The continued existence of these works raises the question as to whether the gas company tar works really failed. Failed tar works were bought by others who made them profitable and were able to help in the exploitation of coal tar by a wide range of industries. Did they find the use of coal tar for varnishes and oils unfruitful and leave the partnership and Mr. Turner in Orchard Place? Turner had had plans to manufacture ‘various articles’ from coal tar and had already been using it for ten years when he bought the Orchard Place works and he continued to buy tar from Chartered. The partnership at Orchard Place does not seem to have lasted very long because later directory entries only mention a Mr. Turner. The easiest place to get hired is Alberta in Canada since it still faces a shortage of people. At the depth of the bear, investors would still wonder if things are going to get worse and doubt any recovery as another bear trap.

International banks, such as Deutsche Bank, ABNAmro, Citigroup, Barclays, and ING, are joining the framework. Their own economic prospects are closely bound to the future of their oil. In 1839 a William Hopkinson was an oil and colourman in The Barbican while Shackell and How were printing ink, varnish makers and oil merchants at Coppice Row, Clerkenwell. The world’s major auto makers and energy producers grudgingly admit that the world will eventually run out of oil, and they have begun research and development with alternative sources and fuels. His designs typically incorporate a wide variety of organic architecture, which promotes harmony between human habitation and the natural world. The Arctic, for example, is thought to hold nearly a third of the planet’s natural gas reserves, and, as the polar ice caps melt, those reserves will be easier to tap. Horizontal drilling also began to tap the heavier oils in Saskatchewan and southeastern Alberta in the 1990s, and there was a lot of experimentation in other reservoirs.

It is a beautiful Middle Eastern city with a lot of vibrancy and dynamism. Investors who have the mental strength, intelligence and money to buy during the depth of the ferocious bear will usually make a lot of money. There are multiple advantages to investing in oil and gas, one such as it bringing fast results and a continuous flow of money. On the other hand, investors who are not accustomed to deal with the bear will lose money. However, if you could persevere and outlast the long-winded bear, you will usually recoup all the losses and make money. For the long-winded bear, the decline is more gradual but long. For the ferocious bear, the decline is both fast and furious. The viscosity of gas-saturated crude oil at reservoir pressures andtemperatures is of particular value in making estimates of oil reserves andrate of oil recovery from flush pools when production decline data arelimited. Most of the storage of gas in coal is by sorption into the coal structure, while the coal permeability is cleat- (fracture-) or joint-controlled and may vary over a wide range during production. For oil companies, the reality of recession was brought home in the form of lower commodities and tighter access to the credit required to continue with production.

You can take a look at the kind of return generated by oil and natural gas over past few years. Not everyone would be able to take it. However, I can think of 2 different types of bear markets (shortened to “bear” hereinafter); the first one is similar to the market downturn that we experienced recently which is fast and sharp. An example of the long-winded bear would be the one that lasted from 2000 till 2003. The figure below shows both types of bears as happened to the Straits Times Index (STI). Horizontal drilling has been enhanced by geo-steering, measurement-while-drilling, coil tubing, down-hole motors and new bit design, for example. This helps in reducing drilling cost and time. As the bear progresses, you might think that prices have declined significantly enough, but each time you average down, the losses of the newly invested capital are just as severe. Oil and gas are often found in areas that are not always peaceful or benign. The company has also concentrated on developing new core areas with enough potential.

To conclude, while there are bargains in bank stocks currently, they also face uncertain times, ranging from China slowdown, O&G collapse, shipping slump, property glut, etc. Each bank has its safe and weak spots in these areas. As shown in Fig. 4, the bulk of the loans are in housing and Building & Construction, which are both property-related. Fig. 4 below shows the distribution of the banks’ loans in the various industries. Fig. 5 below shows the ageing of the NPLs. This suggests that UOB is not being overly conservative compared to the other 2 banks in classifying NPLs. If you think the local property glut will cause property prices to fall significantly, all 3 banks will be hit, with UOB having the most exposure. If you think O&G and shipping will worsen further, DBS is the weakest. Whenever we speak of a bear market, we tend to think that there is only 1 type of bear markets and all bear markets are the same. Also, in the next few weeks, we are going to start an online training course that will be unmatched.