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Message
re: Crude above 50
Posted on 12/1/16 at 11:39 am to JohnnyKilroy
Posted on 12/1/16 at 11:39 am to JohnnyKilroy
quote:
Economy has been fricking rolling since oil prices dropped. Ain't mad about it.
yep. We've been lied to this entire time about how important the petro industry is to our economy.
0
Posted on 12/1/16 at 11:41 am to RJL2
quote:
I just realize it is a crucial industry for the US economy.
wrong. It just allows douches to buy jacked up Fbaw50's on 22's running Nitto Trail Grapplers
Posted on 12/1/16 at 11:42 am to meauxjeaux2
quote:
Fbaw50's
Posted on 12/1/16 at 11:42 am to RJL2
quote:
I just realize it is a crucial industry for the US economy.
last time oil prices were insane, the economy was in the shitter
Posted on 12/1/16 at 11:47 am to TigersHuskers
Posted on 12/1/16 at 11:49 am to JohnnyKilroy
quote:
Economy has been fricking rolling since oil prices dropped.
what fricking country do you live in?
Posted on 12/1/16 at 12:03 pm to bnb9433
Merica
Posted on 12/1/16 at 12:14 pm to TigersHuskers
OPEC as cut production from an all time high of 34.3 million barrels a day. Their cut is 5% divided amongst OPEC and Non-OPEC (1.2 Mbbl/d OPEC vs .6 Mbbl/d).
In an Ideal World: The IEA says 3rd quarter 2016 global supplies exceeded demand by 300,000 bbls/day. So according to them, this production will throw us into a deficit reducing oil storage and thus the price will go up.
In a Realistic World: A) The IEA is known for having inaccurate estimates in the past, take the surplus comment with a grain of salt.
B) We are talking about OPEC making a cut, a conglomerate of countries that are always trying to screw each other. They made a cut back in 2008 of around 2 Mbbls/day. Afterwards it was reported that several countries were reported to have not been producing at their regulated rate several MONTHS after.
C) This cut is predicated on non-OPEC countries, mainly Russia, making their 600,000 bbl/day cut as well. Although Russia has been on board as of late, due to their economic strain from oil prices.
In the end, we still have a pretty massive surplus although it is not as bad as last year. But with the elevated prices you will see more development and DUC wells drilled, mostly in the US.
We will eventually run a deficit of oil, but not till mid next year and you won't be seeing $100/bbl more like $65, maybe $70 by the end of the year if OPEC follows through.
It'll be a long time before you see $100 again.
In an Ideal World: The IEA says 3rd quarter 2016 global supplies exceeded demand by 300,000 bbls/day. So according to them, this production will throw us into a deficit reducing oil storage and thus the price will go up.
In a Realistic World: A) The IEA is known for having inaccurate estimates in the past, take the surplus comment with a grain of salt.
B) We are talking about OPEC making a cut, a conglomerate of countries that are always trying to screw each other. They made a cut back in 2008 of around 2 Mbbls/day. Afterwards it was reported that several countries were reported to have not been producing at their regulated rate several MONTHS after.
C) This cut is predicated on non-OPEC countries, mainly Russia, making their 600,000 bbl/day cut as well. Although Russia has been on board as of late, due to their economic strain from oil prices.
In the end, we still have a pretty massive surplus although it is not as bad as last year. But with the elevated prices you will see more development and DUC wells drilled, mostly in the US.
We will eventually run a deficit of oil, but not till mid next year and you won't be seeing $100/bbl more like $65, maybe $70 by the end of the year if OPEC follows through.
It'll be a long time before you see $100 again.
Posted on 12/1/16 at 12:20 pm to RJL2
quote:
I don't think you understand the impact the oil industry has on the economy as a whole.
You're right. Look at the state of the economy when oil priced peaked, drove it right into the shitter. I was spending up to $600 per month on gas just for my truck then another $200 if I took my boat out for the weekend. I don't care how many of you oil field workers are out of a job, I don't want to spend that much on gas again. Doesn't matter if I can afford it or not, that's just stupid for prices to be that high and it has a direct impact on the economy.
Maybe some of you oil field guys should have gotten an education while you've been laid off and gone into a different industry rather than crying and praying for oil to spike again.
Posted on 12/1/16 at 12:26 pm to TigersHuskers
Let's get it to $65-70 and hold.
Posted on 12/1/16 at 12:32 pm to GonePecan
quote:
Let's get it to $65-70 and hold.
Let's not.
Posted on 12/1/16 at 12:32 pm to GonePecan
quote:
Let's get it to $65-70 and hold.
would be incredible.
Posted on 12/1/16 at 12:34 pm to JohnnyKilroy
quote:
Economy has been fricking rolling since oil prices dropped.
Obama? Is that you?
Posted on 12/1/16 at 12:35 pm to GonePecan
quote:
Let's get it to $65-70 and hold.
One can hope.
Posted on 12/1/16 at 12:37 pm to 13SaintTiger
Man you people sound like a bunch of lil hippie bitches. You know when oil is $65-70, gas around 2.50.
Hope you enjoy your clay bowls and shite-dirt roads, Cause it's not just gas and diesel that come from oil.
A large number oil companies can make money nowadays at $65-70 bucks and the consumer isn't burdened by expensive fuel.
Hope you enjoy your clay bowls and shite-dirt roads, Cause it's not just gas and diesel that come from oil.
A large number oil companies can make money nowadays at $65-70 bucks and the consumer isn't burdened by expensive fuel.
Posted on 12/1/16 at 12:38 pm to pickle311
quote:
Maybe some of you oil field guys should have gotten an education while you've been laid off and gone into a different industry rather than crying and praying for oil to spike again.
maybe you should drive a more fuel efficient vehicle or take up golf instead of pissing and moaning about how much it costs to fill up your gas guzzling truck and boat
Posted on 12/1/16 at 12:38 pm to TigersHuskers
quote:
How high will it go with OPEC cutting production?
well they were producing at 2 million per day over the estimate for demand. they cut it by 1.2 mill per day and demand is projected to increase by 2 mill per day next year.
I would say its going to get pretty high.
Posted on 12/1/16 at 12:40 pm to tigerinthebueche
quote:
Hopefully it peaks at about $65
Id love 75-80. Pretty sure that LA's budget was based on 72/bbl.
Posted on 12/1/16 at 12:42 pm to RockyMtnTigerWDE
quote:
I hope you have to pay 120.00 to fill up your car
Then I'll take my bike to work and you won't get any of my money
Posted on 12/1/16 at 12:49 pm to Superior Pariah
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