Post: #101

But what about Oil Services Company? I'm eyeing the OIH ETF.

Post: #102

Maybe it's time for Oil Tycoon game?

Post: #103

Coming from someone in Houston who's worked for schlumberger they have done rounds of layoffs so far. As mentioned before yes Saudis and the UAE Kuwait will continue to pump oil as price decrease to make up for lower prices. Will it kill American oil? Short term yes, long term no. There's two different types of oil, the easy stuff found in the Middle East, just stick a straw and suck or fracking here in North America, with fracking exploration is cheap but extraction is not. Cheap oil will slow down the North American oil industry but it will not destroy it because they can start again as the price increases making it profitable. Long term OPEC will lose its grip.

Post: #104

(01-29-2015 01:17 AM)Paranagua89 Wrote:  Coming from someone in Houston who's worked for schlumberger they have done rounds of layoffs so far. As mentioned before yes Saudis and the UAE Kuwait will continue to pump oil as price decrease to make up for lower prices. Will it kill American oil? Short term yes, long term no. There's two different types of oil, the easy stuff found in the Middle East, just stick a straw and suck or fracking here in North America, with fracking exploration is cheap but extraction is not. Cheap oil will slow down the North American oil industry but it will not destroy it because they can start again as the price increases making it profitable. Long term OPEC will lose its grip.

One problem though is the Saudis are no longer willing to be a swing producer. That will make borrowing for tight oil drillers more expensive permanently since anytime the price of oil drops it will be tight oil that takes a hit, making tight oil drilling riskier (and thus more expensive to finance).

That alone will slow down tight oil drilling somewhat. Not a lot, but it will have an impact on smaller firms being able to compete in the tight oil plays.

In a sense, this Saudi strategy is going to drive out the wildcatters from the North American shale oil scene, meaning production won't grow as quickly in the future.

Post: #105

I wouldn't want to have an Obama sticker on my car driving around the oilfields right now.

Post: #106

Blood on the street yet?

Post: #107

Cattle rustler is still out there, maybe some guys can talk to him and try togo into his field if they need work. I am not sure what he's doing though

Post: #108

I was talking to a guy who works for Packers Plus (Canadian company that came up with the idea for multi-stage hydraulic fracturing) and he said their fastest rising client is the Saudis.

Makes you wonder- if the Saudis are deep into the crappy rock now, with most of their conventional plays drained, maybe they see the writing on the wall and are driving prices low as a way to bring as many Americans down with them as they can? This technology isn't cheap.

Something to ponder at least...

Post: #109

Man I've heard of like 3 rvf members already getting cut or couldn't hack it. Member meetups are getting lonely. Maybe we should setup a fund to help them out. In the meantime, I'll be forced to soak up another free paid week off. Life is tough out here.


   

Post: #110

"Oil prices up 19% in 4 days."

http://money.cnn.com/2015/02/03/investin...il-prices/

Post: #111

(01-30-2015 06:45 PM)Aliblahba Wrote:  Man I've heard of like 3 rvf members already getting cut or couldn't hack it. Member meetups are getting lonely. Maybe we should setup a fund to help them out. In the meantime, I'll be forced to soak up another free paid week off. Life is tough out here.

I heard that Reno and Houston were the first two cut in the entire state! Thats milking it to the highest level.

Post: #112

(02-03-2015 06:51 PM)RougeNoir Wrote:  "Oil prices up 19% in 4 days."

http://money.cnn.com/2015/02/03/investin...il-prices/

And down 7.5% today so far. I think there are some shenanigans going on. The mini rally of the past few days started when a bunch of traders were covering short positions or something. I don't know.
Someone who knows a lot more than I do has made hundreds of millions of dollars in the past week.
I'm not hating, I would do the same...wish I was the one pulling the strings.

Post: #113

(02-04-2015 02:26 PM)VolandoVengoVolandoVoy Wrote:  

(02-03-2015 06:51 PM)RougeNoir Wrote:  "Oil prices up 19% in 4 days."

http://money.cnn.com/2015/02/03/investin...il-prices/

And down 7.5% today so far. I think there are some shenanigans going on. The mini rally of the past few days started when a bunch of traders were covering short positions or something. I don't know.
Someone who knows a lot more than I do has made hundreds of millions of dollars in the past week.
I'm not hating, I would do the same...wish I was the one pulling the strings.

Wait, doing what?

Post: #114

(02-04-2015 11:38 PM)pheonix500000 Wrote:  

(02-04-2015 02:26 PM)VolandoVengoVolandoVoy Wrote:  

(02-03-2015 06:51 PM)RougeNoir Wrote:  "Oil prices up 19% in 4 days."

http://money.cnn.com/2015/02/03/investin...il-prices/

And down 7.5% today so far. I think there are some shenanigans going on. The mini rally of the past few days started when a bunch of traders were covering short positions or something. I don't know.
Someone who knows a lot more than I do has made hundreds of millions of dollars in the past week.
I'm not hating, I would do the same...wish I was the one pulling the strings.

Wait, doing what?

Manipulating the oil market. Pump and dump. If I had to guess I'd say oil is headed for low to mid 30s, and the temporary rally was likely the result of some market manipulation that made a bunch of money for some clever and amoral people.

Post: #115

(02-05-2015 10:57 AM)VolandoVengoVolandoVoy Wrote:  

(02-04-2015 11:38 PM)pheonix500000 Wrote:  

(02-04-2015 02:26 PM)VolandoVengoVolandoVoy Wrote:  

(02-03-2015 06:51 PM)RougeNoir Wrote:  "Oil prices up 19% in 4 days."

http://money.cnn.com/2015/02/03/investin...il-prices/

And down 7.5% today so far. I think there are some shenanigans going on. The mini rally of the past few days started when a bunch of traders were covering short positions or something. I don't know.
Someone who knows a lot more than I do has made hundreds of millions of dollars in the past week.
I'm not hating, I would do the same...wish I was the one pulling the strings.

Wait, doing what?

Manipulating the oil market. Pump and dump. If I had to guess I'd say oil is headed for low to mid 30s, and the temporary rally was likely the result of some market manipulation that made a bunch of money for some clever and amoral people.

I don't think so, it's up to 52. 7%. With the low rig count production will be reduced and it'll go back up. At least that's my uneducated guess.

Post: #116

Working on a Drill Ship in the Gulf right now. Everyone is talking about the price of oil dropping. People's pay si being docked. We are seeing large influxes of workers from other land segments into ours mostly due to the fact offshore contracts are made years out in advance. All the land jobs are drying up, but work out here is almost unaffected.