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It's all speculation. Russia and OPEC are supposedly supposed to meet to discuss production. Operative part of that conversation being "OPEC." I've said it before and I'll stick with my assumption that any cuts coming out of OPEC will not come at the Saudis expense.

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Any bet against this cooperation ever happening is a good one. How are they supposed to get 5+ countries literally on the verge of bankruptcy or headed that way (in and out of OPEC) to agree to cuts?

Nigeria, Venezuela, Libya, Russia, Iran, Saudi Arabia, etc are not all of a sudden going to sit around the table and play nice with each other. Too much incentive to defect from the agreement and start edging up production to solve their own political/economic problems...

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It's all speculation. Russia and OPEC are supposedly supposed to meet to discuss production. Operative part of that conversation being "OPEC." I've said it before and I'll stick with my assumption that any cuts coming out of OPEC will not come at the Saudis expense.

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Any bet against this cooperation ever happening is a good one. How are they supposed to get 5+ countries literally on the verge of bankruptcy or headed that way (in and out of OPEC) to agree to cuts?

Nigeria, Venezuela, Libya, Russia, Iran, Saudi Arabia, etc are not all of a sudden going to sit around the table and play nice with each other. Too much incentive to defect from the agreement and start edging up production to solve their own political/economic problems...

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Exactly. It isn't happening. But it makes a nice excuse for a short trading rally.

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Here's a frac spread count for the US.

Source: http://www.pvmic.com/frac-spread-count/

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3 frac spreads in the entire U.S.? I don't think there's anyway that's right unless they took the count on Christmas day. My tiny company fracs at least 4 days/month. I went out on a frac in Howard county Tuesday and passed 3 frac spreads working within view from I-20.

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The chances of a deal between Russia and OPEC are viewed as very slim, despite an intraday spike Thursday in crude prices on talk of a proposed production agreement.

"There's nothing new. It's another part of a stream of news that comes out of Russia and there's no indication that the Saudis have any desire to do anything," said Edward Morse, global head of commodities research at Citigroup.

News services reported that OPEC and producers from outside the cartel would meet to discuss production cuts. There was also a report that Russian Energy Minister Alexander Novak said Saudi Arabia had proposed each country cut oil production by 5 percent to support prices.

Dow Jones later quoted a senior Gulf OPEC official as saying that the Saudis did not ask Russia to cut output by 5 percent. The official also said the proposal was an old suggestion from Algeria and Venezuela.

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Yeah I thought that was strange too. I tried to figure out the methodology behind those numbers but it was all pretty vague. The trend of the chart is what I was getting at though and I would guess that it is a pretty accurate reflection of what's going on in the industry right now.

I don't think frac spread means what y'all think it does. I had to google it!

[link]http://marketrealist.com/2013/01/an-in-depth-look-at-the-mechanics-of-fractionation-spreads-and-how-they-affect-mlps/[/link]

Look at the units on those charts. They're talking about two totally different things.

Yep, you're right. That 3 number is bs tho.

Interesting, I need to read up more on him.

The availability of credit can be a blessing and a curse. Americans now borrow more to consume more. Despite the "jobless" recovery and the average American worker's wage peaking in January 1973, we continue to buy nicer cars and build nicer and bigger houses. How? Credit. Tuition goes up but more students than ever attend college. How? Credit.

This has been a boon for people with hard assets, commodities, or even equities/mutual funds, but eventually I think things have to reset. I don't know what that looks like, but I'm pretty pessimistic like Original AG 76.

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Here's a frac spread count for the US.

Source: http://www.pvmic.com/frac-spread-count/

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3 frac spreads in the entire U.S.? I don't think there's anyway that's right unless they took the count on Christmas day. My tiny company fracs at least 4 days/month. I went out on a frac in Howard county Tuesday and passed 3 frac spreads working within view from I-20.

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What is the name of your company?

Lol we have six frac crews running out of Midland

That site is using rea data which takes time to report. I think they mention this on the site, but I also asked them. There is a 60-90 day lag. They are working on getting it up to date.

Frac spread is a term used in NGL/natural gas trading that refers to the difference between the market (selling) price of NGLs less the cost of the input natural gas

Are you a pressure pumping salesman? I'm with an E&P company, not a pressure pumping co.

He is now the most successful hedgefund manager in history so I think that gives his theories some weight. His work on 75 year credit cycles is pure genius in my very unqualified opinion; but scary as hell as he is saying we're right at the start of debt deleveraging ala the 1930s. Yikes!

His record over the last 10+ years is not impressive.

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Frac spread is a term used in NGL/natural gas trading that refers to the difference between the market (selling) price of NGLs less the cost of the input natural gas

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Frac spread is also a singular term used to refer to the multiple pieces of equipment required to frac a well. A typical frac spread (equipment) is something like:

1 hydration unit
1-2 blenders
2-15 frac pumps (depending on size and horsepower requirements of job)
1-2 missiles
1 iron truck
1 frac van
1 chem-ad/lms unit
1-4 sand kings/mountain movers
0-1 T-belts
various other pieces of equipment

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Are you a pressure pumping salesman? I'm with an E&P company, not a pressure pumping co.

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No. I own a lot of acreage in Howard, some of which has drilling in progress right now. Just curious because I am very familiar with the operators out there large and small.

Who's crankin out there right now, I'd guess Dback, crownquest & the like?

Crownquest and D back are doing some stuff on the Western side toward Martin. Encana has a lot of acreage along I-20 in the center of the county.

Since the down turn a lot of Chinese and new PE money has been spent out there as well.

Yeah after that big Tall City sale to the Chinese I figured they'd be active

I have not seen that new entity complete anything yet. I had a lot of acreage with TC that was permitted but hasn't been drilled.

The Chinese have a ton of acreage on the Eastern half of the county as well. 2 different "companies" with large acreage blocks

Does not compute; (most successful hedgefund manager of all time)= --(not impressive)...please elaborate.

Boone Pickens is not the most successful hedge fund manager of all time. Next.

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Boone Pickens is not the most successful hedge fund manager of all time. Next.

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Does this even need to be said?

I was talking to the water head posting right above me.

Understood. I was reiterating.

Chevron posts a loss of $0.31/share vs. estimated earnings of $0.45/share. Ouch.

$34.33

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Chevron posts a loss of $0.31/share vs. estimated earnings of $0.45/share. Ouch.

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first loss since 2002. ouch..

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$34.33

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Cue the boat and truck jokes

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$34.33

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It's all speculation. Russia and OPEC are supposedly supposed to meet to discuss production. Operative part of that conversation being "OPEC." I've said it before and I'll stick with my assumption that any cuts coming out of OPEC will not come at the Saudis expense.

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Any bet against this cooperation ever happening is a good one. How are they supposed to get 5+ countries literally on the verge of bankruptcy or headed that way (in and out of OPEC) to agree to cuts?

Nigeria, Venezuela, Libya, Russia, Iran, Saudi Arabia, etc are not all of a sudden going to sit around the table and play nice with each other. Too much incentive to defect from the agreement and start edging up production to solve their own political/economic problems...

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They could say they are going to cut production, let prices surge higher, and ignore the actual cuts. Prices would tank eventually, but everybody except Saudi, UAE, Qatar and Kuwait need cash now.

There is no way any of them can actually cut production.