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Started By
Message
Oil bottom
Posted on 10/1/15 at 6:34 am
Posted on 10/1/15 at 6:34 am
Do you think we have found the bottom?
Just curious because my company keeps cutting and sooner or later my number will get called if this continues.
What does everyone think?
Just curious because my company keeps cutting and sooner or later my number will get called if this continues.
What does everyone think?
10
Posted on 10/1/15 at 7:15 am to Spec1
Oh, I'm hoping this is pretty much the bottom. I think the outlook now is how long do we stay in this bottom. By the end of Q4, I think most companies will have their workforce reductions in place to get through 2016 if oil stays at this current price. But if it goes lower, it's going to be a ghost town in O&G offices by mid 2016. I've not been worried, but it's to the point that there are no more low hanging fruit. Valuable people are now on the chopping block. I've already seen a few go.
Posted on 10/1/15 at 7:52 am to KG6
I'm with you KG.. All the low hanging fruit has been trimmed and I think I'm just a branch or two up.. Not liking it. May I ask, how old are you? With only being 28 myself, if I can make it through this downturn I feel like I can anywhere with proving that I am valuable with not being laid off. Thoughts??
Posted on 10/1/15 at 8:30 am to b-rab2
I hope it keeps going. Makes my commute cheaper 
Seriously though, hopefully ya'll will make it through. I imagine it is extremely tough having this hang over your heads
Seriously though, hopefully ya'll will make it through. I imagine it is extremely tough having this hang over your heads
Posted on 10/1/15 at 8:32 am to GenesChin
It's starting to weigh on my mind especially after this last layoff we had last week. It really does have me on edge a little.
Posted on 10/1/15 at 8:39 am to b-rab2
I started the thread so you know it's on my mind!!!
Posted on 10/1/15 at 9:24 am to Spec1
We run pretty lean so we haven't had any layoffs. But, we have cut a lot of contractors and laid down a lot of rigs. With Chesapeake cutting almost 700 people locally two days ago, there isn't much place to turn in OKC.
I'm pretty comfortable because of the fact that we run lean and because of the work that I do, but I'm still a bit scared. Good luck out there.
I'm pretty comfortable because of the fact that we run lean and because of the work that I do, but I'm still a bit scared. Good luck out there.
Posted on 10/1/15 at 10:00 am to BROffshoreTigerFan
quote:
Chesapeake
quote:
OKC
Are you in this area?
Posted on 10/1/15 at 10:02 am to Spec1
What's going on with gasoline? I thought as summer faded into fall and less expensive blends were produced, the gasoline prices would slide further. But at least in my area they have jumped 15-20 cents since Monday. What gives?
Posted on 10/1/15 at 10:07 am to FelicianaTigerfan
quote:
Are you in this area?
Yes. I'm downtown OKC.
Posted on 10/1/15 at 10:08 am to LSUFanHouston
quote:
What's going on with gasoline?
I know there were a few refinery shutdowns because of accidents that impacted a few regions pretty bad, but so far it hadn't affected the gulf coast. I wonder if the slight rise is related?
Posted on 10/1/15 at 10:26 am to WavinWilly
I really wonder how much lower a company like FCX could slide, just the perfect storm of mineral and oil commodities.
Posted on 10/1/15 at 10:33 am to nolaks
I bought in a little with FCX last month at 9.60. They've got assets all over and pretty diverse. I'm not sure if they will go lower or not. If they do, I will try to buy in some more. Just a matter of time before things turn around. I hope.
Posted on 10/1/15 at 11:17 am to Alahunter
I think we retest 2015 lows in the next 2 weeks. I think that will be the bottom.
But I'm a terrible investor
But I'm a terrible investor
Posted on 10/1/15 at 11:25 am to wizard of smart
And I'm a new one, but agree.
I don't have a lot to invest, but I'm trying to study as much as I can understand and hit a few things that are at some historical lows. FCX being one of them. They're diverse, and been around a really long time and I'm buying for long term with them.
I don't have a lot to invest, but I'm trying to study as much as I can understand and hit a few things that are at some historical lows. FCX being one of them. They're diverse, and been around a really long time and I'm buying for long term with them.
Posted on 10/1/15 at 11:25 am to Spec1
I'm hoping the Russians bomb the Saudis when they are done with Syria
Posted on 10/1/15 at 11:26 am to Spec1
quote:Maybe, but my gut says no. If the Iran deal is cancelled, I could see it back in the $50's. Otherwise, we'll see. If prices stay down long enough, I expect major political turmoil in some of the OPEC countries. Venezuela, in particular.
Do you think we have found the bottom?
Posted on 10/1/15 at 11:39 am to yellowfin
quote:
I'm hoping the Russians bomb the Saudis when they are done with Syria
That would certainly help
Posted on 10/1/15 at 11:54 am to Powerman
The nature of a capital intensive commodity like oil has become is that the lows will eventually lead to a boom because the infrastructure won't be in place the next time demand spikes. It can't stay too low forever, we are finally starting to see companies go under in Q4.
Posted on 10/1/15 at 12:36 pm to barry
Oil has, historically, been a boom and bust commodity and industry. The last bust gave Texas reason enough for them to diversify their economy, and that can be seen (outside of Houston, the oil capitol of America). Of course, people my age are too young to remember the last bust.
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