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Originally posted by Ruffdaddy
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Wait, I thought you were leaving?
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You love to argue, why should I deny you that?
Wait, I thought you were leaving?"If I asked people what they wanted, they would have said faster horses." - Henry Ford -
Why would I leave when I have someone like you following me around making yourself look stupid...haha...silly boy.Originally posted by Baron Von Crowder View PostComment
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I look stupid?Originally posted by Ruffdaddy View Post"If I asked people what they wanted, they would have said faster horses." - Henry FordComment
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I love the Socratic Method!!!!!Comment
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More doom and gloom.
Goldman Sachs analysts pulled the plug on oil & gas today, lowering crude oil forecasts in a report titled: "The New Oil Order: Lower for Longer to Keep Capital Sidelined." Goldman reduced Brent estimates for 3-, 6-and 12-month periods to $42/bbl, $43/bbl and $70/bbl, respectively, from $80/bbl - $90/bbl previously. While Goldman has been dead wrong so far, their reports do move the market, and it appears they are taking their dose of reality here. Company downgrades included SLB and several US Independent E&Ps. Goldman issued a new rig count decline forecast (-700 units) that is in line with our own forecast (-650), which to this point has been the most aggressive out there.
“We forecast that the one-year-ahead WTI swap needs to remain below this $65 a barrel marginal cost, near $55 a barrel for the next year to sideline capital and keep investment low enough to create a physical re-balancing of the market,” the bank said.
But here's a pretty picture for you.
Offshore bunkering in St. Eustatius (between Anguilla and Antigua) with The Quill (volcano) in the background.
Last edited by Strychnine; 01-12-2015, 04:10 PM.Comment
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Filled up for $24 today! Loving it!sigpicComment
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I just remember when it took $65 to fill up my Acura MDX. Filled up for $35 on nearly empty yesterday. Premium prices are awesome.
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I only have a 13 gal tankOriginally posted by LeahComment
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Straight into my inbox from a CEO of a very large drilling contractor:
"The current outlook for 2015 is bleak, as we believe sub-$60 oil will be the norm for some time."
Oil went below $45 this morning - down to $44.28 for a bit, but it's back up to $45.32 right now.
5 Ways Oil's Collapse Is Hurting Texas' Economic Outlook:
The O&G Sector Drives 17% Of The Texas Economy.
Although the impact of the oil and natural gas industry on Texas’ economy has moderated, its current 17% share of Texas GSP remains 4 to 5 times greater than the share of oil and natural gas in the nation’s economic mix.
Direct Revenue Cut By $1bn.
During 2014-2015, oil production and regulation taxes are expected to bring in $6.6bn, about 6.4% of Texas total net revenue. During 2016-2017, this figure is now forecast to fall about $1bn to $5.7bn, or 5.2%. Unfortunately, this estimate by the Comptroller is likely not enough to account for the true activity decline. The 14% projected decrease is only a fraction of the almost 60% decline in oil prices so far, and while not one-for-one, the impact will be higher than this first round estimate.
Gross State Product Growth Cut By 600bps.
Texas real Gross State Product (GSP) grew at an estimated rate of 3.7% in fiscal 2014, largely due to expansion of E&P activity in the Permian and Eagle Ford. The growth in real GSP is expected to slow to an annual average of 3.1% over the next two years as lower oil prices lead to reduced activity in the oil and natural gas sector.
O&G Sector Employment Poised To Plunge.
Texas' oil and natural gas sector lost 21% of its jobs from October 2008 (239,700) to October 2009 (190,100). Today, industry employment in Texas is 318,900, an increase of 25,100 (8.5%) in the past year alone. Now the Texas comptroller expects that hiring to give way to lay-offs. "The recent fall in oil prices is expected to lead to a decrease in mining and logging employment in 2015," Hegar says. We wouldn't be surprised to see employment cuts worse than 2008/2009 this time, potentially on the order of almost 100,000 jobs lost.
Real Estate Prices To Be Pressured.
The state’s two fastest growing metropolitan areas in fiscal 2014 were Odessa and Midland, both located in the Permian Basin, and both with economies dominated by the energy industry. Commercial and residential real estate prices in these cities, as well as energy hub Houston, have benefited greatly in the past 3 years from population growth and economic success. Prices and sales in these markets are already starting to fall, which hurts homeowners and the construction industry.
Also,
Houston retailer offers furniture buyers a $7,000 oil price bet
(Reuters) - An enterprising furniture retailer in Houston has come up with a unique way of letting people bet on future oil prices in the world's energy capital.
Jim McIngvale, who owns Gallery Furniture and is known locally as Mattress Mack, is telling customers agreeing to buy $7,000 in furniture that he will give them their money back if oil is $85 a barrel or higher at the end of this year. Based on current forecasts from major U.S. banks, McIngvale will not have to repay any customers given estimates ranging from $51 per barrel to $75 for the price of crude at year end.
"Everyone knows how important oil is to the Houston area economy," reads an ad on Gallery's web site. "Everyone from construction to retail depends on how well the energy industry prospers. The better energy does, the better we all benefit."
Oil prices have slumped more than 50 percent since June to around $50 per barrel, and many analysts believe global oversupply will keep prices low for months. Customers making the bet would need prices to rise 70 percent from where they are now to make money in what is described on the web site as a "very limited time offer."
The fourth-largest city in the country, Houston has a long history of booms and busts linked to oil. Oil is the traditional lifeblood of the Gulf Coast city. Its pro football team used to be "The Oilers." Local bars include "The Derrick Tavern," a nod to drillers, and "The Refinery," which often puts a sign up on Fridays paying homage to the hydraulic fracturing boom that has lifted U.S. oil output. Its slogan? "Thank Frac It's Friday."
McIngvale, who regularly appears in his store's television advertisements, previously had to pay a total of $4 million to customers who bought his furniture and were guaranteed refunds if the Houston Astros baseball team won 63 games or more last season.Comment
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There are going to be a lot of people that are house-anchored in DFW. Paying over market, brilliant!Comment
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Is the recent growth in dfw really that dependent on O&G?Originally posted by Sean88gt View Post
I know we sold our house in frisco for 35K more than we paid a year and a half ago...glad we got out when we did.Comment
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I wouldn't think so. I think the whole thing with the housing market in DFW has more to do with all the Corporations moving here, and the workforce they bring with them. Toyota, State Farm, etc. Well, that and the low interest rates.Originally posted by Ruffdaddy View PostOriginally posted by BradMOriginally posted by LeahComment
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