iShares U.S. Oil Equipment & Services ETF
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  • Thu, Jan. 28, 7:26 PM
    • Oil market analysts say Russian talk of production cuts is giving the market "false hope" and are mostly dismissive of the possibility of coordinated production cuts by OPEC and Russia.
    • "Talk of an OPEC cut is likely no more than an attempt to shift market sentiment," says Barclays' Michael Cohen, who thinks part of the rationale for Russia to sound a more amenable tone is that its government wants to be seen as a good negotiator.
    • The reality is that "it’s a hard sell for Saudi Arabia - and Russia, for that matter - to agree to cut production while Iran continues to ramp up output," Cohen writes.
    • "Political relations between Saudi Arabia and Russia are poor,” says Julian Jessop, head of commodities research at Capital Economics, who adds that "even if a high level deal could be done, it is not clear that Russia could deliver."
    • Analysts note that from a physical standpoint, it is difficult for Russia to turn on and off reservoirs without major complications; some production decline already is underway in Russia anyway, and further cuts during the winter are highly unlikely since it would bring about a near-permanent loss in the ability to produce from Russian wells.
    • ETFs: USO, OIL, XLE, UCO, UWTI, VDE, ERX, OIH, SCO, XOP, BNO, DBO, DWTI, ERY, DIG, DTO, DUG, BGR, USL, XES, IYE, IEO, IEZ, DNO, FENY, PXE, PXI, PXJ, FIF, OLO, SZO, NDP, RYE, FXN, OLEM, DDG
    | Thu, Jan. 28, 7:26 PM | 82 Comments
  • Fri, Jan. 22, 8:28 AM
    • Moody's places 120 oil and gas companies on review for a downgrade, in a sweeping global review that includes all major regions and ranges from the world's top global majors such as Royal Dutch Shell (RDS.A, RDS.B), Total (NYSE:TOT) and BP to 69 U.S. E&P and services firms.
    • Warning of "a substantial risk that prices may recover much more slowly over the medium term than many companies expect, as well as a risk that prices might fall further," Moody's now sees both WTI and Brent crude averaging $33/bbl this year, a $7 cut for WTI and a $10 reduction for Brent from its previous forecast.
    • The ratings firm also places 55 mining companies on review for downgrade as they battle a slump in commodity prices.
    • Among the companies placed on review are Alcoa (NYSE:AA), Schlumberger (NYSE:SLB), Chesapeake Energy (NYSE:CHK), Transocean (NYSE:RIG), Statoil (NYSE:STO), Vale (NYSE:VALE), Goldcorp (NYSE:GG), National Oilwell Varco (NYSE:NOV) and Diamond Offshore (NYSE:DO).
    • ETFs: XLE, VDE, ERX, OIH, XOP, ERY, FCG, DIG, GASL, DUG, BGR, XES, IYE, IEO, IEZ, FENY, PXE, PXI, FIF, PXJ, NDP, RYE, FXN, DDG
    | Fri, Jan. 22, 8:28 AM | 73 Comments
  • Thu, Jan. 21, 3:49 PM
    • Crude oil futures settled more than 4% higher on the back of perceived oversold conditions, despite a higher than expected inventory build; March WTI jumped 4.2% to settle at $29.53/bbl after trading as high as $30.25, while Brent surged 4.9% to $29.25.
    • Crude prices were supported by the inventory increase in this morning's EIA report, which was less than the API’s report released on Wednesday, says Phil Flynn, senior market analyst at Price Futures Group; also, reports of Libyan oil tanks on fire eased speculation that Libya would be exporting more oil soon.
    • Also supportive for prices, oil production in the lower 48 states edged lower for the first time in seven weeks, “which is at least ‘less bearish’ for the extremely oversupplied global oil market,” says Tyler Richey of The 7:00’s Report.
    • The energy sector is bouncing after hitting a multiyear low yesterday: XOM +1.4%, CVX +2.7%, RDS.A +3.8%, BP +3.7%, TOT +2.3%, STO +4.5%, COP +6.2%, MRO +12.2%, APC +10.3%, OXY +2.1%, EOG +6.4%, PXD +2.7%, APA +8.2%, HES +7%, KMI +15.5%, EPD +3.3%, ETP +6.8%.
    • ETFs: UNG, USO, OIL, XLE, UGAZ, UCO, DGAZ, UWTI, VDE, ERX, OIH, SCO, XOP, BNO, BOIL, GAZ, DBO, DWTI, ERY, FCG, DIG, GASL, DTO, DUG, KOLD, BGR, USL, XES, IYE, IEO, UNL, IEZ, DNO, FENY, PXE, PXI, FIF, PXJ, OLO, SZO, NDP, RYE, DCNG, FXN, OLEM, DDG
    | Thu, Jan. 21, 3:49 PM | 116 Comments
  • Fri, Jan. 15, 3:20 PM
    | Fri, Jan. 15, 3:20 PM | 117 Comments
  • Thu, Jan. 14, 7:11 PM
    • Oil companies have delayed $380B in new investment on 68 major upstream projects since the oil downturn began a year and a half ago, according to a new result from industry consultant Wood Mackenzie.
    • In H2 of 2015, 22 major project decisions were delayed as crude oil fell below $40/bbl, according to the report.
    • All told, the projects account for ~27B boe and ~2.9M bbl/day of production, with deepwater projects totaling more than half of the deferrals.
    • The average breakeven cost for the delayed new projects was $62/boe; given that Brent and U.S. benchmark prices in recent days have dropped to roughly half that number, clearly there is little incentive to invest in new production.
    • "With oil prices dipping to new lows at the start of 2016 and capital allocation tightening, the list will continue to grow,” the report says.
    • ETFs: XLE, VDE, ERX, OIH, XOP, ERY, FCG, DIG, GASL, DUG, BGR, XES, IYE, IEO, IEZ, FENY, PXE, FIF, PXJ, NDP, RYE, FXN, DDG
    | Thu, Jan. 14, 7:11 PM | 5 Comments
  • Thu, Jan. 14, 3:26 PM
    • Energy stocks are broadly higher as U.S. crude oil bounces off $30/bbl to end pit trading at $31.22, +2.6%; the SPDR Energy ETF (XLE +5.1%) soars 5%, with 36 of its 40 equity components trading higher, after closing yesterday at its lowest level since September 2010.
    • Exxon Mobil (XOM +5.5%) and Chevron (CVX +5.9%) are the Dow's top two gainers; and pipeline companies sport strong showings with Kinder Morgan (KMI +8.2%), Plains All American Pipeline (PAA +11.7%) and Williams Cos. (WMB +27.4%) among the biggest winners.
    • Among other major energy movers: ETE +22.6%, BP +7.6%, MRO +7.5%, OXY +7.1%, PBR +7%, COP +7%, RDS.A +6.7%, SE +6.1%, PSX +6.1%, ETP +6.1%, EPD +5.3%, APA +5%, E +4.6%, HES +4.1%, MPC +4.1%.
    • Amid overwhelmingly negative sentiment, a few analysts are venturing out to say the worst may be over or nearly so: Deutsche Bank’s Torsten Slok thinks "we now have the worst behind us in terms of the negative impact of falling oil prices on the economy," and Gluskin Sheff’s David Rosenberg argues that the oil selloff is getting “long in the tooth.”
    • ETFs: USO, OIL, XLE, UCO, UWTI, VDE, ERX, OIH, SCO, XOP, BNO, DBO, DWTI, ERY, FCG, DIG, GASL, DTO, DUG, BGR, USL, XES, IYE, IEO, IEZ, DNO, FENY, PXE, PXI, PXJ, FIF, OLO, SZO, NDP, RYE, FXN, OLEM, DDG
    | Thu, Jan. 14, 3:26 PM | 89 Comments
  • Tue, Jan. 12, 10:53 PM
    • Barclays becomes the latest bank to slash its outlook for crude oil prices, and is now clearly the most pessimistic bank when it comes to the prognosis for oil.
    • The bank now expects both Brent and WTI crude to average $37/bbl in 2016, down from a previous forecast of $60 and $56, respectively, citing the “complete breakdown of OPEC cohesion” and U.S. shale producers that have proved to be “resilient beyond expectations."
    • BofA Merrill Lynch is the runnerup for most pessimistic, forecasting WTI to average $45/bbl this year; Morgan Stanley yesterday argued that scenarios with crude as low as $20/bbl are possible, but that is not its 2016 base forecast, as the bank expects crude to average $47.50 this year.
    • U.S. crude slipped below $30/bbl earlier today, and U.S. crude futures traded below $50 through 2021; the U.S. Energy Information Administration now predicts that already heavily swollen global oil stockpiles will continue to rise until H2 2017.
    • ETFs: USO, OIL, XLE, UCO, UWTI, VDE, ERX, OIH, SCO, XOP, BNO, DBO, DWTI, ERY, DIG, DTO, DUG, BGR, USL, XES, IYE, IEO, IEZ, DNO, FENY, PXE, PXJ, FIF, OLO, SZO, NDP, RYE, FXN, OLEM, DDG
    | Tue, Jan. 12, 10:53 PM | 26 Comments
  • Mon, Jan. 11, 4:38 AM
    | Mon, Jan. 11, 4:38 AM | 16 Comments
  • Mon, Jan. 4, 6:50 PM
    • Moody’s foresees capital spending reductions of at least 20%-25% in 2016 across the oil and gas E&P business, with oilfield services and drilling remaining the most stressed energy segment.
    • Moody’s expects M&A activity and industry consolidation in 2016 to increase in a subdued manner given that the timing of a commodity price recovery remains uncertain; the firm notes that Devon Energy (NYSE:DVN) has targeted the sale of $2B-$3B in assets for 2016, Husky Energy (OTCPK:HUSKF) also has reported plans to sell select legacy upstream assets, and ConocoPhillips (NYSE:COP) likely will continue trying to divest select upstream assets in 2016.
    • Globally, Moody's expects to see a rise in distressed exchanges and defaults in 2016, and cites Brazil's Petrobras (NYSE:PBR), Mexico's Pemex and Venezuela's PdVSA as three major international companies that are in serious trouble; the ratings agency also sees credit metrics for PetroChina (NYSE:PTR), Sinopec (NYSE:SNP) and Cnooc (NYSE:CEO) continuing to deteriorate through at least 2017, while Russia’s weak ruble will help Rosneft (OTC:RNFTF) withstand low oil prices.
    • Moody’s recently projected a "lower for much longer" energy scenario, with average prices of WTI crude at $40/bbl in 2016 - $8 lower than its earlier forecast - $45/bbl in 2017 and $50 in 2018.
    • ETFs: XLE, VDE, ERX, OIH, XOP, ERY, FCG, DIG, GASL, DUG, BGR, XES, IYE, IEO, IEZ, FENY, PXE, FIF, PXJ, NDP, RYE, FXN, DDG
    | Mon, Jan. 4, 6:50 PM | 40 Comments
  • Mon, Jan. 4, 2:20 PM
    • The new year will mean more tough times for oilfield services companies, as E&P companies cut their spending in the oil patch deeper than once expected, Raymond James analysts write.
    • The U.S. rig count will fall by another 150 rigs over the next six months, which could cause the count to fall to 550 before shale plays begin to see an uptick in activity again, a dramatic decline that implies “a much uglier fundamental year than current consensus estimates,” according to Raymond James, which expects annual oilfield spending to fall 42% amid “skinny E&P cash flows and a non-existent debt market."
    • Any additional declines in activity and rig count, even if short-lived, spells more trouble for services companies, with more well-known names with “dominant market share and clean balance sheets” best positioned to ride out the prolonged slump, the report says.
    • ETFs: XLE, VDE, ERX, OIH, XOP, ERY, DIG, DUG, BGR, XES, IYE, IEO, IEZ, FENY, PXE, PXJ, FIF, NDP, RYE, FXN, DDG
    | Mon, Jan. 4, 2:20 PM
  • Dec. 10, 2015, 5:02 PM
    | Dec. 10, 2015, 5:02 PM | 101 Comments
  • Dec. 7, 2015, 10:35 AM
    • The energy sector (-4.5%) paces the opening decline, as WTI crude oil prices -4% at $38.35/bbl following a 2.7% slide on Friday after OPEC's failure to agree on a production target to reduce the oil glut.
    • Investors are betting on oil prices staying lower for even longer after OPEC's non-decision, pushing U.S. crude futures for delivery nearly 10 years away below $60/bbl, Reuters reports.
    • But the oil glut is set to continue as much because of the U.S. as of OPEC, as U.S. shale drillers have only trimmed their pumping a little, and rising oil flows from the Gulf of Mexico are propping up U.S. production; the overall output of U.S. crude fell just 0.2% in September, the most recent monthly federal data available, and is down less than 3%, to 9.3M bbl/day, from the peak in April.
    • Goldman Sachs says it expects oil prices to remain "lower for longer," with a risk that prices could fall as low as $20/bbl.
    • In early trading: XOM -2.9%, CVX -4.1%, BP -3.2%, RDS.A -4.2%, COP -4.6%, MPC -3.2%, MRO -7.4%, PSX -2.8%, HES -4.9%, APC -6.1%, OXY -3.1%, EOG -5.8%, DVN -9.3%, PXD -7.2%, APA -3.9%, CHK -8%, CLR -9.1%.
    • ETFs: USO, OIL, XLE, UCO, UWTI, VDE, ERX, OIH, SCO, XOP, BNO, DBO, DWTI, ERY, FCG, DIG, GASL, DTO, DUG, BGR, USL, XES, IYE, IEO, IEZ, DNO, FENY, PXE, PXI, PXJ, FIF, OLO, SZO, NDP, RYE, FXN, OLEM, DDG
    | Dec. 7, 2015, 10:35 AM | 118 Comments
  • Dec. 7, 2015, 10:30 AM
    • That the price of oil has been in a bear market isn't news, but the $40-$41 range has proven to be pretty effective support. That level was breached on Friday after OPEC couldn't agree on production cuts, and black gold today has a $38 handle for the first time since the depths of the financial crisis.
    • WTI crude is lower by 4.1% on the session to $38.35.
    • Natural gas is down 3.3% today, and also at multi-year lows.
    • The Energy Sector SPDR (XLE -4.4%), is dragging the Dow and S&P each lower by 0.7%.
    • ETFs: XLE, VDE, ERX, OIH, XOP, ERY, DIG, DUG, BGR, XES, IYE, IEO, IEZ, FENY, PXE, PXJ, FIF, PSCE, NDP, RYE, FXN, DDG, DRIP, GUSH
    | Dec. 7, 2015, 10:30 AM | 24 Comments
  • Dec. 4, 2015, 3:25 PM
    • U.S. crude oil settled 2.7% lower at $39.97 and Brent fell 1.9% to $43 after OPEC decided to roll over its policy of maintaining crude production in order to retain market share - a not unexpected outcome but one that offers no relief in sight for the oil industry's pain.
    • "OPEC not cutting is going to put more pressure on oil prices," and the pressure on companies’ spending will feed through into their investment in increasing their production, says Jefferies equity analyst Jason Gammel. “It’s not as though they’ll shut down existing production, but over time their output will decrease."
    • Don’t expect prices to stabilize until low prices force curtailments of pumping in the U.S., which will not happen until the end of next year, Goldman Sachs analyst Damien Courvalin.
    • Energy stocks (-0.7%) are the only S&P industry sector to decline, as the rest of the market has rebounded from yesterday's drop; some of the big oils - XOM +0.3%, CVX +0.6% - have inched higher, and refiners are mostly higher, but it's another down day for most: DVN -1.2%, CLR -5.9%, MRO -2.3%, HES -1%, COP -0.8%, EOG -0.7%, APC -2.4%, ETE -9.3%, ETP -3.5%, EPD -2.4%, WMB -6.9%.
    • ETFs: USO, OIL, XLE, UCO, UWTI, VDE, ERX, OIH, SCO, XOP, BNO, DBO, DWTI, ERY, FCG, DIG, GASL, DTO, DUG, BGR, USL, XES, IYE, IEO, IEZ, DNO, FENY, PXE, PXI, PXJ, FIF, OLO, SZO, NDP, RYE, FXN, OLEM, DDG
    | Dec. 4, 2015, 3:25 PM | 150 Comments
  • Nov. 6, 2015, 5:30 PM
    • Oilfield service companies are in "survival mode," looking to cut costs large and small - from thousands of job cuts to capacity reductions to changing paint colors - WSJ reports.
    • Example: Technip (OTCQX:TNHPF) is cutting 6K jobs and using white paint instead of yellow on underwater equipment because adding pigment is more expensive.
    • The oil downturn has left even the world's biggest oil services company, Schlumberger (NYSE:SLB), vulnerable; in its Q3 results, the company reported big drops in earnings and revenue.
    • Next year could be even worse as producers cut more than $200B in spending this year and next; consult Wood Mackenzie expects only 10 new projects globally to attract investment commitments, which would hit a sector that typically has the capacity to support an average of 40-50 new projects a year.
    • Other relevant tickers include: HAL, BHI, CAM, WFT, AMFW, XLE, OIH, XES, IEZ
    | Nov. 6, 2015, 5:30 PM | 5 Comments
  • Oct. 19, 2015, 4:56 PM
    • Lenders so far have reduced only $450M from the borrowing bases of some two dozen public oil companies, ~2% of the capital available under their reloadable credit facilities, Jefferies says.
    • Analysts had expected banks to cut borrowing bases by an average 15% across the sector this fall during their semiannual review of the reserve-based loans they made when crude prices were much higher.
    • SandRidge Energy (NYSE:SD) became the latest to ace its bank review, saying today its lenders did not reduce its $500M borrowing base.
    • Jefferies believes one reason banks have been flexible is that financial regulators have pushed lenders to shore up extra funds to protect against oil company losses.
    • But Jefferies says the banks’ spring 2016 reassessment period “could be much tougher" if oil stays cheap, in part because domestic oil producers have hedged little of next year’s production; the firm expects the 24 producers it tracks to have 2.9x debt to pre-tax earnings by year-end vs. 1.9x at the same time last year.
    • ETFs: XLE, VDE, ERX, OIH, XOP, ERY, DIG, DUG, BGR, XES, IYE, IEO, IEZ, FENY, PXE, PXJ, FIF, NDP, RYE, FXN, DDG
    | Oct. 19, 2015, 4:56 PM | 17 Comments
IEZ Description
The iShares Dow Jones U.S. Oil Equipment & Services Index Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Dow Jones U.S. Select Oil Equipment & Services Index.
See more details on sponsor's website
Country: United States
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