I don't belive USA companies have gotten that much more efficient to have full-cycle profits at $45, although I think they'll drill even for half-cycle economics.This quote is hidden because you are ignoring this member. Show Quote
I don't belive USA companies have gotten that much more efficient to have full-cycle profits at $45, although I think they'll drill even for half-cycle economics.This quote is hidden because you are ignoring this member. Show Quote
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Recession is over, December WTI is over $40.
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WCS was trading 35-40$ from Oct-Feb (give or take) and now its at 34$ USD. I know production is down for a lot of companies but it does seem like things will bounce back quicker than expected if demand continues to pick up as more and more of north america reopens.
When are those curtailments supposed to end?This quote is hidden because you are ignoring this member. Show Quote
EIA weekly report. US total production down to 11,100,000 bbl/d. SPR jammed in 2,219,000 barrels last week, significantly less than the week before. Still a big ~7 million barrels of "adjustment" which I guess is unreported field storage?
I'm hearing rumours of rigs firing back up in Colorado, although it's from a guy who has every reason to be over-enthusiastic. I think companies want over $40 WTI for year-end 2020 and a clear path to $45+ in 2021. Prices not yet showing that.
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I don't claim to know exactly what the "correct" price of oil is, but i do think it's substantially less than $40 for the remainder of 2020. today the market agrees.
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weely EIA report. USA domestic production down to 10,500,000 bbl/day. I think being under 10 million is a psychological signal to the markets, which may prop up prices, or prompt well re-starts, or both, for a while. It will be interesting to see how much of the natural decline can be offset by restarts once they start becoming widespread.
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Isn’t that a 600k drop W/W? Impressive.This quote is hidden because you are ignoring this member. Show Quote
"The most merciful thing in the world, I think, is the inability of the human mind to correlate all its contents... some day the piecing together of dissociated knowledge will open up such terrifying vistas of reality, and of our frightful position therein, that we shall either go mad from the revelation or flee from the light into the peace and safety of a new Dark Age."
-H.P. Lovecraft
Yes it is, that's what the -600 means, lol. I wish there was a clear way to tease out how much of that was shut-ins and how much was declines finally hitting. Shaleprofile will be interesting, but thier public data lags about 3 months, so maybe in September.
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Well, we are over $40 for all the contracts for the next year. Good/bad/indifferent?
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Will it stop the bleeding downtown?This quote is hidden because you are ignoring this member. Show Quote
My Tesla referral link: https://ts.la/moon14483
Tesla new owner FAQ: https://forums.beyond.ca/threads/411...37#post4928237
If you mean the job losses, then my response is a loud "Oh hell no." Calgary oil and gas employment will decline regardless of oil price for another couple years.This quote is hidden because you are ignoring this member. Show Quote
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Still projects side? Were we that fat from the good times?This quote is hidden because you are ignoring this member. Show Quote
Read an article today - $190/bbl possible by 2025.
Better preorder some triple meat party subs.
"The most merciful thing in the world, I think, is the inability of the human mind to correlate all its contents... some day the piecing together of dissociated knowledge will open up such terrifying vistas of reality, and of our frightful position therein, that we shall either go mad from the revelation or flee from the light into the peace and safety of a new Dark Age."
-H.P. Lovecraft
well, it's less about us being "fat" previously, and the fact that we simply don't need to grow production the way we were before. and when I say "we", I mean all of north america's producers. It's an integrated market. Headcount in Denver/Houston/Calgary all works toward putting barels into the same tanks and refineries in the end.This quote is hidden because you are ignoring this member. Show Quote
That and, I don't see and major Canadian heavy oil projects being built from scratch, potenitally ever. The amount of EPC work that was done in Calgary between 1990 and 2015 or so was massive. That's gone forever.
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Yeah, you bet.This quote is hidden because you are ignoring this member. Show Quote
"The most merciful thing in the world, I think, is the inability of the human mind to correlate all its contents... some day the piecing together of dissociated knowledge will open up such terrifying vistas of reality, and of our frightful position therein, that we shall either go mad from the revelation or flee from the light into the peace and safety of a new Dark Age."
-H.P. Lovecraft
Meat prices spiked. Better lock in those prices.This quote is hidden because you are ignoring this member. Show Quote
50/50 plant based?This quote is hidden because you are ignoring this member. Show Quote
"The most merciful thing in the world, I think, is the inability of the human mind to correlate all its contents... some day the piecing together of dissociated knowledge will open up such terrifying vistas of reality, and of our frightful position therein, that we shall either go mad from the revelation or flee from the light into the peace and safety of a new Dark Age."
-H.P. Lovecraft
Only a couple more years and then .... ?This quote is hidden because you are ignoring this member. Show Quote
I am user #49Originally posted by rage2
Shit, there's only 49 users here, I doubt we'll even break 100