$6.66/$4.44 barrel oil?

[vengie]

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Your chart says we already hit under 10

Boom! roasted

[ExtraSlow]

Yeah, August 28th report, 9.700,000 bbl/day avg. That was due to hurricane shut-ins.
I mean a "true wide open" under 10.

[killramos]

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Yeah, August 28th report, 9.700,000 bbl/day avg. That was due to hurricane shut-ins.
I mean a "true wide open" under 10.

You sound like a girl in high school

(Been waiting to say that one all day)

[ExtraSlow]

Some days I feel like one, but I think that might get me in some trouble.

[ExtraSlow]

Devon and WPX merger, in an all-stock, zero premium deal. Devon has been doing aggressive layoffs for 6 months, and I think this will mean a lots more. Need to find 500 million worth of "synergies" in the combined company.
I think the land bases overlap pretty nicely in the Rockies and Permian regions. makes sense to me.

More consolidation, and more layoffs will be the only path forward for many large names.

[ExtraSlow]

Is the USA oil production decline over? Steady uphill from here? That's not what I think, or thought, but hell, I proove weekly how little I understand the forces at play here. This week, 11,000,000 bbl/day average prodcution from USA.


Price is hovering around $40 too.

[ExtraSlow]

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Yeah, August 28th report, 9.700,000 bbl/day avg. That was due to hurricane shut-ins.
I mean a "true wide open" under 10.

Are there any hurricane or weather impacts recently? I haven't heard of any, but I've been busy. Last weeks report was 9,900,000 bbls/day.

[killramos]

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Are there any hurricane or weather impacts recently? I haven't heard of any, but I've been busy. Last weeks report was 9,900,000 bbls/day.

I think there is a hurricane fucking up mexico right now

[ExtraSlow]

Stupid hurricanes.

[The_Rural_Juror]

Don't we want lower production in the US to drive up prices? Are you a double agent now?

[nzwasp]

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I think there is a hurricane fucking up mexico right now

Theres a tropical storm fucking up mexico right now however its swinging back over to hit port arthur and louisiana mid week as a hurricane. I swear every hurricane this year has hit the same exact area.

[ExtraSlow]

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Don't we want lower production in the US to drive up prices? Are you a double agent now?

Yes lower production in USA will raise prices in bith USA and Canada. I'm absolutely a double agent. My work is in usa. My life is in Canada.

[The_Rural_Juror]

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Yes lower production in USA will raise prices in bith USA and Canada. I'm absolutely a double agent. My work is in usa. My life is in Canada.

And you share a home with a public sector worker. Monster!

[ExtraSlow]

I'm truly the worst of every world

[pheoxs]

Surprised no one posted it, unless it was a different thread. AB announced it's lifting the curtailment caps on production. WCS is down 25-30% in the last 10 days. Can't see how this helps the producers. Producing more but at a loss / less profit just doesn't make sense long term.

[killramos]

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Surprised no one posted it, unless it was a different thread. AB announced it's lifting the curtailment caps on production. WCS is down 25-30% in the last 10 days. Can't see how this helps the producers. Producing more but at a loss / less profit just doesn't make sense long term.

Cutting the caps has literally nothing to do with what’s going on with pricing.

Caps were intended to prevent us overwhelming egress, people just aren’t pumping enough right now for any of this to matter.

Prices are in the whole because of increasing covid lockdowns worldwide stifling demand.

[ExtraSlow]

yeah, caps haven't hurt WCS pricing, and they won't until egress transport capacity is overwhelmed. Current WCS pricing issues have to do with world pricing and local demand, both of which suck donkey balls.

[ExtraSlow]

Production caps are also a strong signal to the market that capital should not be deployed to increase production. They are one of the things dragging down rig count and employment in Alberta.

[mrsingh]

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I'm truly the worst of every world

How do you sleep at night?

[ExtraSlow]

I assume the Pfizer vaccine announcement today is what is lifting oil price. Like +$4/bbl already.