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Hey Oil Barons.......

936horn

By 936horn
in Business and Markets

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Pescado_Rojo
Pescado_Rojo

I bet you could score a Lafayette 10 for a mani/pedi gift card and a pound of boudin right now.  I was sitting in a Starbucks by the med center in Laffy once, and a brand new white Escalade, lift

Rimbo
Rimbo

If you're Trump right now, you're watching Fox News, eating a cheeseburger, and getting mad about the lyin' media and preparing your next tweet about how some lupus treatment should be given to your s

fattyflattie
fattyflattie

My time finally came last Friday AM. I have survived around a dozen, give or take 1-2, since ‘08.  I was consulting for a project set to go in ‘22, but with all the uncertainty, it sounds like they’ve

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YGIFS

YGIFS 19452

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Posted

I think it’s a decent compromise to require new builds to have solar panels on them, might as well.  But existing ones is a bridge too far.  Some of those things are just glorified tents/canopies.  They can’t support the weight without massive retrofit and expense way beyond just the panels.  
 

plus there’s some parking garages that have no direct sun exposure for nearly the entire day because of orientation or other taller structures around them. 
 

maybe there’s codicils in this bill for that but my French to English administrative code translator app isn’t working.  
 

 

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YGIFS

YGIFS 19452

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I don't get it.  You have me on ignore (which is totally fine-I regularly follow your O&G posts for insight), but then you sandwich a screenshot of said ignore directive between photos of two dudes simulating ejaculation?  To prove what point again?  I mean, that's weird even for you dude. 

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Storm the Field

Storm the Field 5302

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On 10/11/2022 at 5:36 PM, Storm the Field said:

Diamondback adds on to its core Permian acreage, buying up Firebird and its 68K acres in Midland and Ector for $1.6B.

FANG still gobbling up acreage, dropping another $1.5B today on Lario's midland-basin assets.

https://www.globenewswire.com/news-release/2022/11/16/2557661/22886/en/Diamondback-Energy-Inc-Announces-Northern-Midland-Basin-Acquisition.html

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45 minutes ago, CHIEF said:

Did the quake shake Midland pretty hard?

CHIEF

Just reading about it. I was in the air at 5:15 pm. Didn’t feel anything before then. But it’s a huge one and another black eye for the industry. Got to be related to SWD injection. 

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BTW

BTW 370

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14 hours ago, CHIEF said:

Did the quake shake Midland pretty hard?

CHIEF

Yep, I was driving so I didn't feel anything.  But several group text messages I'm on suddenly lit up with "holy shit did you guys feel that?" and the like.  It was described by a few as if a car had crashed into their office building.

Man, I'm glad I sold out of most of my commercial SWDs ... I'm sure there will be another (or expanded) Seismic Response Area in reaction to this one.

 

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YGIFS

YGIFS 19452

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From finally calling out his own industry for tacitly creating banking deserts in poorer neighborhoods, to the pitfalls of ESG allocation modeling, exposing wework's bullshit, to a societal failure to acknowledge the necessary evil of market-making our ability to find and deliver ~95mm barrels a day...I used to loathe him, but the "I don't give a fuck anymore" Jamie Dimon of the last few years, is awesome and much needed.  

 

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Posted
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2 hours ago, 52-80 said:

WTI low 70s.
 

Why did the oil companies decide in unison to stop gouging people? Change of heart?

I can’t tell whether or not this is serious. Probably should assume sarcasm. 

1 hour ago, Hefeweizen said:

Lol.  Demand destruction moose out front should have told ya.  
 

I think 70s is still pretty viable right?  How low before ski boats and F250s are going to consignment shops?

Show evidence of demand destruction. This downward movement makes very little sense and won’t last. 

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Hefeweizen

Hefeweizen 5333

Posted
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Just now, Porterhouse said:

I can’t tell whether or not this is serious. Probably should assume sarcasm. 

Show evidence of demand destruction. This downward movement makes very little sense and won’t last. 

I was spitballing.  What else would explain a price decrease except reduced demand?  Unless secret Russian oil at 60 bucks price cap is flooding the market.

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On 12/7/2022 at 2:23 PM, Hefeweizen said:

I was spitballing.  What else would explain a price decrease except reduced demand?  Unless secret Russian oil at 60 bucks price cap is flooding the market.

Fears of demand reduction. I’m asking for actual evidence that it’s occurred. I doubt it. 

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oSuJeff97

oSuJeff97 3435

Posted
Posted (edited)
On 12/8/2022 at 2:57 PM, Porterhouse said:

Fears of demand reduction. I’m asking for actual evidence that it’s occurred. I doubt it. 

WoodMac reported 4Q 2022 world oil demand was showing 1.2mm bpd lower year-over-year through the end of November.

(Was reported in their December short-term update for clarification)

 

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11 minutes ago, oSuJeff97 said:

WoodMac reported 4Q 2022 world oil demand was showing 1.2mm bpd lower year-over-year through the end of November.

(Was reported in their December short-term update for clarification)

 

That surprises (me at least). I wonder if that can be attributed to pent up consumption in ‘21 relative to a clearly-down ‘20. I don’t get the sense demand has been down this year. 

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oSuJeff97

oSuJeff97 3435

Posted
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5 hours ago, Porterhouse said:

That surprises (me at least). I wonder if that can be attributed to pent up consumption in ‘21 relative to a clearly-down ‘20. I don’t get the sense demand has been down this year. 

 

Well I don't know that it's down total year-over-year, but it's down (so far) 4Q over 4Q.  Since traders are forward-looking the 4Q slowdown has been weighing on the market.

China Covid lockdowns and economic slowdowns in Europe and the U.S. are the primary drivers.

I'd think that most traders are weighing (a) how much of an impact on demand any further China lockdowns will be (albeit China says they are relaxing some of them) and (b) the impact of continued interest rate hikes and whether or not there is any kind of material economic slowdown in the U.S. or Europe.

FWIW, the forecasters I read are generally expecting price to be under pressure in 1H '23 before demand picks back up by 2H '23 and the balances tighten again putting upward pressure on price in 2H '23.

But this is oil price we're talking about so... :D

 

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41 minutes ago, Storm the Field said:

Only 3M barrels in this first buy, but it's a start.

If they actually buy back 180 million barrels the respect I have for him will grow from none to:

image.gif.d0aeb7ad66a010b686bf4bc7528f6c03.gif

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23 hours ago, Storm the Field said:

Being a natural gas trader would put me in an early grave.

No, it’d make you money. Is there a more volatile commodity out there?  Traders thrive on volatility. 

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