The recovery of the north-east’s oil and gas industry has not been “spectacular” despite a flurry of M&A activity in the first six months of the year, an industry expert has said.
The world’s power plants and transmission lines are more networked to each other and controlled via the Internet than ever before. And in that, Wall Street sees a business opportunity.
Prices have sunk, stockpiles ballooned and doubts about OPEC’s effectiveness grown, yet Wall Street hasn’t lost faith in oil’s recovery.
Wall Street is throwing the most money at U.S. energy companies since at least 2000 amid growing confidence that the industry is emerging from the worst downturn in a generation.
The Wall Street bankers that backed the biggest oil boom in US history are paying a price for the bust.
The US stock market endured its worst performance in 18 months, driven lower by another slump in Chinese shares and heavy selling by technical traders. The global rout started in China, where sharp declines in energy and property stocks pushed the Shanghai Composite down more than 3%. That selling soon spread to European and US markets, where the Standard & Poor’s 500 index moved further below a closely watched trading level.