New records: $OXY Occidental Petroleum and $MRO Marathon Oil are the two worst-performing stocks in the S&P 500 over the last month, each down in excess of 60%.
Oil has more room to fall due to expected increase in production by Saudi Arabia and Russia and demand fall caused by lock downs in European and US economies due to #coronavirus. Still #bearish
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Matthew Cameron 06:26 PM 03/09/2020
$XOM$CVX$EOG$COP$APC$OXY$PXD$DVN$MRO$HES 2/3 of new oil projects worldwide will not survive at $35/bbl.
Almost all US onshore projects (=shale oil) will not survive at $35/bbl.
Good times on the markets in 2016-2020 were supported by #OPEC+ deals and strong #oil. Now when Russia is not supporting production cuts and OPEC+ looks like over oil may stay very low in 2020-22. Distress in US oil producers > turmoil in stocks and HY markets > US recession #bearish
Marathon Oil Corporation is an independent international energy company. The Company engaged in exploration and production, oil sands mining, and integrated gas. Marathon Oil serves customers globally.