Oil prices hits $80

[redline]

Yeah

[Super_Geo]

Nice, now if only gas would follow...

[Canmorite]

Crude stalled hard at 80.10-0.20. Nice move, though.

Gas shorts were feeling it today.

[modded46]

Crude will hopefully stay at around 75-80 throughout winter.. Higher next spring

[T78Supra1]

What going on with all the Oil companies Budgets for 2007/2008

CUTS, CUTS, more CUTS.....

at $80/barrel they should be drilling....but Encana, Talisman, CNRL, Conoco Phillips and Husky are acting as if it were $30/barrell.

You can see it in there Stock Value..

[benyl]

Have you looked at the exchange rate lately?

[Super_Geo]

Originally posted by T78Supra1
What going on with all the Oil companies Budgets for 2007/2008

CUTS, CUTS, more CUTS.....

at $80/barrel they should be drilling....but Encana, Talisman, CNRL, Conoco Phillips and Husky are acting as if it were $30/barrell.

You can see it in there Stock Value..

EnCana and CNRL are huge natural gas players, and gas prices are shit right now. $80/BBL doesn't mean shit to you when your gas is going for $5.

[DoubleLP]

Maybe they know something that we don't.......

[Altezza]

US$60 oil @ 1.5 exchange = $90
US$80 oil @ 1.05 exchange = $84

Gas prices are in the pits.

After exchange, companies are making less. Combine that with ever increasing capital costs, it's not surprising they are cutting back.

[Antonito]

Originally posted by Altezza
US$60 oil @ 1.5 exchange = $90
US$80 oil @ 1.05 exchange = $84

Gas prices are in the pits.

After exchange, companies are making less. Combine that with ever increasing capital costs, it's not surprising they are cutting back.

Damnit, I knew there had to be a catch

[benyl]

Originally posted by Altezza
US$60 oil @ 1.5 exchange = $90
US$80 oil @ 1.05 exchange = $84

Gas prices are in the pits.

After exchange, companies are making less. Combine that with ever increasing capital costs, it's not surprising they are cutting back.

Today

US$80 oil @ 1.037 exhcange = $82.96

Canadian oil companies should be worried about an even dollar. This will likely happen when the Fed cuts the rate in a couple of weeks.

The Canadian dollar is at a 30 year high. The US green back is at an all time low against the Euro and some other currencies.

IMO, this isn't good for Canada.

[Rav4Guy]

Why? In short...

Crude inventories fell last week, by 7.0 mmb. compared to expectations of a decrease of 2.7 million barrels
Gasoline inventories fell last week, by 0.7 mmb.
Distillate inventories rose last week, by 1.8 mmb.

[8Ball]

Originally posted by Super_Geo


EnCana and CNRL are huge natural gas players, and gas prices are shit right now. $80/BBL doesn't mean shit to you when your gas is going for $5.

hope for cold.

[roopi]

Originally posted by Rav4Guy
Why? In short...

Crude inventories fell last week, by 7.0 mmb. compared to expectations of a decrease of 2.7 million barrels
Gasoline inventories fell last week, by 0.7 mmb.
Distillate inventories rose last week, by 1.8 mmb.

Let's not forget the Mexico Pipeline explosions.

[Xtrema]

Originally posted by T78Supra1
What going on with all the Oil companies Budgets for 2007/2008

CUTS, CUTS, more CUTS.....

at $80/barrel they should be drilling....but Encana, Talisman, CNRL, Conoco Phillips and Husky are acting as if it were $30/barrell.

You can see it in there Stock Value..

You may not had a great raise but most people in the city did. Cost of everything went up. I think it need to be around $40/barrell to break even.