Big Jump!

[eyecatcher]

Oil is up. Sure wish I knew if we were on rise or if this was a tease. Should have bought Monday....

 

[MuskyManiac]

Oil is up. Sure wish I knew if we were on rise or if this was a tease. Should have bought Monday....

Everything I've been reading is saying oil is still going to be down for the next year or two in general.

 

[johnr]

Canada is no longer buying ND crude, and Texas has slowed their ND crude buying too, as they get it cheaper from Saudi.
Not good news for us westerners.

 

[westwolfone]

The Saudis stated their goal was $35, so I would guess that will be the bottom.

 

[Marbleyes]

The one thing I know for sure about oil prices is that no one has a clue as to where they are headed in the short term or long term. I have probably read more than most about it being that is how I make my living. One thing I know is if the Saudis wanted to get market share back they should have ramped up their output in the early 2000's because now these oil companies have spent so much money leasing and drilling, (a lot of the money was borrowed) they have no choice but to keep drilling and pumping just to pay their debt.
Too much volatility in the Middle East for anyone to have a clue where oil prices will be even in the short term. Read the other day that the Saudis would run out of cash by 2018 at current oil prices and since their economy is based 80% or so on oil they may need a different strategy. Basically, all I know is no one knows.

 

[Fisherman25]

The rally today was based on Venezuela calling an emaergency OPEC meeting for whatever reason. If it turns out to be BS, they will drop just as sharply. It sucks watching people go out the door without jobs anymore.....

 

[Brian Renville]

Us volunteering to bring Iran back online doesn't help much either. Looks like it will take about a handful more votes to squash it. Not likely. Where has Heidi been through all this deal talk? She seems pretty silent. She should be on every channel she can find trying to shut it down.

 

[eyexer]

There are some oil companies that are in excellent shape so if the Saudi's think they're going to squeeze them out they'll crap themselves. If 2018 is the do or die date for the Saudi's they're in big ass trouble

 

[NodakBuckeye]

I sat and listened to our vp or operations and someone asked him where he thought it was headed and he said in all his years none can really ever get it right. He pointed out that current oil prices are not sustainable for production to meet demand long term and sooner or later OPEC (Saudis) will have to blink. They tried this in 99 and got lucky when prices began to climb. This glut will end, lower rig counts and drop off in current production will wag the tail the other way and prices will climb. It would be nice if it where a steady climb over time not 35 this week and 90 come Christmas for instance.

 

[raider]

we might be enjoying the cheapest energy prices we will over see going forward... when the leases are all secured with at least 1 well (we're awful close in the bakken), and current contracts are completed, the market will quickly turn to drilling and production to meet market needs only... why sell twice as much for 1/2 the price??? i think when current glut is gone, the game will change...

 

[sweeney]

I'm was enjoying the 2k I saved in fuel and gas this year until I spent it on cheap Walmart guns and scopes.

 

[NodakBuckeye]

Speaking of cheap fuel.... was still 2.69 at the kum n stay awhile in Watford City 2 days ago. Talked to my parents and they were flirting with 2.00 in Ohio.

 

[Kurtr]

keep gas at 2.50 or below and i am happy. the price of oil is a big bag of bullshit controlled by politics

 

[Davy Crockett]

There are some oil companies that are in excellent shape so if the Saudi's think they're going to squeeze them out they'll crap themselves. If 2018 is the do or die date for the Saudi's they're in big ass trouble

Saudi's have a 40 dollar per Bbl Head start on us because their production overhead costs are that much lower plus they have bunches and bunches more of this cheap oil than the richest Bakken companies will dream of. Right now the Bakken is holding on by a shoestring, You will still see production but eventually the money will give out at these prices. Saudi's recently bumped up their production by "Half a Bakken" If Bakken players can still afford to they should shut her down and go fishing. Almost all will hold on till the bitter end. I'll go out on a limb and say It will take a war to bring the price back up , History repeats itself and the oilfield isn't exempt , If anything it's more defined.

 

[Fisherman25]

Saudi's have a 40 dollar per Bbl Head start on us because their production overhead costs are that much lower plus they have bunches and bunches more of this cheap oil than the richest Bakken companies will dream of. Right now the Bakken is holding on by a shoestring, You will still see production but eventually the money will give out at these prices. Saudi's recently bumped up their production by "Half a Bakken" If Bakken players can still afford to they should shut her down and go fishing. Almost all will hold on till the bitter end. I'll go out on a limb and say It will take a war to bring the price back up , History repeats itself and the oilfield isn't exempt , If anything it's more defined.

There is no question we can't complete with them as far as cost to drill, complete and operate a well. Hell they can kick the dirt and get oil. Plus they don't have regulatory compliance like we do here. They spill oil somewhere, they don't do anything about it. It's completely different. I wouldn't doubt they could turn a profit at 15$ a barrel.

 

[Davy Crockett]

I read some wells as low as 5 Bbl 5-25 is the range from what I read..

- - - Updated - - -

Saudi's have a 40 dollar per Bbl Head start on us because their production overhead costs are that much lower plus they have bunches and bunches more of this cheap oil than the richest Bakken companies will dream of. Right now the Bakken is holding on by a shoestring, You will still see production but eventually the money will give out at these prices. Saudi's recently bumped up their production by "Half a Bakken" If Bakken players can still afford to they should shut her down and go fishing. Almost all will hold on till the bitter end. I'll go out on a limb and say It will take a war to bring the price back up , History repeats itself and the oilfield isn't exempt , If anything it's more defined.

I know it's not what you want to hear or what you hear over there but only the facts and my unbiased opinion , When you live amongst it you hang out with and talk to professional people that have so much invested that they have no choice but to go full steam ahead in denial. I was there and did that the last boom and bust , Back then we would get home from work and see long gas lines and rationing on the news, I didn't think it could ever end back then but it did.

 

[Brian Renville]

Biggest difference is we are the only ones who have to pay someone for their oil. The idea of a citizen having mineral rights in any of these places is like something out of a fairly tale to any average joe elsewhere. And also a hilarious joke to almost every other ruling party on the planet.

 

[Captain Ahab]

The one thing I know for sure about oil prices is that no one has a clue as to where they are headed in the short term or long term. I have probably read more than most about it being that is how I make my living. One thing I know is if the Saudis wanted to get market share back they should have ramped up their output in the early 2000's because now these oil companies have spent so much money leasing and drilling, (a lot of the money was borrowed) they have no choice but to keep drilling and pumping just to pay their debt.
Too much volatility in the Middle East for anyone to have a clue where oil prices will be even in the short term. Read the other day that the Saudis would run out of cash by 2018 at current oil prices and since their economy is based 80% or so on oil they may need a different strategy. Basically, all I know is no one knows.

I would say when the supply curve hits the demand curve things will rip up in a furry. When that happens is anyones guess, though. The longer it stays low, the faster it will rise.

 

[Davy Crockett]

I would say when the supply curve hits the demand curve things will rip up in a furry. When that happens is anyones guess, though. The longer it stays low, the faster it will rise.

I don't doubt that a bit but what is it based on ?

 

[wildeyes]

I see that the Saudis plan to hurt the oil production out of shale worked. The USA is producing more oil now then ever and the war on oil is being won by the USA. F**ck OPEC. yea I got anger issues when it comes to the middle east.