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05-25-2017, 07:08 PM
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#1
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Lifetime Premium Access
Join Date: Sep 24, 2013
Location: The Woodlands
Posts: 584
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Oilfield peeps
How long does this little bit of activity keep up? There's just no support to get it up to $65 and if OPEC starts cheating it will kill it all real quick.
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05-25-2017, 07:09 PM
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#2
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Valued Poster
Join Date: Sep 18, 2014
Location: .
Posts: 11,345
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The sweet spot aint what it used to be. Unfortunately, 50 is the new 100.
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05-25-2017, 07:15 PM
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#3
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Valued Poster
Join Date: Mar 28, 2014
Location: Whiskey Flats
Posts: 5,175
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Who cares?
Enjoy the ride.
Permian drillers are bringing it in cheap.
They will be drilling at $40 and make money.
Getting used to sleeping in my truck for lack of motels out there these days.
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05-25-2017, 07:35 PM
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#4
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Lifetime Premium Access
Join Date: Sep 24, 2013
Location: The Woodlands
Posts: 584
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I don't think they are really making money at this price.
I think it's just close enough that the hedge funds in New York are floating capital again to appear busy for investors.
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05-25-2017, 08:21 PM
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#6
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Lifetime Premium Access
Join Date: Sep 24, 2013
Location: The Woodlands
Posts: 584
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There's a play out there that you can produce vertically, but I still just don't see enough price support that screams long term growth.
Plus drillers are not buying equipment, a few that I deal with are running what they have because their rig contracts are all short term.
We need it back, but until the Trumpster gets the world economy on that 4% growth, I just don't see commodities coming back.
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05-25-2017, 09:29 PM
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#7
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Valued Poster
Join Date: Mar 28, 2014
Location: Whiskey Flats
Posts: 5,175
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Export market is getting stronger.
More terminals being built in Houston, CC and Brownsville.
Drillers are getting more efficient and won't need new equipment for a while.
You need to get out and take a look in the field.
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05-26-2017, 12:10 AM
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#8
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Account Disabled
Join Date: Sep 28, 2012
Location: Houston
Posts: 17,384
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Quote:
Originally Posted by Trident1
.....
We need it back, but until the Trumpster gets the world economy on that 4% growth, I just don't see commodities coming back.
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this
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05-26-2017, 07:42 AM
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#9
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Lifetime Premium Access
Join Date: Sep 24, 2013
Location: The Woodlands
Posts: 584
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Most are wanting larger rigs to be able to drill longer laterals, but they've got those plans on hold until they see more long term drilling programs proposed. A couple of our smaller customers have all of their rigs up, but they are on moderate contracts.
It's definitely better, I just don't trust how long it will last. I still think it's going to be like the 90's all over again. Just enough to stay a little active, but not exactly steak and potatoes.
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05-26-2017, 07:53 AM
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#10
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Valued Poster
Join Date: Jul 17, 2011
Location: Houston
Posts: 995
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Unless Trump attack Iran and make oil prices skyrocket, oil will remain cheap now. Yea it will be like the 90s, time for big SUV for no reason but enjoy the ride
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05-26-2017, 08:46 AM
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#11
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Account Disabled
Join Date: Feb 9, 2010
Location: Houston
Posts: 649
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All OPEC is trying to do is create a floor not a ceiling.
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05-26-2017, 12:56 PM
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#12
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Valued Poster
Join Date: Jan 5, 2010
Location: Houston, TX
Posts: 3,860
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Getting it up to $65 is going to be difficult because Trump wants to flood the market with oil. He wants to sell half of the national reserve and start drilling in all the national parks. That is not going to help the price any, just drive it down
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05-26-2017, 04:16 PM
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#13
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Lifetime Premium Access
Join Date: Oct 9, 2015
Location: nw houston
Posts: 934
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If you look at the history of oil, going all the way back to the use of whale oil. You will see it is the commodity with the highest highs and the lowest lows.
Highs usually last less than seven years, lows usually last a little less but they seem like forever.
All I can say is SAVE AND INVEST while you have a job, don't get into a lot of debt.
It helps to have a fallback skill, something you can do for rent money when the shit goes down.
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05-26-2017, 08:34 PM
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#14
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Lifetime Premium Access
Join Date: Aug 26, 2013
Location: Wherever I go, there I am...
Posts: 573
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Quote:
Originally Posted by Slitlikr
Who cares?
Enjoy the ride.
Permian drillers are bringing it in cheap.
They will be drilling at $40 and make money.
Getting used to sleeping in my truck for lack of motels out there these days.
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Quote:
Originally Posted by Slitlikr
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Quote:
Originally Posted by Slitlikr
Export market is getting stronger.
More terminals being built in Houston, CC and Brownsville.
Drillers are getting more efficient and won't need new equipment for a while.
You need to get out and take a look in the field.
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Spot fuckin on Slit. I work the offshore end of the business, and the efficiencies gained with onshore tight oil drilling in the Permian and elsewhere is the biggest competitor to offshore deep water plays in the Miocene and Lower Tertiary. Break evens are dropping by the month. OPEC tried to kill it; they are re-learning the old adage "What doesn't kill you only makes you stronger."
Folks need to understand - it's a different market needing different services. All that condensate and gas has to go somewhere, and it is - new crackers, new export terminals, new downstream businesses. Somebody has to design, build, deliver, operate, manage, market, and maintain that shit. Look for new things.
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05-26-2017, 09:08 PM
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#15
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Account Disabled
Join Date: Mar 25, 2011
Location: United States
Posts: 2,128
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People that think it's going to shoot back to 100 are dumber than I am.
Get used to 40-50 for awhile.
If deepwater can get cost competitive below 40, lookout permian.
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