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Message
re: Crude watch: What's going on?
Posted on 11/27/14 at 12:43 pm to I Love Bama
Posted on 11/27/14 at 12:43 pm to I Love Bama
This very well could dip $60, IMO. From the little but I've read, I think around $55 is the floor.
One of the more seasoned guys in the know can probably correct me I'd I'm wrong, but I think I'm close.
One of the more seasoned guys in the know can probably correct me I'd I'm wrong, but I think I'm close.
2
Posted on 11/27/14 at 2:56 pm to southernelite
quote:
guys in the know
Anyone that claims to know exactly where this stops is full of it. I think it is getting close, but no one knows for sure.
Posted on 11/27/14 at 9:31 pm to LSU0358
It's just amazing the strong output growth in the US. I've been expecting a drop for 2 years. It really surprises me how quickly its dropped lately but I guess the market is just catching up.
Posted on 11/27/14 at 10:15 pm to southernelite
quote:
This very well could dip $60, IMO. From the little but I've read, I think around $55 is the floor.
One of the more seasoned guys in the know can probably correct me I'd I'm wrong, but I think I'm close.
Unless they work for OPEC, they have no idea where its going.
Posted on 11/28/14 at 5:55 am to TulaneUVA
quote:
Y'all heard that OPEC decided to keep oil production flat? They are definitely trying to push on the US domestic producers.
Sigh... This is about maintaining production share not for any geopolitical nonsense. If they cut back production they loose market share and would have to keep making cuts as production was booming elsewhere. Keep doing this and you are selling little oil for little money, not a solid plan by any means. Let the price come down in order to gain market share and wait for a price increase.... Now if they want to announce some nonsense about Iran or Russia ok but it is what it is.
Posted on 11/28/14 at 7:54 am to cave canem
I have $26.50 USO puts expiring today.
Posted on 11/28/14 at 7:57 am to Iowa Golfer
All the big boys are getting absolutely destroyed
Posted on 11/28/14 at 7:59 am to TigerTatorTots
Trade it.
Posted on 11/28/14 at 10:35 am to barry
quote:
Unless they work for OPEC, they have no idea where its going.
I don't believe OPEC knows either...all they know is their prod #s and market share.
Posted on 11/28/14 at 10:47 am to cwill
Only the Saudis know.
Posted on 11/28/14 at 10:53 am to cwill
quote:
I don't believe OPEC knows either...all they know is their prod #s and market share
Exactly, the last time they cut production to maintain prices it bit them in the arse as others (USA) were ramping up production. The Saudis kept cutting production trying to prop up prices and eventually had to capitulate causing not only a price collapse but large loss of market share. Anyone else remember the implosion in the mid eighties oilfield? The royal family has not forgotten this lesson.
Posted on 11/28/14 at 3:47 pm to TulaneUVA
Venezuela needs oil at $160 to balance their budget this year 
Posted on 12/1/14 at 7:00 am to Enfuego
The oil price drop just astounds me. Inventories should be fairly predictable. Why is the market crashing so quickly? What happened or didn't happen? Were people expecting ISIS to shut down all Iraq exports? Were people expecting Saudi to reduce production? Just seems like this slide should have occurred gradually years ago.
Posted on 12/1/14 at 7:20 am to C
Everyone thinks the Saudis are going to drive this thing into the ground to stop all the US production. I think you already knew that though.
Posted on 12/7/14 at 5:26 pm to I Love Bama
So glad I left the US last year and went back overseas. We're ramping up while rigs are going sit in the bushes here.
Posted on 12/7/14 at 5:35 pm to C
quote:
Inventories should be fairly predictable.
They're not.
Posted on 12/8/14 at 11:03 am to cwill
Just talked with a guy in DIA who has been working in West Texas the past few years. He told me the company they work for has already dropped 7 rigs and agrees this is just the start.
Posted on 12/8/14 at 4:07 pm to redstick13
quote:
Just talked with a guy in DIA who has been working in West Texas the past few years. He told me the company they work for has already dropped 7 rigs and agrees this is just the start.
Thats the most expensive oil to get to in the US.
Still not worried. When oil prices get volatile, they get volatile. Its going to be bouncing around for the next 6 months in my opinion.
Posted on 12/8/14 at 4:39 pm to redstick13
Red stick
Did you work for BigBlue or bigred?
Did you work for BigBlue or bigred?
Posted on 1/5/15 at 1:47 pm to GREENHEAD22
It just happened. sub $50 WTI
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