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Global Industrial Behemoth GE Just Published A 2-Slide Warning About Oil
General Electric doesn't have a great outlook on oil.
In its annual investor presentation, GE included the following two slides, which state that the company expects revenue and profit in its oil-and-gas segment to be flat to down next year, and that it plans to maintain a "pragmatic outlook" for this segment of its business next year.
Keep in mind that GE is one of the world's biggest conglomerates. It has its hands in dozens of businesses and takes in billions of dollars a year, and so it must be careful with how it words things.
A "pragmatic outlook"? This is not an enthusiastic take on the business. If anything, it reflects uncertainty and implies that we probably shouldn't expect a big boom in energy spending.
General Electric
General Electric
This warning from GE comes after a huge decline in the price of oil, which has been the story in markets over the last several months.
On Tuesday, the price of oil had another wild ride, with West Texas Intermediate crude futures cracking $54 a barrel for the first time in five years before surging above $57 and then finishing the day flat.
Brent crude, the international benchmark, also broke $59 for the first time in five years.
This year, the price of oil has fallen more than 40%, which is just a stunning decline.
And as market guru Mark Dow told Business Insider on Tuesday, it isn't just the decline in oil that has markets on edge, but the speed.
As Dow said, "The speed of the price change is almost always more important than the level for our psychology."
Business Insider
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