Oxy Announces Layoffs, Apache Up on Discovery, Oil Down on "Weakened Tensions" in Iran

Updated: Apr 10, 2020


January 8, 2020

Oil Prices Down 5%

When the Asian session opened for GLOBEX trading Tuesday night, oil prices reached a high of $65.66, but continued to fall overnight into New York trading hours Wednesday as the EIA reported a 1.2M build in inventories compared to analysts forecast of a 3.4M draw. The price of WTI reached $62.42 before selling off after the report came out, dipping to a low of $59.14. The media attributed the fall to Trump's announcement on "weakened tensions" in Iran.

Oxy Announces Layoffs

Occidental Petroleum (OXY) has worked tirelessly in 2019 after the acquisition of Anadarko Petroleum, selling international assets, offering buyout packages for employees, changing office real estate plans, and on Wednesday: announcing company-wide layoffs. The consolidation theme of 2019 appears to still be resonating into 2020 as mass layoffs continue.

Apache Stock Soars 25%

On Wednesday, Apache Corporation (APA) surged 24.6%, it's biggest daily gain since 1973 after announcing a large discovery off the coast of Suriname, northeast of South America. Apache also announced Thursday the closure of it's San Antonio office, cutting nearly 300 jobs.

What To Watch For Next Week:

  • Tues, Jan 14: API Weekly Crude Inventories @ 3:30pm CST

  • Wed, Jan 15: EIA Weekly Crude Inventories @ 9:30am CST

  • Wed, Jan 15: OPEC Monthly Oil Market Report @ TBD

  • Thurs, Jan 16: IEA Monthly Oil Market Report @ TBD

  • Fri, Jan 17: Schlumberger (SLB) announces earnings @ Pre-Market

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