2012 was a very tough year for global oil & gas, as the group underperformed the MSCI World by 10%. FTSE Oil & Gas was down 12% and SXEP down 4%.Starting with the disastrous performance of the US onshore-levered oil-field services stocks (the group was down 15% from the March peaks), sharp-sell off in US natural gas prices (-36% to the lows of $1.8/mcf only to end the year in the green) to profit-warnings from consensus top picks, we saw it all. Needless to say, dispersion of returns in 2012 was very high. Looking just at the top 25 oil & gas stocks by market capitalisation (>$40bn), which account for 55% of total global oil & gas market cap, performances range from -23% (Petrobras) to +42% (Ecopetrol). Continue reading Oil & Gas: Looking back at 2012… and a 2013 Outlook
All posts by Daniel Lacalle
My Favourite Shorts
This article was published in Spanish in Trader Secrets and in English in Stockopedia in January 2013Let’s talk about the best short positions to finance your longs and reduce the volatility of your preferred long term bullish investments. Continue reading My Favourite Shorts
To Ruin Through Euphoria
(This article was published in El Confidencial on January 4th 2013)
“A great civilization is not conquered from without until It had destroyed itself from within” Will Durant. Continue reading To Ruin Through Euphoria
Commodities Weekly
It was an uneventful week in crude markets. Continued delays in North Sea shipments continue to support Brent. However, OPEC production continued to slide in December, reaching a 0-month low. Cut in Saudi production is the main reason for the decline and was originally started to offset the gains in Libyan and Iraqi production. The decline is also in line with comments from Saudi oil minister and OPEC secretary general that the oil market remains well supplied. Continue reading Commodities Weekly