Record Unemployment Claims And Oil’s Best Day Ever

Record Unemployment Claims And Oil’s Best Day Ever

The world may be "closed" right now, but as I heard it put recently, the "grand reopening" is coming soon.. Although likely overly ambitious at 10 million barrels a day, a production cut is welcome news right now for the U.S. oil and gas industry, which has had to make cuts of its own to support prices.. Ten percent fewer rigs were running last week compared to the week prior, representing the biggest one-week drop in North American rig activity since February 2006, when the number fell close to 17 percent.. The price jump came just two days after oil posted its worst quarter on record, slipping an incredible 66 percent as global demand dried up and stocks began to build around the world.. IHS Markit now predicts that supply will exceed demand by more than 1.8 billion barrels in the first half of 2020.. The financial data group has revised down its S&P 500 earnings expectations for the full year, with energy, transportation, automobiles and consumer services seeing the largest downward revisions to earnings estimates.. I believe it's important for investors to be aware of earnings expectations so they can adjust their portfolios as we await the world's "grand