I like Oil

One thing I heard peripherally related is that unemployment in Houston and other big Texas cities is still 3-4%, despite the oil price decline.
 
explanade said:
One thing I heard peripherally related is that unemployment in Houston and other big Texas cities is still 3-4%, despite the oil price decline.
Click to expand...

Do you mean "because of the oil price decline?"

Yes, declining oil production based on drilling new wells and transportation construction (pipelines, terminals etc) has decimated the Houston-based companies. This is especially true of oilfield service companies like Halliburton, Weatherford, BJ services, etc. I personally know several people out of work for over a year now, and they are also off the unemployment insurance rolls by this time.
 
I mean in spite of it. That's still a very low rate.
 
Right they're not counted if they're no longer "looking" for a new job.

It hasn't gotten that bleak that people have stopped looking for jobs has it?
 
explanade said:
Right they're not counted if they're no longer "looking" for a new job.

It hasn't gotten that bleak that people have stopped looking for jobs has it?
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No, people are looking, but in the oil & gas industry, there are few new jobs or job openings due to vacated positions.

Most vacated positions are either filled internally with a job combination of duties or eliminated by contract work (where it fits).
 
Hmm, so does it feel like things have slowed down in Houston?

Are the restaurants and the malls still full?

Traffic still as bad?

Real estate still in demand or have prices leveled off?
 
explanade said:
Hmm, so does it feel like things have slowed down in Houston?

No, we have lots of lawn work this time of year.

Are the restaurants and the malls still full?

I don't go to malls, but Denny's was full this morning.

Traffic still as bad?

Not as bad as L.A. or Chicago, but still bad as the lawn guys are pulling trailers in the fast lanes. We have lots of water too.

Real estate still in demand or have prices leveled off?

The only homes I see that have dropped in price lately are the ones that were flooded twice in the last 30 days. Apartment rents are on the rise and RVs are moving well.
Click to expand...

Answers above.:cool:
 
aaronc879 said:
If SDLP goes back down under $5, i'm buying. Of course if I buy then it's guaranteed to plummet.
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I bought and not only did it not plummet, it's on fire! :dance:

It has broken thru the $6 upper resistance level so it could now go much higher.
 
I made an absolute killing in oil in a one day trade today. Bought TNK (oil shipper) yesterday and it jumped 10% in one day. Only one small detail...I bought 500 shares....at 2.88... So Im up a little over $100.... Pretty weak, I know. But I was bored yesterday and it was something to do with play dough money.


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Looking at ETE as a potential trade. Why would a pipeline ETF get hammered in relation to oil prices. Is their transport revenue tied to the cost of crude?



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Oil back below 40, bear market again....22% off previous high


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Well I threw in the towel on oil a while back (whenever last post was made on thread) and it looks like things have gotten worse. In hindsight I think I was too bullish based on the US, not taking enough into account how bad the test of the world was doing. Now, I wonder if we might be going into a recession soon.
 
There is no normal growth in US, Japan, EU and England (like pre recession state). China growth is still envy of all of the above but their GDP growth also is slowing. That was affect oil demand a lot.
 
VFK57 said:
There is no normal growth in US, Japan, EU and England (like pre recession state). China growth is still envy of all of the above but their GDP growth also is slowing. That was affect oil demand a lot.
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US and EU are growing, and the global growth rate has picked up lately and is at it's highest level for the past 3 years.
 
MichaelB said:
US and EU are growing, and the global growth rate has picked up lately and is at it's highest level for the past 3 years.
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If you consider 1% growth normal (by the way it could be easily manipulated by inflation number), then energy demand should be at least stable.
 
Free oil!

Read today cheasapeake is giving away the whole barnett shale in texas portfolio for free to anyone who will take it to lower their costs.

Wow.


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dallas27 said:
Free oil!

Read today cheasapeake is giving away the whole barnett shale in texas portfolio for free to anyone who will take it to lower their costs.

Wow.




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Click to expand...


Signs of nearing a real bottom soon?




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dallas27 said:
Free oil!

Read today cheasapeake is giving away the whole barnett shale in texas portfolio for free to anyone who will take it to lower their costs.

Wow.


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Click to expand...

It's gone. They gave the leases away. They also paid 300+ million to get out of some gas pipeline contracts.
 
I sure was wrong about oil. I thought surely things would be normal after three years. Maybe this is the new normal.


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First post in this thread was on 11/28/14.

Wasn't the price high then, less than 2 years ago?
 
ESRwannabe said:
I sure was wrong about oil. I thought surely things would be normal after three years. Maybe this is the new normal.


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Click to expand...

Historically, depressed oil prices (if you can figure out what that means) can last for quite a long time.

This may be truer now than ever due to the new technology of shale extraction, better formation identification techniques, horizontal drilling and improved fracturing methods.

What may influence large crude oil price swings these days may be political problems (wars, etc) or supply curtailments. But these may be short lived in the big picture.

Oil is a commodity and you have to remember that.
 
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