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

[Broncojohnny]

I don't think that is limited to just oil business. Every bust seems to come with immediate memory loss.

It is just business, why risk my capital when i can risk a bank's for 3.5%? The cheaper the debt, the bigger the meltdown.

Your Halliburtons and Exxons of the world are the vultures, they won't be doing anything but pruning their hedges and lookoing for deals. It is the same at my shop, when the market takes a dump, we'll be buyers looking for deals. The gutters will be filled with the blood of the small timers and the shallow pocketed.

[Strychnine]

The gutters will be filled with the blood of the small timers and the shallow pocketed.

[samuel642000]

Weird, we just had a meeting and part of that was asking if we knew anyone else looking to get on.

We're not slowing. In fact, they are preparing to start up a new crew.

If they need anyone recently laid off from the drilling side, I know a guy....

shamless plug.

[2011GT]

Sounds like the oil companies needed Dave Ramsey.

[Strychnine]

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.

Shit's fascinating.

"The bottom for the oil price is a mirage...It's more important, just as it was during the crash to $30 a barrel five years ago, to recognize that the slump is irrational exuberance and prices will recover."

- Eugen Weinberg, head of commodities research at Commerzbank AG in Frakfurt

[Strychnine]

Traders are storing crude in tankers now.

Trading firms including Vitol, Trafigura and energy major Shell have all booked crude tankers for up to 12 months

Initial indications are around 12-15 million barrels of floating storage have been booked so far. In 2009 at least 100 million barrels of oil ended up being stored at sea.

The shipping lists indicate the trading firms have been able to hire the VLCCs for less than $40,000 a day - well below spot rates closer to $97,000 a day, the highest in years, which had so far put off many oil traders.

[krazy kris]

1.69 at the pilot by Cabelas

[lincolnboy]

Wish $1.68 over in Hurst was that price here in Euless.

[Chas_svo]

I remember seeing that as a bumper sticker in the late '80's. Also remember listening to my FIL at the time point out a homeless person and "Look, a retired pipeliner!"

[8mpg]

Saw $1.59 at Race Trac on 26 across from TCC

[Strychnine]

Graystang - is your friend's company American Eagle Energy?
They just said they are going to stop all drilling until prices come back up.

(I like playing the guessing game )

[Strychnine]

Oh and US rig count is down another 60 this week.

1750 total operating now.

[slow99]

Oh and US rig count is down another 60 this week.

1750 total operating now.

Let me know if you come across the Y/Y numbers ... interested to see that.

[CexMashean]

Exxon Supreme for $2.03, mmmmmmmmmm, so good!

[Ruffdaddy]

Let me know if you come across the Y/Y numbers ... interested to see that.

Baker Hughes will have all of the historical figures and current data if you're willing to explore the vast google desert.

I'm not sure if he's pulling from more specialized market reports, but most of that data is readily available.

Last numbers I saw say we're still up from last year about 3% (that was last friday, looks like we're about level with 2014 now.)

http://www.businessinsider.com/baker-hughes-rig-count-january-9-2015-1