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

[Denny]

I wonder what the floor will be before we start seeing an increase and how long will it be on that floor?

I love me some run-on sentences.

[Strychnine]

I wonder what the floor will be before we start seeing an increase and how long will it be on that floor?

I love me some run-on sentences.

802 of that count are oil directed rigs. My wild ass guess is that's going to go to 760 and have to stay down for the rest of the year. .

[Denny]

fffffffffffffffudge!

[Strychnine]

Some more fun pics of the H&P Odessa yard.

34 rigs right now

While these rigs' construction costs vary, they average about $20mm a copy to build. So this yard is holding a total of almost $700mm worth of equipment. Perhaps more importantly, rigs like this each represent an average $75mm per year in operator spending on drilling and completion services. So this yard of stacked rigs represents about a $2.5bn reduction in E&P spending this year.

[Sean88gt]

I wonder what the floor will be before we start seeing an increase and how long will it be on that floor?

I love me some run-on sentences.

Meh, your subordinating conjunction makes it pass as a sentence. Punctuation can make a run-on into a compound sentence, as well.

[Broncojohnny]

Worst employment report in years and the market rallies on speculation. Got to love it!

[Sean88gt]

Worst employment report in years and the market rallies on speculation. Got to love it!

Where does the correction come? Is it when the feds raise rates? If the stock market is at a theoretical "high" and is about to fall off, does oil go with it or does it rise as a safe-haven?

[Ruffdaddy]

Cushing is reported to be down 300K...that's some good shit!

[one slow 5.0]

Cushing is reported to be down 300K...that's some good shit!

Down 300k of what?

[Ruffdaddy]

Down 300k of what?

bbls.......sorry I thought that would be obvious.

[one slow 5.0]

Though so but just wanted to make sure. 300K is nothing in inventory. Depending on the tank and delivery that could just be one movement.

[Trip McNeely]

Cushing is reported to be down 300K...that's some good shit!

Going to take a lot more than that.

[Broncojohnny]

Cushing can hold something like 80 million barrels.

[Ruffdaddy]

The important take away was that it was a draw down and not an increase...which could be an indicator of a possible turn around. A tiny glimmer of hope.

[slow99]

That's what I thought - it's the direction not the magnitude. One data point doesn't make a trend, but I'll take it.