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Started By
Message
Oil hits $40
Posted on 3/9/16 at 5:16 am
Posted on 3/9/16 at 5:16 am
Producers schedule a meeting in Moscow to discuss output. Just dodge those repo men and little bit longer, baws. Maybe you'll get to keep your F250 after all. LINK
12
Posted on 3/9/16 at 5:20 am to Jim Rockford
shite, my kids might be able to eat soon!
Posted on 3/9/16 at 5:20 am to Jim Rockford
Fuel is fixing to go up due to summer blend coming. 
Fixing to order 500 gallons of diesel this week.
Fixing to order 500 gallons of diesel this week.
Posted on 3/9/16 at 5:24 am to Jim Rockford
Hopefully my truck nuts are still at the pawn shop.
Am I doing it right?
Am I doing it right?
Posted on 3/9/16 at 5:29 am to fightin tigers
Either way I win
Posted on 3/9/16 at 5:39 am to lsuoilengr
I personally hope it stays here for a few months rather than shoot any higher. Not from a I want cheap gas perspective, but for the sake of stability. I think my company holds off on layoffs for a while at 40 dollar oil. And WTI isn't quite at 40 bucks, which is usually what they refer to for oil price. Currently around 36 I think.
Posted on 3/9/16 at 5:42 am to KG6
April, price right now is $37.01
Posted on 3/9/16 at 5:48 am to fishfighter
Drop bitch, drop.
Posted on 3/9/16 at 5:49 am to KG6
I am in agreement with you. I don't want to see it top $50. If the shale well's come online we will be in the same predicament all over again. Most companies are still completing their final round of layoffs.
ETA I hope WTI doesn't near $50. I'm perfectly fine with Brent topping $50.
ETA I hope WTI doesn't near $50. I'm perfectly fine with Brent topping $50.
This post was edited on 3/9/16 at 5:53 am
Posted on 3/9/16 at 5:53 am to fishfighter
Brent is 40.36 this morning
Posted on 3/9/16 at 5:57 am to redstick13
Yeah, we are still laying off, but apparently my particular office is done. I don't think this saves anyone, but if we were still sub 30 by next quarter, more were coming. I think 40 allows us to hit our 2016 forecast we put together at the end of 2015. I think we were comfortable rolling through 2016 with what we had employee wise, then sub 30 oil changed that with a quickness. Sounds like ~30 is a break even point for many producers in the Gulf.
Posted on 3/9/16 at 6:05 am to KG6
It's been on the rise for a week or so now due to the anticipated "decision" that will be made big oil producers around the globe. I'd love to see it climb another $10-15 and stay there but realistically I can't see it happening any time soon. If the reserves look like they're telling us they do, we may see a peak in $40 for some time. I think that the current waves of layoffs are going to be the final cuts if this price maintains. I'll stick by my prediction on $50-60 a barrel by 3rd quarter. It's half optimism half based on consumption, reserves, and most
Importantly production cuts.
I'll also add that BHP and Macmaran are wrapping up their only wells in the gulf and we're only in March. I also got the word yesterday that Shell has canceled a huge 2016 job and rescheduled for 1/17. When Shell starts pulling on the rains in the GOM, you know that shits getting tight.
Importantly production cuts.
I'll also add that BHP and Macmaran are wrapping up their only wells in the gulf and we're only in March. I also got the word yesterday that Shell has canceled a huge 2016 job and rescheduled for 1/17. When Shell starts pulling on the rains in the GOM, you know that shits getting tight.
This post was edited on 3/9/16 at 6:13 am
Posted on 3/9/16 at 6:07 am to yellowfin
quote:
Brent is 40.36 this morning
Hell, we exporting, not importing.
Posted on 3/9/16 at 6:10 am to JJBTiger2012
Yea i think this abates the lay offs but companies still have no free CAPEX so I don't expect any significant changes in activity levels.
Posted on 3/9/16 at 6:14 am to KG6
I don't see this bump sticking even around $40. Wouldn't be surprised to see it back in the $25-30 range by the end of the month.
Posted on 3/9/16 at 6:23 am to yellowfin
Would be sweet. Was shocked last week when I filled up my truck for under $45. Diesel. 
Was $1.58 a gallon. 
Was shocked last week when I filled up my truck for under $45. Diesel. Was $1.58 a gallon. Posted on 3/9/16 at 6:25 am to yellowfin
Fin.... I hope your wrong buddy and my hopes for a revived industry leadse to believe other wise. Realistically I think that your rite though ??
Posted on 3/9/16 at 6:26 am to yellowfin
Soon as North Dakota puts all their DUCs online WTI will plummet again.
Posted on 3/9/16 at 6:27 am to yellowfin
quote:
I don't see this bump sticking even around $40. Wouldn't be surprised to see it back in the $25-30 range by the end of the month.
Same here.
Regardless, the full effect of this hasn't even been seen. The declining cap-ex is just starting to heat up as contracts come up for renewal. If you're on the drilling side, $25 and $40 are basically the same for all intents and purposes.
Posted on 3/9/16 at 6:29 am to yellowfin
Agreed. Saudis said frick it. And Iran is pumping it out since Obama cut that mind numbing deal. 
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