Crude oil is $86 today.... beginning of the end?

There are a lot of companies still advertising for drivers.

 

they dont stack rigs just becuz of the holidays....

 

Ok, i juat know what i seen last year around the marcellus and utica, lots of campgrounds emptied. I panicked thinking the worst. February rolled around everything picked back up. This may not be the case this time though. I know we have a severe shortage of drivers at my company and every other company around the area. My company is begging for drivers. I hope we aren't heading for a bust, but i haven't been around long enough to know the signs i suppose..

 

The Saudi's are driving the price down of the petrodollar for a few reasons and none of them are beneficial to the U.S. And eventually will be detrimental to the world. It is a ugly scenario.

http://www.huffingtonpost.com/alastair-crooke/petrodollar-us-saudi-policy_b_6245914.html

Undermining the U.S. Dollar is a prelude to it being yanked as world reserve currency. When it gets yanked, BE PREPARED as it will get ugly.

 

Looks like a bottom maybe forming in crude today if so the shorts will start covering and we will have a dead cat bounce in the coming days. Last time oil was at this price in 2009 there were only 1/2 as many rigs operating.

 

Eagle Ford breakeven oil price is $50-$60 per Bbl. Today possible floor forming on the doji at $56. This looks like a bust to me.

 

The "break even" price vacillates with current production levels. When truck drivers can demand $250 an hour for their trucks to haul water and roughnecks are getting $2500 a week, production costs are $70 a Bbl. When people are starving and willing to work for half that... The price could be $50.

 

Venezuela Has helped to prop up the regime in Cuba with oil money, now with the sharp drop in price, suddenly Obama wants to open up U.S. trade with Cuba,

P.S. doji on what timeframe? Did this forum turn into BigMiketrading

 

Saw another two rigs heading east on I-20 today. I missed the names on them, I had an emergency parts run from Pecos so I was concentrating on the crappy unpredictable drivers.

 

Daily doji soon to be weekly. Daily depends when your day ends. Vacillating at the Eagle Ford breakeven quite a coincidence.