Oil E&P: continue to avoid (ex BP/FP)
We continue to avoid this sector until the inevitable downgrades come through, or stocks get cheaper, whatever comes first. As discussed, the street is now 10% above of the forward curve for 2013,...
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SBM Offshore (T-sell)
Well-done Riccardo, having been a seller of this stock for many weeks. For clarity, he remains a seller of Statoil and is underweight the SXEP. Fundamentally, we are in broad agreement. With regard to...
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SBM Offshore (T-sell): cont
For clarity Riccardo remains a seller of SBM, as he does Statoil and the SXEP generally. Fundamentally, we are in broad agreement. With regard to SBM Offshore, it has been a serial underperformer and...
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Oil service: another warning shot
Last week Weatherford (WFT) fell 9% to the lowest level since 2008, SBM Offshore followed and fell to the same crisis level. SBM highlighted slowing capex decisions but the market attributed these...
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SBM Offshore: cover short
Riccardo is covering his short in SBM for a 30% return. Well done Riccardo.
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Oil, sell anything beginning with an S: Statoil, Shell, Seadrill, Saipem &...
There are downgrades coming for Oil stocks, least those with little production/reserve growth. Statoil stands out, as does Shell. We are fighting the income brigade with Total, but longer term this...
View ArticleSell more Oil exposures
Demand is falling in China, the second biggest user of Oil behind the USA (where gasoline demand is also falling). Together they account for over a third of Total world demand for oil. Given supply...
View ArticleThe speed of moves have surprised everyone
As such there is little way analysts have reacted to FX swings in terms of numbers. There are definitional issues as some companies define it differently than others and Americas is often one item and...
View ArticleThe key message from Oracle: FX volatility has not been factored in
The key message from Oracle is that analysts have not factored in the scale of FX moves with respect to emerging market currencies, Australia or even Japan. This is now a growing source of concern,...
View ArticleFugro warn on slower oil capex
Fugro warns due to a weakening capital spending in the oil and gas market. Although they sold their seismic business to CGG, a multi-client book remains and the broader commentary reads poorly to the...
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