billion, a huge plunge from the $4.9 billion it earned in the same quarter in 2008.
Falling natural gas and crude oil prices were the reasons given for the poor performance.
Analysts had been looking for earnings to come in at $1.7 a share on revenue of $40.4 billion.
"In this challenging environment, Chevron's successes in operational reliability and cost management made valuable contributions to our bottom line," said Chevron Chairman and CEO John Watson. "Our financial strength enabled continued investment in our excellent portfolio of capital and exploratory projects and an increase in the annual dividend on our common shares for the 22nd consecutive year."
Annual earnings for Chevron reached $10.5 billion, or $5.24 a share, in contrast to $23.9 billion, or $11.67 a share they reached in 2008.
Chevron Quarterly Report
Tuesday, January 19, 2010
Goldman Sachs | Oil Shortages 2010
Oil Prices
Goldman Sachs (NYSE:GS) said today that there will be crude oil shortages as supply won't be able to keep up with demand, signifying higher oil prices in 2010 and 2011.
Projections from Goldman Sachs are the demand for oil will return to pre-recession levels, while production for oil will be down, causing the shortages and resultant oil price increases as a result.
There is probably more optimism in Goldman Sachs' report than among most others watching the industry, who believe oil demand will in fact remain down for some time to come, as the so-called recovery, for the most part, really isn't one.
Consider that jobs aren't being created and businesses aren't hiring. Goldman is saying that those working will start traveling more and spending on transportation, which I personally don't see happening, as I don't even begin to believe the recession is ended, let alone that we're in a period of recovery.
Nothing points to that being what is happening at this time, and I think Goldman Sachs is wrong here and we're going to continue to see consumers and businesses keep things tight as far as spending goes.
Consequently, I think oil prices will probably remain relatively level, although I'm sure there will be occasional spikes in oil prices over the next couple of years.
I don't doubt the production side being possibly challenged, just that the demand will remain low and so lower oil production won't cause significant oil price increases because of lower demand.
Of course the wild card in all of this is the state of the consumer in China, India and Brazil. If they take on a new role of consuming much more oil, then it could cause some price increases. But as far as it relates to the American consumer, I don't see them being a price driver of oil any time soon.
Oil Prices
Goldman Sachs (NYSE:GS) said today that there will be crude oil shortages as supply won't be able to keep up with demand, signifying higher oil prices in 2010 and 2011.
Projections from Goldman Sachs are the demand for oil will return to pre-recession levels, while production for oil will be down, causing the shortages and resultant oil price increases as a result.
There is probably more optimism in Goldman Sachs' report than among most others watching the industry, who believe oil demand will in fact remain down for some time to come, as the so-called recovery, for the most part, really isn't one.
Consider that jobs aren't being created and businesses aren't hiring. Goldman is saying that those working will start traveling more and spending on transportation, which I personally don't see happening, as I don't even begin to believe the recession is ended, let alone that we're in a period of recovery.
Nothing points to that being what is happening at this time, and I think Goldman Sachs is wrong here and we're going to continue to see consumers and businesses keep things tight as far as spending goes.
Consequently, I think oil prices will probably remain relatively level, although I'm sure there will be occasional spikes in oil prices over the next couple of years.
I don't doubt the production side being possibly challenged, just that the demand will remain low and so lower oil production won't cause significant oil price increases because of lower demand.
Of course the wild card in all of this is the state of the consumer in China, India and Brazil. If they take on a new role of consuming much more oil, then it could cause some price increases. But as far as it relates to the American consumer, I don't see them being a price driver of oil any time soon.
Oil Prices
Thursday, January 14, 2010
Commodities: Oil Prices Drop on Warmer Weather
Warmer Weather Drives Oil Prices Down
Cold weather has been driving the price of oil, and that seems to have come to an end for now, at least until another possible cold trend comes through in February.
If you can trust those forecasting the weather, the next month should be a much warmer one, and that should have a major impact on the price of oil during that time, as it should drop after running up for some time as the cold weather continued to linger.
With China's central bank increasing its reserve ratios, it's hard to tell if that's a statement that they're going to cut back on commodity imports at this time, as in 2009 they grew by about 56 percent for the year.
With that combination, we again, would see significant downward pressure on light sweet crude over the next month. Other energy sectors and gas should also have a similar price movement.
Warmer Weather Drives Oil Prices Down
Cold weather has been driving the price of oil, and that seems to have come to an end for now, at least until another possible cold trend comes through in February.
If you can trust those forecasting the weather, the next month should be a much warmer one, and that should have a major impact on the price of oil during that time, as it should drop after running up for some time as the cold weather continued to linger.
With China's central bank increasing its reserve ratios, it's hard to tell if that's a statement that they're going to cut back on commodity imports at this time, as in 2009 they grew by about 56 percent for the year.
With that combination, we again, would see significant downward pressure on light sweet crude over the next month. Other energy sectors and gas should also have a similar price movement.
Warmer Weather Drives Oil Prices Down
Saturday, December 5, 2009
Commodities | Crude Oil Prices Fall
Crude Oil Down on Rising Dollar
In what is expected to be the determining factor in ongoing price increases with gold and other commodities, the increase in value of the U.S. dollar resulted in crude oil prices falling to seven-week lows.
The advance of the greenback was the largest jump against the euro in over five months.
Prices for crude oil delivery for Junuary dropped 99 cent or 1.3 percent, to $75.47 a barrel on the NYMEX. That's the lowest numbers since October 14, 2008. Overall crude oil prices for the week fell by 0.8 percent, although they are up by 69 percent so far this year.
There are a couple of assumptions connected to the strengthening of the dollar, and both are far from being a confirmed reality. One is that the economy has in reality turned around; a very dubious and unproven assertion. Second, based upon that assumption, speculators are betting the Federal Reserve will increase interest rates.
Strange that one unproven assumption can then be invested in based upon a phantom reponse by the Federal Reserve to that assumption. Strange indeed.
While some say commodities have been shored up by the weakness of the dollar, that's not the entire story. It is definitely part of the commodity price increase story, but over the long term it's largely irrelevant.
Commodity demand is what will drive the prices of raw materials, food and precious metals going forward, not primarily the value of the dollar, although that will remain a factor.
The real long-term driver of commodity prices will be demand, and that demand will come from Asia primarily. Supply factors of course will also play a major role in commodity prices.
As expected, gold futures fell in conjunction with the dollar strengthening, falling by close to 4 percent to $1,168.50 an ounce on the Comex division of the NYMEX.
For the price of oil, Saudi Oil Minister Ali al-Naimi said they are happy with the price of oil being between $70 and $80, with a target of just under $75 a barrel.
Surprising larger U.S. oil inventories suggest the price of oil will probably fall until that changes, as there is plenty to meet current demand.
Crude Oil Down on Rising Dollar
In what is expected to be the determining factor in ongoing price increases with gold and other commodities, the increase in value of the U.S. dollar resulted in crude oil prices falling to seven-week lows.
The advance of the greenback was the largest jump against the euro in over five months.
Prices for crude oil delivery for Junuary dropped 99 cent or 1.3 percent, to $75.47 a barrel on the NYMEX. That's the lowest numbers since October 14, 2008. Overall crude oil prices for the week fell by 0.8 percent, although they are up by 69 percent so far this year.
There are a couple of assumptions connected to the strengthening of the dollar, and both are far from being a confirmed reality. One is that the economy has in reality turned around; a very dubious and unproven assertion. Second, based upon that assumption, speculators are betting the Federal Reserve will increase interest rates.
Strange that one unproven assumption can then be invested in based upon a phantom reponse by the Federal Reserve to that assumption. Strange indeed.
While some say commodities have been shored up by the weakness of the dollar, that's not the entire story. It is definitely part of the commodity price increase story, but over the long term it's largely irrelevant.
Commodity demand is what will drive the prices of raw materials, food and precious metals going forward, not primarily the value of the dollar, although that will remain a factor.
The real long-term driver of commodity prices will be demand, and that demand will come from Asia primarily. Supply factors of course will also play a major role in commodity prices.
As expected, gold futures fell in conjunction with the dollar strengthening, falling by close to 4 percent to $1,168.50 an ounce on the Comex division of the NYMEX.
For the price of oil, Saudi Oil Minister Ali al-Naimi said they are happy with the price of oil being between $70 and $80, with a target of just under $75 a barrel.
Surprising larger U.S. oil inventories suggest the price of oil will probably fall until that changes, as there is plenty to meet current demand.
Crude Oil Down on Rising Dollar
Saturday, April 11, 2009
Oil Commodities | Oil Commodity Becoming a Commodity
When I used the play on words concerning oil commodities and oil becoming a commodity, I mean it in the sense of something that has no competitive advantage at this time.
In business in general, to become a commodity product or service, means you no longer have a moat to protect you, and you're vulnerable to those who can run operations better than you, as you only compete on price.
As far as oil goes, the demand for it is becoming slow low because of the horrific economic turmoil, that even low prices can't get people to travel more and vacation, as fears are keeping them close to home and thinking of ways they can do things for less. That isn't going to change with crude futures prices any time soon.
The latest projections from the International Energy Agency confrim this, saying oil demand will be at the lowest levels since the early part of the 1980s.
Much of the projections for oil commodities demand is based on the number for the first quarter being much lower than it was thought they would be, and so now forecasts are that over 2009 oil demand will come in at about 83.4 million barrels a day globally. That's a huge 2.4 billion barrels of oil a day less than 2008.
There is a growing consensus that oil commodity demand will not rebound until 2010. There is still room for global economic contraction, now expected to drop by 1.4 percent this year.
All of this means oil prices will continue to stay down, and even if they don't, it won't matter, as the oil commodity prices we're now experiencing, along with falling oil demand, tells us that no matter what happens to prices, until economic contraction stops and a real recovery begins, oil will continue to be a commodity in the sense of having a lot of it, but many not willing to over spend on it no matter what the price.
Other than oil contango, there's not really much to get excited about for oil while its in its commodity status.
Hopefully you understand what it means when oil commodities become a commodity, as we're in that stage now, and until that changes, it won't matter what temporary bumps and swings happen, over time demand will continue to stall, along with oil prices.
We are definitely seeing one of the weakest oil commodities experience in a long time.
In business in general, to become a commodity product or service, means you no longer have a moat to protect you, and you're vulnerable to those who can run operations better than you, as you only compete on price.
As far as oil goes, the demand for it is becoming slow low because of the horrific economic turmoil, that even low prices can't get people to travel more and vacation, as fears are keeping them close to home and thinking of ways they can do things for less. That isn't going to change with crude futures prices any time soon.
The latest projections from the International Energy Agency confrim this, saying oil demand will be at the lowest levels since the early part of the 1980s.
Much of the projections for oil commodities demand is based on the number for the first quarter being much lower than it was thought they would be, and so now forecasts are that over 2009 oil demand will come in at about 83.4 million barrels a day globally. That's a huge 2.4 billion barrels of oil a day less than 2008.
There is a growing consensus that oil commodity demand will not rebound until 2010. There is still room for global economic contraction, now expected to drop by 1.4 percent this year.
All of this means oil prices will continue to stay down, and even if they don't, it won't matter, as the oil commodity prices we're now experiencing, along with falling oil demand, tells us that no matter what happens to prices, until economic contraction stops and a real recovery begins, oil will continue to be a commodity in the sense of having a lot of it, but many not willing to over spend on it no matter what the price.
Other than oil contango, there's not really much to get excited about for oil while its in its commodity status.
Hopefully you understand what it means when oil commodities become a commodity, as we're in that stage now, and until that changes, it won't matter what temporary bumps and swings happen, over time demand will continue to stall, along with oil prices.
We are definitely seeing one of the weakest oil commodities experience in a long time.
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