indiana oil refinery shuts down for maintenance, raising gas prices in midwest

[Londo_Jowo]

http://www.aogr.com/web-exclusives/us-rig-count/2015
Rig counts have been steadily going down?
I don't see any trend of rig counts moving upwards maybe in pockets in best cases but there is no incentive oil and gas in NA is $40 to be profitable. SA is profitable at $10 so even though they are losing revenue they still make money just not as much

Yes, they have been going down but last week 17 went back online.

 

[Pulsar]

A friend I used to work with that left Telecom to go work in North Dakota who was laid off in the beginning of the year already got the phone call to come back to work. They told him oil & gas prices will be going through the roof.

So Dave is now reduced to "a friend told me"?

Wow. That's desperate. Even for him.

 

[desy]

17 is a pitance compared to the over 1000 that have dropped out
Forgive me if I don't pull out the Pom Poms, here in Bakken I know of lots of energy workers out of work and more to follow.
Anybody that tries to project the future price of oil is making a fool of themselves, toooo many variables. I'm a believer in PO and nothing recently has convinced me we didn't reach it in 2005 or so. Oil plus condensates |= oil and API and EROI of real oil has steadily been declining
So long term I suspect oil to rise unless more substitutes are found then I expect oil to flounder.

I get why a thread like this exists cause oil is inelastic and affects absolutely everything we do, but really inflation adjusted its still a bargain and makes up a sliver of my household expenditures

 

[TheSlamma]

Got a link for this???

Based on this report they're adding wells.

http://www.oilandgasinvestor.com/report-us-oil-drillers-added-most-rigs-july-832376

Lie-la-lie!! lie-la-lie-lie-la-lie-lie-la-lie-lie-la-lie-lie-la-lie-lie-la-lie-lie-la-lie

Dave is The Boxer.

 

[dmcowen674]

For the P&Ners not capable of entering words into a search engine:

12-20-2015

http://oilprice.com/Energy/Crude-Oi...an-Basin-is-Unprofitable-at-30-Per-Barrel.htm

Just About Every Part of the Permian Basin is Unprofitable at $30 Per Barrel


Less than 2 percent of Permian basin tight oil wells are commercial at $30 per barrel oil prices.


Sorry about that. I know that many believe that U.S. shale and tight oil plays are commercial even at current low oil prices but data on the Permian basin and Bakken plays simply does not support that belief.

Reality Check: The Claims vs. Proven Reserves for the Permian Basin

Total proven crude oil and condensate reserves for the United States as of the November 2015 EIA report are 39.9 billion barrels. So, these two companies claim that they have reserves or resources of more than one-quarter of all U.S. reserves in 3 plays in the Permian basin. According to the same EIA report, the Permian basin has less than three-quarters of a billion (722 million) barrels of proven tight oil reserves.

It is incredible that analysts have not challenged Sheffield’s claim over the last two years that the Spraberry is second only to the Ghawar Field (Saudi Arabia) as the world’s largest oil field.


What exactly do analysts analyze, anyway?


By Art Berman for Oilprice.com

 

[cubby1223]

This train-wreck of a thread just... will... never... die...

 

[ElFenix]

paid $1.55 over the weekend. drive for $1!

 

[Udgnim]

This train-wreck of a thread just... will... never... die...

dmcowen674 is ranting & raving at supply & demand

he's going to go crazy when supply starts eventually falling down to being more in line with demand

 

[Londo_Jowo]

Yes, the wells are unprofitable at/below $30/barrel. If the wells stop producing then oil supplies will drop resulting in a higher price per barrel which then will result in the wells being profitable again. Oil prices above $50 not seen anytime in the near future.

 

[OutHouse]

Yes, they have been going down but last week 17 went back online.

still not good news for the Roughnecks out of work. My Bro in law is a science officer on ships that go out to find deposits. He has told me there are slim pickings right now on new jobs. Houston has been hit hard with the cheap oil.

one of the Fugro ships.

 

[dmcowen674]

still not good news for the Roughnecks out of work. My Bro in law is a science officer on ships that go out to find deposits. He has told me there are slim pickings right now on new jobs. Houston has been hit hard with the cheap oil.

Well he should be re-rejoicing. Oil jumped up $4 and biggest gas price jump seen in a while, stations went from $1.69 to $2.29 overnight.

12-23-2015

http://www.marketwatch.com/story/crude-prices-strengthen-on-us-export-hopes-2015-12-23?siteid=yhoof2

Oil ends sharply higher as U.S. crude inventories decline



Oil futures continued their rebound off multiyear lows Wednesday, ending sharply higher after data revealed U.S. crude inventories posted an unexpectedly large decline last week. On the New York Mercantile Exchange, light, sweet crude futures for delivery in February CLG6, +4.90% rose $1.36, or 3.8%, to end at $37.50 a barrel.


Analysts say the rising confidence in U.S. oil was partly boosted by the U.S. government’s last week decision to reverse a 40-year export ban on U.S. crude


Hopes for higher prices

The prospect of U.S. shale producers expanding into new foreign markets as the country is flushed with excess oil has raised hopes for higher prices.

 

[Meghan54]

Well he should be re-rejoicing. Oil jumped up $4 and biggest gas price jump seen in a while, stations went from $1.69 to $2.29 overnight.

12-23-2015

http://www.marketwatch.com/story/crude-prices-strengthen-on-us-export-hopes-2015-12-23?siteid=yhoof2

Oil ends sharply higher as U.S. crude inventories decline



Oil futures continued their rebound off multiyear lows Wednesday, ending sharply higher after data revealed U.S. crude inventories posted an unexpectedly large decline last week. On the New York Mercantile Exchange, light, sweet crude futures for delivery in February CLG6, +4.90% rose $1.36, or 3.8%, to end at $37.50 a barrel.


Analysts say the rising confidence in U.S. oil was partly boosted by the U.S. government’s last week decision to reverse a 40-year export ban on U.S. crude


Hopes for higher prices

The prospect of U.S. shale producers expanding into new foreign markets as the country is flushed with excess oil has raised hopes for higher prices.

OMG!!!!! The sky is falling....a barrel of oil rose $1.38.


Meanwhile, further down in Dave's "shocking" doomsday linked revelation/article...you know, the part he never gets to:

OPEC early Wednesday, in its closely watched World Oil Outlook, said oil prices were set to rise, but that it would be a long slog. The cartel said it expects the price of its basket of crude to recover to $70 a barrel in 2020 and to $95 a barrel in 2040.

$95/bbl oil coming SOON!!!!............maybe by 2040.

 

[ElFenix]

Gas jumped from last week all the way up to $1.58!

 

[Meghan54]

Oil jumped up $4 and biggest gas price jump seen in a while, stations went from $1.69 to $2.29 overnight.

12-23-2015

Everything you wrote above is categorically incorrect.

As you pointed out, oil prices rose, but not by $4, but by $1.38, as proven by your own link and text quoted below.

http://www.marketwatch.com/story/crude-prices-strengthen-on-us-export-hopes-2015-12-23?siteid=yhoof2

Oil futures continued their rebound off multiyear lows Wednesday, ending sharply higher after data revealed U.S. crude inventories posted an unexpectedly large decline last week. On the New York Mercantile Exchange, light, sweet crude futures for delivery in February rose $1.36, or 3.8%, to end at $37.50 a barrel.

Second, have yet to find the mysterious $2.29/gal gas anywhere in Indy.

http://www.indygasprices.com/GasPriceSearch.aspx

That link shows over 50 stations in the Indy area lower than $2/gal.....well below.

 

[MongGrel]

Is gas $5 a gallon yet ?

 

[DucatiMonster696]

OMG!!!!! The sky is falling....a barrel of oil rose $1.38.


Meanwhile, further down in Dave's "shocking" doomsday linked revelation/article...you know, the part he never gets to:






$95/bbl oil coming SOON!!!!............maybe by 2040.

Also you have to consider that their "plan" (mainly Saudi Arabia) for oil at $95 (adjusted for inflation) in 2040 is hard to conceive of the pace of current technological improvements working toward reducing the use and reliance of oil or eliminating it altogether.

Especially in areas that would only improve over time with regards to new methods of looking for and pulling out oil from hard to reach sources all across the globe which would undermine any long term plan to get oil back to that price level. Nevermind alternatively powered sources of energy or replacements for oil and oil base products via new and future advancements in bio fuels (e.g. oil from algae, etc) that would be in its maturity phase by then with mass production kinks being worked out, etc

Or the fact that OPEC is basically in a "EVERY NATION FOR THEMSELVES!!" panic mode as everyone is looking to secure their market share from the next guy and especially Saudi Arabia. So the idea that there would be any cohesion from OPEC members to want to be the first to start to try to raise prices now that Saudi Arabia has burned the bridges with it's actions is not

 

[JEDIYoda]

i wondered why gas prices jumped 40 cents while i was at work today - here's the reason.

http://www.freep.com/story/money/bus...ease/31533529/

why do you worry?? your parents are paying for the gas....your to young to drive!!

 

[brianmanahan]

why do you worry?? your parents are paying for the gas....your to young to drive!!

whoa, talk about necroquote

lol, i've been driving longer than i've not been driving

wait that actually makes me feel really old D:

 

[highland145]

wait that actually makes me feel really old D:

Just wait. The day I said I was 29....for the 19th time sucked.


But I was here to see it.

 

[dmcowen674]

South Florida gas has been steadily rising, now $2.39 at many stations

 

[realibrad]

South Florida gas has been steadily rising, now $2.39 at many stations

Where did you find that? You did not give a link, and I live in south FL, and I am paying 1.90 at a Murphy's. Costco is even cheaper.

 

[Jeffg010]

This thread is fun. Dave just makes stuff up lol

 

[realibrad]

Oil thugs thugging the thug thug while thuggish thugs.

http://www.nasdaq.com/markets/crude-oil.aspx?timeframe=18m

 

[dmcowen674]

12-29-2015

Stations jumped the price another 50 cents today, now most around $3

Station I got gas at 2 days ago now has jumped 90 cents

http://www.floridastategasprices.com/Miami Beach/index.aspx

I asked the guy and had a hard time with his most espanol talk but Refinery problemo he said.

 

[realibrad]

12-29-2015

Stations jumped the price another 50 cents today, now most around $3

Station I got gas at 2 days ago now has jumped 90 cents

http://www.floridastategasprices.com/Miami Beach/index.aspx

I asked the guy and had a hard time with his most espanol talk but Refinery problemo he said.

Hahahahahahahahahaha. Your proof is Miami beach. You literally drive across the bridge and you can pay 1.99.

Miami beach is a little island where the gas stations charge more for the suckers. Such a joke.