OPEC back to jawboning the price of oil up, feels like 2015 again.
I'm assume Goldman is saying demand for oil, whereas unsupplied gas stations demonstrate a demand for gasoline.nu awlins ag said:
They've cut production by 80,000 a day which is better than nothing. Motiva is starting back up which is also another bright spot. Goldman warned that demand "could fall" considerably due to the storms. Really, in other words "supply" would fall since those refineries aren't up and running. People still "demand" oil/gas, there is just no way of producing when storms hit. There are still places in Houston that don't have full supplies of gas/diesel, or according to Goldman, demand.
aggies12thman said:
Starting to push the 51$ handle after today's EIA report.
Hopefully 1Q next year we will see a significant uptick in drilling activity.
I think I read XTO/Exxon has moved all non-barnett shale specific jobs to the main Exxon campus in the Woodlands.nu awlins ag said:
I know. That area has been slowly dying over the years except for XTO and a few others. What area are you moving to?
I'd bet they move a lot of jobs (from all over) to that new campus.tamuags08 said:I think I read XTO/Exxon has moved all non-barnett shale specific jobs to the main Exxon campus in the Woodlands.nu awlins ag said:
I know. That area has been slowly dying over the years except for XTO and a few others. What area are you moving to?
nu awlins ag said:
Exxon, yes, XTO I'm not sure. I deal with some in Ft. Worth for Permian based stuff. Exxon pretty much keeps their hands off of them. A good friend of mine is Mgr. for them in east Texas and he ain't going nowhere.
I think I know who you are talking about.nu awlins ag said:
Exxon, yes, XTO I'm not sure. I deal with some in Ft. Worth for Permian based stuff. Exxon pretty much keeps their hands off of them. A good friend of mine is Mgr. for them in east Texas and he ain't going nowhere.
74OA said:
Oil prices not going up anytime soon: Problem Children
"However, Libya and Nigeria are pumping out so much new oil that, combined with robust output from the U.S., they are keeping the world well supplied with crude and weighing down prices, said Ian Taylor, chief executive of Vitol Group, the world's largest independent oil trader.
Mr. Taylor said he doesn't see oil reaching $60 a barrel this year. "I would be very surprised to see it with a six in front of it before the end of the year," he said. "I don't think it's going to happen.""
Iraq and Iran aren't anywhere near fully back on line yet, so they need to be factored into the equation, too. I also wonder to what extent the explosion in natural gas might displace some portion of the oil market.......TommyGun said:74OA said:
Oil prices not going up anytime soon: Problem Children
"However, Libya and Nigeria are pumping out so much new oil that, combined with robust output from the U.S., they are keeping the world well supplied with crude and weighing down prices, said Ian Taylor, chief executive of Vitol Group, the world's largest independent oil trader.
Mr. Taylor said he doesn't see oil reaching $60 a barrel this year. "I would be very surprised to see it with a six in front of it before the end of the year," he said. "I don't think it's going to happen.""
Lots of opinions out there at the moment. Hamm gave a pretty good interview yesterday and touched on the new oil coming out of Africa. He thinks the EIA should revise their numbers down another 300-400k barrels for US crude outlook and that would offset the surge of new production from international plays.
Harold Hamm Interview
AgLA06 said:
Agreed. We're actually starting to see the smallest hope of uptick in Subsea. And not in the "we have to be positive for appearances sake". It won't boom, but I'm starting to think we've seen the bottom in Subsea which is earlier than what I expected.
It only took 3 years. Think it takes another 3 years to correct?PeekingDuck said:
Looks like the false production reports are starting to show through.
nu awlins ag said:
Huge drop in inventories of 6 million barrel vs. expectations of a 756,000 decrease. Some analysts are touting that the markets have largely rebalanced. Citigroup has forecast WTI at $54 a barrel and Brent at $58 in the 4th quarter. Good for the end of 2017 and going into 2018. There is still talk of extending the cuts through 2018...