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

[46Tbird]

Looks like the end of the world. Thankfully, only solid mother fuckers like me will make it.

I'm scrappy!

[runin90lx]

Talking to a friend yesterday and his company has decided to lay down all of their rigs.

what company

[Strychnine]

Talking to a friend yesterday and his company has decided to lay down all of their rigs.

Who? PM me if you want.




Here's some unsettling news I just got...

H&P stacked 11 rigs last month. This morning they said that over the next 30 days they could take up to 50 more out of service - potentially 20% of their fleet stacked in a 2 month period. Their day rates have dropped 10% over the last quarter.

From an investor presentation this morning:

[Danny46]

The art world will remain unphased like it did after '08. My employment is safe.

What do you do?

[Sean88gt]

Pussies, they are letting the Saudis win.

[Ted]

Who? PM me if you want.




Here's some unsettling news I just got...

H&P stacked 11 rigs last month. This morning they said that over the next 30 days they could take up to 50 more out of service - potentially 20% of their fleet stacked in a 2 month period. Their day rates have dropped 10% over the last quarter.

From an investor presentation this morning:

I have a buddy who is a driller for H&P that got stacked out last week.

[Trip McNeely]

Pussies, they are letting the Saudis win.

Without exports there's a huge glut right now, no pipelines, nowhere to send it. Catch 22. We make so much, we are our worst enemy.

[Sean88gt]

Without exports there's a huge glut right now, no pipelines, nowhere to send it. Catch 22. We make so much, we are our worst enemy.

Well then, that almost seems like prices were kept artificially high. Provided we had that much stock.

[Trip McNeely]

Well then, that almost seems like prices were kept artificially high. Provided we had that much stock.

Market sets the price. Demand is was so high, oil isn't just for autos, but petrochemicals are big. Everybody thinks gasoline, but don't see the big picture.

[Ruffdaddy]

Halliburton has started a new round of layoffs... shaking some dead leaves off the tree it appears.

[TRAILBLAZER]

Doom and gloom , blah ,blah .

Like its never ever going to be 100 dollars a barrel again, right.

Want a steady job, Burger King is hiring , no lay offs

[Ruffdaddy]

Doom and gloom , blah ,blah .

Like its never ever going to be 100 dollars a barrel again, right.

Want a steady job, Burger King is hiring , no lay offs

Everyone in the industry knows it will bounce back...no one is saying that it won't. It's the massive swings that suck...and people are simply saying it's not always as good as it appears.

But hell if its a net positive for the economy...good.

[Strychnine]

In other news, SUV and truck sales around the country are exploding.

Trucks outsold cars in December by the most since 2005.



Notable quotes today:

Surging U.S. shale supply, weakening Asian and European demand and a stronger dollar are pushing oil past threshold after threshold to a five-and-half-year low, with a dip below $40 a barrel “not out of the question,” said Rob Haworth, a Seattle-based senior investment strategist at U.S. Bank Wealth Management, which oversees about $120 billion.

“Oil prices are the big story for 2015. They are a once-in-a-generation shock and will have huge reverberations.”

- Kenneth Rogoff, Harvard University economics professor.

"If the price falls past $39 a barrel, we could see it go as low as $30 a barrel. Where prices bottom will be based on an emotional decision. It won’t be based on the supply-demand fundamentals, so it’s guaranteed to be overdone to the downside.”

- Walter Zimmerman, chief technical strategist for United-ICAP in Jersey City, New Jersey, who projected the 2014 drop.

[Sean88gt]

Zimmerman's quote is interesting, because the rise in oil price was largely the same. The glut was still there, tankers still offshore, and so forth, but the price continued to rise.

[DON SVO]

Actually... That graph excites me.