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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 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 10:02 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 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 2:50 pm to Spec1
Yes, I believe crude has found bottom, for the good news.
The bad news, don't believe we'll see above $60.00 to $65.00, sustained, for a long time...
The bad news, don't believe we'll see above $60.00 to $65.00, sustained, for a long time...
Posted on 10/2/15 at 12:28 pm to Spec1
I think we hit bottom around Jan-feb but we won't get far off the bottom for a while.
Posted on 10/2/15 at 2:19 pm to Spec1
Probably around 20 dollars a barrel.
Posted on 10/2/15 at 4:20 pm to Spec1
There will be blood in the streets over the next few months....lots of E&P job cuts looming.
Posted on 10/2/15 at 11:09 pm to Spec1
quote:
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?
You are asking the wrong question IMHO, if prices linger in the 40's for an extended period of time the effect is just the same as no bottom.
The layoffs are just getting started in the US and any other place with high E&P cost. The NOC's are going to rule the market for the next few years due to a lower cost basis.
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