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Post by huh on Feb 19, 2015 11:04:30 GMT -5
Missed the low for the swing trade by "that much".  Likely not good if it were to fall down to that target now. |
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Post by huh on Feb 19, 2015 12:17:26 GMT -5
Oil retraced the entire drop from the API inventory news. USO filled the opening gap.
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Post by clinton on Feb 19, 2015 21:54:53 GMT -5
Three more oil services companies announce job cuts
Three Houston-based oilfield service firms said today they are cutting hundreds of jobs across their businesses, the latest among companies in the sector that have announced more than 40K layoffs so far in response to lower oil prices.Parker Drilling (NYSE:PKD), with 3,400 employees at year-end 2013, said in its earnings conference call that it has reduced headcount by 8%, which could rise to 10% by the middle of 2015; CEO Gary Rich said PKD’s U.S. barge drilling business has been operating three or fewer rigs through the last two months and has seen daily rates decline.Key Energy Services (NYSE:KEG), with 8,400 employees, said on its earnings call that it has cut 25% of its functional support staff and has been consolidating and closing service facilities; CEO Richard Alario says he and other top managers are taking salary cuts.Oil States (NYSE:OIS), with 9K-plus employees, said it has cut an undisclosed chunk of its well services workforce and has been reviewing its staffing options.
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Post by clinton on Mar 10, 2015 9:39:58 GMT -5
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Post by clinton on Mar 14, 2015 14:38:41 GMT -5
Rig count keeps falling, down 46% from October
Mar 13 2015, 14:14 ET | By: Carl Surran, SA News Editor Contact this editor with comments or a news tip
The U.S. oil rig count falls for the 14th straight week, down by another 56 to 866 rigs for its lowest level since March 2011, according to the latest data from Baker Hughes (NYSE:BHI).There are now ~46% fewer oil rigs working since a peak of 1,609 in October, but that has not yet translated into a drop in actual production.Combined, both oil and gas rigs fell by 67 to 1,125, down 686 from 1,809 at this stage a year ago; gas rigs were lower by 11 to 257.U.S. crude prices already had dropped sharply - now -4.2% to just above $45/bbl - after the IEA said a global oil glut is building and U.S. oil production shows no signs of slowing.
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Post by clinton on Mar 15, 2015 10:29:24 GMT -5
comment from ZH:
Sun, 03/15/2015 - 09:26 | 5890777JustObserving
JustObserving's picture
US consumes about 19.5 million barrels a day and produces about 12 million barrels a day from all sources (actual oil production about 9.5 million barrels a day). So imports have to be about 7.5 million barrels a day. It is not as if the US is exporting millions of barrels of oil per day.
China is using about 10.7 million barrels a day and producing about 4 million barrels a day. So it needs about 6.7 million barrels a day of imports for domestic consumption.
The oil price decline is mainly due to economic warfare:
The Engineered Decline in Oil Prices: Economic Warfare is the West’s Main Weapon
For Russia, exports of oil and gas equate to 68 per cent of Russia’s total exports, and 50 per cent of its federal revenues
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Post by jacksrbtr on Mar 15, 2015 10:45:10 GMT -5
comment from ZH: Sun, 03/15/2015 - 09:26 | 5890777JustObserving JustObserving's picture US consumes about 19.5 million barrels a day and produces about 12 million barrels a day from all sources (actual oil production about 9.5 million barrels a day). So imports have to be about 7.5 million barrels a day. It is not as if the US is exporting millions of barrels of oil per day. China is using about 10.7 million barrels a day and producing about 4 million barrels a day. So it needs about 6.7 million barrels a day of imports for domestic consumption. The oil price decline is mainly due to economic warfare: The Engineered Decline in Oil Prices: Economic Warfare is the West’s Main Weapon For Russia, exports of oil and gas equate to 68 per cent of Russia’s total exports, and 50 per cent of its federal revenues Cold War's economic warfare with Russia is heating up. This time they might have 1/5-1/4 the populations identities lock stock and barrel (ref the Anthem Blue Cross clusterfuk) names, addresses, SSNs, birthdates EVERYTHING. Just think what a capable cyber warfare adversary could do with that intel it ain't pretty. |
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Post by clinton on Mar 17, 2015 20:31:25 GMT -5
EIA: Oil production falling at Eagle Ford, Bakken, Niobrara shale plays
Mar 17 2015, 19:40 ET | By: Carl Surran, SA News Editor Contact this editor with comments or a news tip
Crude oil production at three major U.S. shale oil fields - the Eagle Ford in south Texas, the Bakken in North Dakota, and the Niobrara in Colorado and adjacent states - is projected to fall this month for the first time in six years, the Energy Information Administration says.Net production from the three fields is expected to drop by a combined 24K bbl/day, but overall losses likely will be masked by production gains in the Permian Basin in west Texas and other regions.It is one of the first signs that idling hundreds of drilling rigs and billions of dollars in corporate cutbacks are starting to affect the U.S. oil patch, but it also shows that drilling technology and techniques have advanced to the point that productivity gains may be negligible in some shale plays.Top Eagle Ford producers: EOG, BHP, COP, CHK, MRO, APCTop Bakken producers: CLR, EOG, WLL, HES, XOM, OAS, NOG, EOX, MROTop Niobrara producers: NBL, APC, ECA, CHK, EOG, WPX
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Post by clinton on Mar 25, 2015 19:19:41 GMT -5
North Dakota drilling rig count drops below 100
Mar 25 2015, 18:08 ET | By: Carl Surran, SA News Editor Contact this editor with comments or a news tip
The number of drill rigs in North Dakota’s oil patch has slipped below 100 for the first time in five years thanks to weaker crude oil prices.Only 98 rigs are now drilling in the area, 100 fewer than on the same day a year ago and the lowest since March 2010.North Dakota has been producing ~1.2M bbl/day of oil, and industry officials say ~115 rigs need to be drilling to keep that level of production.Top Bakken producers: CLR, EOG, WLL, HES, XOM, OAS, NOG, EOX, MRO
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Post by huh on Mar 26, 2015 9:25:20 GMT -5
The reason I was waiting for an oil bounce, and why I'm shorting it... Oil  USO  Waiting for another bounce to add to short. |
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Post by clinton on Mar 26, 2015 22:01:44 GMT -5
your crazy shorting oil
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Post by crumbdon on Mar 26, 2015 22:23:37 GMT -5
Oil going to the 30's, IMOHO.
Saudis pumping at record rate. World not using at record rate.
There's so much of this stuff around, they're trying to figure out how to make coffee out of it just to get rid of the excess.
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Likely not good if it were to fall down to that target now.
