And there was much rejoicing in the land.... Gas Prices

[Strychnine]

ConocoPhillips just axed 1800 (10%) and OPEC is now "willing to talk."

[Ruffdaddy]

ConocoPhillips just axed 1800 (10%) and OPEC is now "willing to talk."

Yeah ive been telling people that the worst is still to come.

[Cooter]

Yet the Raptor Index has barely started to tip downward

[GrayStangGT]

Yet the Raptor Index has barely started to tip downward

From what I've seen the used raptors are going up in price.....

[Ruffdaddy]

Yet the Raptor Index has barely started to tip downward

Dude its fucked up man. It doesnt make sense. I guess theyre too capable to repo? Cant take what you cant catch!

[Cooter]

From what I've seen the used raptors are going up in price.....

Same with 6.7's. Fewer drillers buying a new one every 6 months = fewer used ones to choose from.

[GrayStangGT]

It will be interesting what this body style does when the new one comes out without the V8. I really like mine, so I might just find another one with lower miles in a couple years when I start approaching 100k miles, because I'm sure the new ones will be crazy expensive.

[Ruffdaddy]

Down 13.

Eff...

[Strychnine]

random news


Saudi is looking at eliminating their gasoline subsidies.

Economists estimate removing gasoline subsidies would save the kingdom nearly 30 billion riyals ($8 billion) annually, Al Watan reported. That would be a significant saving in a budget deficit which analysts estimate could total $120 billion or more this year if crude prices stay low, slashing state revenues.

As of two days ago Saudi was continuing to say they will not cut output unless other countries agree to do the same

Riyadh has made it clear that it will not cut output to shore up prices unless non-OPEC producers share of the burden. This essentially means Russia, the world's biggest producer.

Mr Dvorkovich, the head of Russia's economic and energy strategy, said his country was in constant talks with OPEC in order to bring about a "more rational policy" but was coy on whether the Kremlin would break the impasse and strike a deal with the Saudis.

And yesterday Russia said they are not interested in joining OPEC

Russia has no interest in joining the Organization of the Petroleum Exporting Countries (OPEC) according to Igor Sechin, the CEO of Russian oil major Rosneft. “OPEC has lost its influence as a key market regulator, no interest for Russia to join,” he said.

An informal 'super-OPEC' with Russia would control roughly 45pc of the global oil market, roughly equal to OPEC's glory days in the 1970s. Industry experts say the Saudis might consider a deal if Russia offered a gentleman's agreement to trim its 10.7m b\d output by 500,000.

Adnan Shihab-Eldin, the former secretary-general of OPEC, said the oil cartel is in "bad shape" and may have to rethink its current strategy. "Can OPEC really afford to the policy started in November of letting the market determine prices," said at the Ambrosetti forum.

Mr Shihab-Eldin said US shale drillers have proved remarkably resilient, slashing costs from $70 a barrel to nearer $50 through new technology and a switch to higher-yielding "sweet spots". The rig-count has halved but production has hardly fallen.

He said OPEC will make a hard-headed decision over how best to extract maximum revenue, ditching its current policy if it does not pay. "Keeping market share at any price is not an ideology for OPEC," he said.

[Strychnine]

Oh, and Indonesia will rejoining OPEC in December after seven years out of the group.

“The objectives seem a bit blurry,” said Olivier Jakob, managing director at Petromatrix, said by e-mail from Zug, Switzerland. “They left in 2008 because they were not happy with high oil prices, and are coming back because they want to have access to supplies and investments.”

[Strychnine]

Oil directed rigs -10 this week.

Total US change was -16 (oil+gas+misc), for a total of 848 now.

[Ruffdaddy]

Talk about a correction...lol

I also thought it was interesting that intl rig count went up.

[Cooter]

holy shit, that's a lot of stacked iron!!!

[Cooter]

I was in drilling 08-10. I had no idea there were 4x as many rigs during this last boom!

[Captain Crawfish]

gas under 2 bux is not indicating the global economy is hitting on all 8 cylinders. interesting weeks ahead for sure. WTI futures still in contango nobody seems to be buying 47.xx. of course goldman sachs is calling for 20$ oil now and you know half the time they are full of shit