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Post by clinton on Jan 30, 2015 16:28:50 GMT -5
Chevron Slashes 23% Of PA Workforce As US Rig Count Collapses To June 2010 Lows zerohedge: For the 8th week in a row (something that hasn't happened since June 2009), US total rig count plunged. This week's 90 rig drop to 1543 is the largest so far (with oil rigs down 94 to 1223 - lowest since Jan 2013). The total rig count is now down 20% in the last 8 weeks to the lowest since June 2010 as it tracks the 4-month lagged oil price perfectly. This is the 2nd biggest 8-week drop in 22 years. This - rather unsurprisingly - has led Chevron to decide to cut 23% of its Pennsylvania workforce "due to activity levels." Not 'unambiguously positive' as so many in the central planning bureaus would have everyone believe.
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Post by novie08 on Jan 30, 2015 17:09:07 GMT -5
This is after all what "they" want, but the question is why? It's 1973-4 all over again. The wells will be capped due to inability to prodcuce at a proft. If you can't sell 'em global warming, do this instead?
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Post by jacksrbtr on Jan 31, 2015 9:20:33 GMT -5
This is after all what "they" want, but the question is why? It's 1973-4 all over again. The wells will be capped due to inability to prodcuce at a proft. If you can't sell 'em global warming, do this instead? The Rockefellers in the 1973 "Oil Crisis" had their tankers loaded with incoming M.E. oil parked off the coast of Long Island's north shore until they liked how high the prices got. I was there then.
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Post by jacksrbtr on Jan 31, 2015 9:23:14 GMT -5
This is after all what "they" want, but the question is why? It's 1973-4 all over again. The wells will be capped due to inability to prodcuce at a proft. If you can't sell 'em global warming, do this instead? The Rockefellers in the 1973 "Oil Crisis" had their tankers loaded with incoming M.E. oil parked off the coast of Long Island's north shore until they like how high the prices got. I was there then. Contrary to some popular belief I was NOT around during the American Revolution (but I wish I had been - I'd have bought me some Apple!)
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Post by novie08 on Jan 31, 2015 17:21:41 GMT -5
Same scenario in '08, only it was Morgan Stanley with the goods in the tankers.
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Post by jacksrbtr on Jan 31, 2015 18:17:02 GMT -5
Same scenario in '08, only it was Morgan Stanley with the goods in the tankers. That's not the only thing which came in off those tankers: they used to be (and prolly still are) a key entry point for coke and other sh_t coming into Port Jeff, Long Island.
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Post by clinton on Feb 2, 2015 8:24:53 GMT -5
U.S. workers strike at nine refineries, Tesoro's Martinez plant to shut One of the nine U.S. oil refineries and chemical plants where union workers are striking has shut down, but the other refineries so far are running normally as operators initiated contingency plans, calling on trained managers as replacement workers.Tesoro (NYSE:TSO) says its 166K bbl/day Martinez, Calif., refinery, was being shut because it was in the midst of planned maintenance work; TSO says management was operating its refinery in Carson, Calif., and that managers were set to take over from union workers at its plant in Anacortes, Wash.Other companies hit by the strike so far are Royal Dutch Shell (RDS.A, RDS.B), Marathon Petroleum (NYSE:MPC) and LyondellBasell (NYSE:LYB).If a new agreement isn’t hammered out this week and the strike spreads, “You can forget about $2 gasoline,” says Carl Larry, director of oil and gas at the Frost & Sullivan consulting firm. “People are going to be freaked out."Crude oil prices are rising this morning, as investors focus on the falling U.S. rig count that signals lower production ahead; WTI +0.5% at $48.50/bbl, Brent +1.1% at $53.60.
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Post by birthmark on Feb 3, 2015 10:52:35 GMT -5
SD is up over 20% today. What a crazy market. A good day trading stock for those interested.
Any one think oil bottomed last week?
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Post by huh on Feb 3, 2015 11:25:35 GMT -5
SD is up over 20% today. What a crazy market. A good day trading stock for those interested. Any one think oil bottomed last week? I don't think XLE has bottomed yet if that means anything for oil.
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Post by birthmark on Feb 5, 2015 10:54:01 GMT -5
SD up another 19% today. Crazy market.
GL
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Post by novie08 on Feb 5, 2015 11:04:10 GMT -5
I don't think oil has bottomed, so that means it probably has!
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Post by jacksrbtr on Feb 5, 2015 15:26:51 GMT -5
I don't think oil has bottomed, so that means it probably has! ITMS bought USO yesterday fwiw.
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Post by novie08 on Feb 5, 2015 15:56:36 GMT -5
This could be temporary due to the strikes at the refineries. Assuming ITMS are only trading USO S-T.
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Post by jacksrbtr on Feb 5, 2015 16:36:05 GMT -5
This could be temporary due to the strikes at the refineries. Assuming ITMS are only trading USO S-T. That's the correct assumption when it comes to them.
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Post by huh on Feb 6, 2015 12:45:01 GMT -5
USO 19.30-19.40 should act as support now. If it doesn't, be afraid.
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Post by jacksrbtr on Feb 6, 2015 13:11:44 GMT -5
This could be temporary due to the strikes at the refineries. Assuming ITMS are only trading USO S-T. That's the correct assumption when it comes to them. They just sold it for a 9% profit they announced.
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Post by clinton on Feb 8, 2015 19:10:31 GMT -5
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Post by huh on Feb 9, 2015 8:16:54 GMT -5
51.50-51.60 is now crucial support for oil IMO. Currently trading @ 52.50.
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Post by huh on Feb 9, 2015 10:52:44 GMT -5
51.50-51.60 is now crucial support for oil IMO. Currently trading @ 52.50. That support's now at 52.00.
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Post by huh on Feb 9, 2015 13:48:35 GMT -5
Really impressive move in oil. Didn't expect that today. Critical support's now 52.85.
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