[VolandoVengoVolandoVoy]

Currently trading at 48.61...I wonder where the floor is?

http://oilprice.com/commodity-price-char...0Oil%20WTI

[Renton1875]

VVV

Around the $44 mark.

Google oil price charts from 1960-present, these spikes are common. Usually preceded by new discoveries and periods of recession/downturns.

Next thing you know, peeps start spending, economy's pick up, oil is needed & the price rebounds.

[Pete]

(01-07-2015 05:47 PM)Salty Wrote:  

VVV

Around the $44 mark.

Google oil price charts from 1960-present, these spikes are common. Usually preceded by new discoveries and periods of recession/downturns.

Next thing you know, peeps start spending, economy's pick up, oil is needed & the price rebounds.

Oil will go up soon as SA cuts production.

[Easy E]

(01-11-2015 02:05 PM)Pete Wrote:  

(01-07-2015 05:47 PM)Salty Wrote:  

VVV

Around the $44 mark.

Google oil price charts from 1960-present, these spikes are common. Usually preceded by new discoveries and periods of recession/downturns.

Next thing you know, peeps start spending, economy's pick up, oil is needed & the price rebounds.

Oil will go up soon as SA cuts production.

The Saudis won't make a cut until at least June, and even then the prospects of a cut are not 100%. The Saudis want to squeeze out marginal producers in North America, and they will keep prices low until they get what they want.

[ThrustMaster]

Oil Drillers Bail on U.S. Boom, Idle Most Rigs Since 1991
http://www.bloomberg.com/news/2015-01-09...-1991.html

[VolandoVengoVolandoVoy]

WTI closed at 45.96 (http://www.nasdaq.com/markets/crude-oil.aspx).
I've heard a floor forecast of 35.

[Tex Pro]

The Saudi's war on shale oil in one graph:



Source: http://www.zerohedge.com/news/2015-01-12...ll-frontal

[amsdk]

Goldman sachs predict it is going to hit atleast 40 or lower.

http://www.bloomberg.com/news/2015-01-12...doned.html

What does this do to the stock markets / russian markets etc.

[Peregrine]

Suncor just announced a 1B cut to 2015 capex, hiring freeze, and headcount reduction of 1k.

[Tex Pro]

US Rig Count Craters To Lowest Since August 2010:

http://www.zerohedge.com/news/2015-01-23...ugust-2010

[Renton1875]

Seem's vanity walls can be detrimental to keeping oil prices stable too, remember theses guy's.

http://www.businessinsider.com/gerry-alt...010-8?IR=T

Good overview of historical oil price peaks & troughs, starring OPEC, Texas Rangers & The Seven Sisters!

http://www.wtrg.com/prices.htm

Look's like prices have stabilised of late tho, think they may stay around there for a while depending on geo-political situations, uprisings or maybe even a couple of good old fashioned cruise missile strikes!! Unilaterally!!!

[Aliblahba]

Just got back to The Permian. People still have their head in the sand and claim this region hasn't been affected yet. My 1st reaction after driving through was "where the fuck is everybody? I was able to walk in and get a hotel without reservations....twice. Last year that would not have been possible. I don't think prices have adjusted yet. This area may not get as hard as I thought, unlike the Barnett and perhaps Eagle Ford. Just an opinion though from some gathered intel. If you're still considering finding a job here, and have skills, I say go for it and make a fast dash for some cash before it tanks.

[komatiite]

I am very interested in the Permian Basin as well. Beautiful carbonates in the Spraberry and Wolfcamp formations artificially fracture perfectly, with that sweet sweet 40 API West Texas Intermediate. Great infrastructure is in place close to refineries, with more oil in place than all of Kuwait. Some call the Bakken the perfect hydrocarbon trap, but logistically is light years behind West TX in terms of surficial development.

Keep us posted Ali, if Midland becomes a ghost town soon then we are all doomed...

[renotime]

There is a hiring freeze going on right now.

I was a cunt hair away from getting a sweet job with a very large oil services company. We're talking 64k employees and 22 billion last year. Recruiter called me up and told me they gotta take care of their own and can't take on any new people.

Schlumberger is going to lay off 9000 workers world wide soon. I'm also hearing rumors that Weatherford is about to do the same.

Honestly, guys, it is pretty bad in the Permian right now. I'd recommend anyone looking to make the drive out here to hold off until Spring.

I don't have a crystal ball, but the last time it got this bad was in '09 when oil hit bottom at 35.

I don't think we've seen the bottom yet.

[ChazKGB]

Do you think that the merger between Halliburton and Baker Hughes will continue to go forward, or will this industry wide slowdown lead them to call it off and try later?

[Easy_C]

If I ever get Doxxed this comment is going to bite me in the ass....

But I'd put exactly jack shit stock into Goldman's forecasts. They also predicted that oil would rise thoughout the fall and look what happened.

Short post but expect it to drop below 35:

http://armstrongeconomics.com/2015/01/24...waterfall/

[Aliblahba]

I just got an email for a sweet gig with one of the largest oil services companies. Lucritive subject matter expert position working remotely. We're talking 64k employees and 22B last year. I don't think its as bad as others think.

Right now the oilfield is ridding itself of the excess and slag employees. When it hits here, we'll all hear about it.

[VolandoVengoVolandoVoy]

LOL

(01-27-2015 08:06 PM)Aliblahba Wrote:  

I just got an email for a sweet gig with one of the largest oil services companies. Lucritive subject matter expert position working remotely. We're talking 64k employees and 22B last year. I don't think its as bad as others think.

Right now the oilfield is ridding itself of the excess and slag employees. When it hits here, we'll all hear about it.

Quote:

Posted by renotime - Today 06:22 PM
There is a hiring freeze going on right now.

I was a cunt hair away from getting a sweet job with a very large oil services company. We're talking 64k employees and 22 billion last year. Recruiter called me up and told me they gotta take care of their own and can't take on any new people.

Schlumberger is going to lay off 9000 workers world wide soon. I'm also hearing rumors that Weatherford is about to do the same.

Honestly, guys, it is pretty bad in the Permian right now. I'd recommend anyone looking to make the drive out here to hold off until Spring.

I don't have a crystal ball, but the last time it got this bad was in '09 when oil hit bottom at 35.

I don't think we've seen the bottom yet.

[el mechanico]

If you really study the timeline of events you'll notice..

1. Ali B hypes up oil in Texas

2. Reno and Houston show up

3. Rigs drop out and oil is so low even those canada niggas are worried about work

[Aliblahba]

I heard more companies will be going back to the hair follicle test, and more stringent background checks. This will clean out the less desirable population that has turned the town upside down. The place I used to work probably had a majority of drug users, and hiring anyone with 10 years on a prison stint was the norm. The companies that hire them are the first to close. Things might eventually go back to 'normal'.

[renotime]

Does that mean you will be shaving your Jew fro?

[VolandoVengoVolandoVoy]

Damn, oil's taking a beating today. WTI is about 44.3 as I type this.

[AntiTrace]

Im buying up oil stocks. Dollar cost averaging on the way down. Something tells me in 6 months to a year people we'll be talking about the good old days when gas was under $2 again.

[lavidaloca]

I've got about 130k to play with right now. Any recommendations as to oil stock to buy / reasons. (I prefer Canadian companies due to dividend taxation / weak dollar)

[VolandoVengoVolandoVoy]

I wouldn't buy until oil dips to mid 30s or lower. The Saudis have no intention of stopping, and US production is still at an all time high.