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Oil Glut Compounded By Cracks In Global Economy
Will oil go below $20? Jeffrey Currie, the head of commodities research at Goldman Sachs, said on Bloomberg TV on Tuesday that he wouldn’t be surprised if oil dipped “into the teens.” That would upend the financial prospects for a lot of oil and gas companies. In January, Moody’s Investors Service put 120 oil and gas companies on review for a possible downgrade as the financial positions of the entire industry continue to suffer. Smaller companies with fewer financial resources at their disposal are more likely to have trouble with mountains of debt. In fact, the yields on speculative energy debt are spiking ... (full story)