Moody’s Investors Service revised its price forecast for oil this year and started reviewing ratings of oil companies, joining Standard & Poor’s in predicting lower crude prices as S&P began downgrading firms in the sector. Moody’s cut 2016 price estimates for West Texas Intermediate and Brent crude to $33 a barrel and predicted the price... Continue Reading →
Brazil real slips after central bank balks at rate hike
Brazil's real weakened in early trading on Thursday to around 4.16 to the dollar, nearing its lowest levels in more than a decade, after the central bank surprised markets and held rates stable despite inflation running at more than 10 percent a year. The central bank's monetary policy committee, known as the Copom, kept rates... Continue Reading →
Brazil Balks at Rate Rise, Picks Recession Fight Over Prices
In a surprise decision, Brazil balked at raising interest rates as it wagers the nation’s worst recession in decades will be enough to damp double-digit inflation. Just 15 of 57 analysts surveyed by Bloomberg predicted the outcome, which marks the fourth straight meeting that borrowing cost were kept unchanged at 14.25 percent. The remainder of economists expected... Continue Reading →
Keppel Stops Work for Brazil Client, Takes $160 Million Hit
Keppel Corp., the world’s biggest builder of oil rigs, said it stopped work in the fourth quarter on projects for a Brazilian client that is more than a year behind on its bills, and took a S$230 million ($160 million) charge on the delinquent projects. Sete Brasil Participacoes SA, Keppel’s Brazilian client, is set to discuss... Continue Reading →
Petrobras bonds keep dropping on unit sale news
Jan 20, 2016 Reuters BY PAUL KILBY NEW YORK, Jan 20 (IFR) - Petrobras bonds found little respite on Wednesday after the Brazilian oil company announced it had begun negotiations to sell its Argentina unit. The company's curve was down about 1.25 to two points in what was another ugly session for Latin American credit... Continue Reading →
One Gallon of Milk Is Now Worth About Two Gallons of Oil: Chart
Crude oil is at a 12-year low and that means it’s even cheaper than milk. The price of one gallon of West Texas Intermediate crude is equivalent to about half a gallon of Class III milk, the benchmark traded on the Chicago futures market. That’s the lowest ratio since 2004. WTI dropped to $26.19 a... Continue Reading →
Petrobras’s Tumble to 16-Year Low Leads Drop in Ibovespa Stocks
Oil producer Petroleo Brasileiro SA led a drop in Brazilian stocks as commodities slumped on fears of slowing global growth and after a comment from the central bank ahead of an interest rate decision raised concerns of government interference in monetary policy. Petrobras tumbled 6.7 percent to 4.35 reais, set for the lowest closing level... Continue Reading →
Petrobras – Sale of assets in Argentina
01/20/2016 Rio de Janeiro, January 20, 2016 – Petróleo Brasileiro S.A. – Petrobras, concerning the news items published in the media regarding the sale of its assets in Argentina, hereby announces that it began negotiations for the sale of its interest in Petrobras Argentina. Nevertheless, until now, there are no deals signed securing the conclusion... Continue Reading →
Shell Fourth-Quarter Profit Plunges as Oil’s Slump Deepens
Royal Dutch Shell Plc, which is buying BG Group Plc in the industry’s largest deal in a decade, expects fourth-quarter profit to drop at least 42 percent after the rout in crude prices deepened. Profit adjusted for one-time items and inventory changes probably shrank to $1.6 billion to $1.9 billion, Shell said Wednesday in a preliminary earnings... Continue Reading →
Brazil’s central bank casts doubt on rate hike as outlook worsens
Brazil's central bank on Tuesday signaled that a worsening recession could force it to abandon plans to aggressively raise interest rates to battle inflation, which recently hit a 12-year high. In an unusual statement hours before the start of a two-day monetary policy meeting, central bank chief Alexandre Tombini said policymakers will take into consideration... Continue Reading →
Brazil Energy Insight 