And there was much rejoicing in the land.... Gas Prices

[Strychnine]

Any guesses for today's count? WTI has stabilized a bit - just above $50 - but rig count hasn't dropped enough yet according to nearly all predictions (the bottom "should be" about 400 rigs fewer than are operating right now).

I'm guessing -81.

[Ruffdaddy]

Wow...the estimates put the floor at almost 1000 rigs?!

Im guessing 65

[Strychnine]

Wow...the estimates put the floor at almost 1000 rigs?!

Yup.

[Denny]

Fuck

[Ruffdaddy]

Yup.

They just cut the rig coint by the same as the price drop? Or is this based on 2009 data?

[Sean88gt]

They should just build a mosque at every site that had a well.

[SS Junk]

From all this I suppose we won't be hearing the bullshit from the Miss Cleo fortune telling experts on how the earth is running low on crude and supply will be diminished in 5 years...

[Rick Modena]

They should just build a mosque at every site that had a well.

haha!

[Ruffdaddy]

They should just build a mosque at every site that had a well.

Lol. Such a hater.

Btw...the wells are still there...its the rigs that are laying down. That means there are less new wells being drilled.

[Strychnine]

Biggest drop yet. US land rig count -98 this week.

1358 total now.

[Sean88gt]

Lol. Such a hater.

Btw...the wells are still there...its the rigs that are laying down. That means there are less new wells being drilled.

Terminology slip, I was drinking late into the night and was/am fighting a stiff hangover and a case of booze-amnesia.

[Ruffdaddy]

Terminology slip, I was drinking late into the night and was/am fighting a stiff hangover and a case of booze-amnesia.

I knew what you meant...just being a dbag...thats all.

[SBFORDTECH]

I think you're right that saudi fields may be in more trouble than they lead on. Hell that would be great for us drilling In the near term. Saudi does a tremendous amount of intervention work, and their completions are starting to get a little tired. I don't believe they produce as cheap as they say the do.

Couple your previous articles with the wikileaks cables...and theres some concern for saudi.

The Saudi fields are slowing down. Even with increasing rig counts, production levels have almost stayed the same for quite some time. They have also been water flooding for quite some time as well. The decision to not cut production was to maintain market share. Market share they would never get back due to what we've done in North America.

[Strychnine]

Next week's drop will probably be quite large also.

Apache will cut the number of rigs it uses to drill for oil by 70% by the end of the month, the company said Thursday in a statement. That’s going to slow output enough to keep production flat for the year, compared with the Houston-based company’s November forecast for growth of as much as 12%.

“In the past, there has been less of an incentive to reduce production because companies had already spent huge sums to ramp up, such as offshore or other areas,” he said in a telephone interview. “Now with shale, you’re constantly having to rig up and drill new wells. The industry as a whole can respond more quickly to downturns and volatility.” The question that’s been looming over oil markets is how fast shale producers will hit the brakes. Apache’s plan to keep output flat shows that efforts to reduce oversupplies might produce results more quickly than the market has anticipated.

“The time delay between a price drop, a board meeting, a rig release and an empty barrel is relatively short—measured in a few months,”

[Captain Crawfish]

I know there's one less tanker driver out in dfw!!Fuck that job the shit schedule and the pay. I have much respect for those that still perform that job though.