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False low rig count equals less production. Someone started some fantasy that few rigs can produce more oil. Some folks have eaten that nonsense up. I guess Abe was right and you can fool some of the people all the time.
Brent and WTI are held together by a rubber band. Brent can only pull so far away from WTI before they are once again pulled back together.
Great news for WTI.
LOL if they were going to lie it would seem that the lie would have shown a much better gold target.
Seems ridiculous to lie about something that 1) isn't that awesome. 2) Gary Clifton isn't an NBRI employee and would have to be in on the again nothing that is so astounding that someone would think it was a lie. 3) the driller would also have to be in on the lie.
Ridiculous to think that anything reported isn't the honest truth.
Not sure why that matters to someone buying today but thanks Anvil.
International rig count report will be out next week again on Friday.
http://phx.corporate-ir.net/phoenix.zhtml?c=79687&p=irol-rigcountsintl
Rig report at 1:00 EST http://gis.bakerhughesdirect.com/Reports/StandardReport.aspx
Average the last 5-6 weeks has been between 5% and 6% reduction per week. Last week that dropped to 3.5%.
1310 total rigs in North America on and offshore as of last week.
979 horizontal rigs which are 99% shale oil wells. Last week 46 of the 48 total rigs removed were this type of rig.
Range 35-60 less rigs this report. 12-7 days ago oil mainly traded above $51.00 which is why we saw fewer rigs shut down last week.
My guess is 55.
Sorry was my math wrong? At current OS and PPS is the market cap not $86K?
Yeah forgot that one. Market Cap only $86,803.00. Uber awesome if gold can be found quickly. Micro amount of shares.
Here are some facts nobody can dispute.
1) NBRI located a terrace with the drilling program last year.
2) We were told by "experts" no way in hell NBRI would get gold out of the drill hole, or if they do get some gold that way it would be fantastic.
3) Gold was recovered from a drill hole as described in the news release. http://www.marketwired.com/press-release/north-bay-resources-inc-nbri-reports-visible-gold-in-newly-discovered-south-terrace-otcqb-nbri-1933540.htm
4) The drill program hit this terrace in 3 of the holes they drilled and contained as much as 50 feet in depth of gravels over a minimum of 300 feet as described in the news release.
http://finance.yahoo.com/news/north-bay-resources-inc-nbri-120000295.html
5) NBRI began to build a 61 foot raise which ultimately failed when loose rocks collapsed the top of the raise from the gravel bed. A small amount of pay gravel 1-2 tons fell through the raise when it collapsed and the gold from that gravels was posted on the website in the top picture here titled first gold from south terrace: http://www.northbayresources.com/ruby/1stnuggets.html
6) All NBRI needs to do is repair this failed raise and mining can begin in the south terrace.
LOL going to far IMO. Oil only would stay under $40.00 for a few days to weeks at most. Today's oil cost a lot more than oil did in the 90's. If oils dropped to $20.00 in the 90's most production remained profitable so they kept producing. Today's wells 1) cost much more to produce, 2) production levels plummet much faster than traditional oil pays do.
Oil below $40.00 would quickly stop most of the drilling in most of the shale areas. Sure some wells would still have to be drilled but production is already forecast to drop in the next 60-90 days in ND based on the number of rigs drilling today. Oil below $40.00 shuts down another 25%-50% of the remaining rigs and production plummets in 3-6 months.
Today oil below $40.00 is simply not sustainable unless consumption crashes to much lower levels.
Also 2014 was a 60 year low worldwide for finding new oil reserves. Cheap oil is disappearing rapidly and in 5-10 years the price of getting each barrel will be much higher than it is today.
Meaningless if it occurs and not likely to happen anyway.
• North Dakota's oil producers have cut the number of active rigs in the state to just 121 from 190 a year ago, according to a new list published by the state’s Department of Mineral Resources.
• The rig count is now below the threshold of “at least 130” the DMR director had identified last month as needed to sustain output at the current level of slightly more than 1.2M bbl/day.
• Of the 121 active rigs, 115 are drilling in just four counties at the heart of the Bakken - Dunn, McKenzie, Mountrail and Williams.
• With the number of rigs in even the core areas down by 30% in just over two months, production likely will begin to plateau or fall in the coming months, Reuters' John Kemp writes.
Initial tests show great gold, much better than your #, considering they aren't into the gut of it yet the terrace looks fantastic.
Everyone notice those quick drops after a rise in the $?
http://finviz.com/futures_charts.ashx?t=DX&p=h1
Picture UWTI tomorrow during those dollar snap backs going into the rig report.
Buying more UWTI today as this should be a good point to buy for fast gains.
Again your chart had no idea this would happen.
http://finviz.com/futures_charts.ashx?t=DX&p=h1
Yeah that news came out yesterday before the 10% rally.
WAKE UP ITS JUST THE STRONG DOLLAR!
100% due to strong dollar. Typically snaps back when the dollar cools down. In the future when the dollar begins coming down oil will gain all these lost dollars back.
Yeah it's at 1:00 EST Friday
http://gis.bakerhughesdirect.com/Reports/StandardReport.aspx
How did the chart know this would happen?
http://finviz.com/futures_charts.ashx?t=DX&p=m5.
Looks like if the dollar doesn't go nuts UWTI doesn't drop.
Hope you jumped in. Easy money buying Wed and selling Friday.
Keeps on keeping on.
Like shooting fish in a barrel.
This one is a classic "DOWM"
Just like this post...
No but it's obvious you do.
Along as rig count doesn't drop below 40/week, still 160/month or 480/Q pace we should be good for another rally.
Oil simply doesn't want to go down anymore. We bounce around $48-$53 until good news hits that takes us much higher. Just my opinion.
Yeah because that's not what is happening. The article does not state an increase in production. Scare tactics shouldn't be used here.
So instead of shipping out crude they will ship out gasoline or some other products. Smart move more profit for them. Refining uses huge amounts of energy. Where else can you get cheaper energy to refine??
BS:
Saudi Arabia Plans to Increase Refining Capacity
Country plans to diversify its economy, says oil minister Ali al-Naimi
By SUMMER SAID
Updated Feb. 25, 2015 12:26 p.m. ET
JAZAN—Saudi Arabia plans to become the world’s second-largest exporter of refined oil products in 2017 as part of its drive to diversify its economy and increase its share of the global crude and petroleum products markets, the kingdom’s oil minister Ali al-Naimi said Wednesday.
Yep there she goes. This inventory report is the perfect time to buy lately.
Par to slight beat. Should see higher oil later today with the good news from China and Brent's rise today.
Same here just filled.
LOL is the first report isn't official its obviously an estimate.
Good try though.
Still waiting for $2.00?
1) I am not pumping any range.
2) Have said all along I am holding a core and trading the repeating cycle.
3) Oil hasn't broken down to new lows like has been proclaimed 80 times a day here.
4) All my trades so far have been profitable.
No there is only 1 inventory report and there is 1 estimate the night before. These have been terrific buying opportunities.
The Friday Rig report has been a great time to sell after the rally is exhausted. Even with last week's somewhat disappointment I was able to close out a profitable trade.
Order in this morning at $2.89.
These may be the cheapies. Seems like nothing can get this lower.
Stronger dollar.
Huge inventories.
Lower rig shutdowns.
Nothing is pushing oil under $48.
We will see. API moved the market huge last week. Nothing today.
"IF" can be anything, also the market most likely has priced in the bad report because of the horrible weather.
Trading funds siting in cash overnight. I will prolly buy into the EIA report tomorrow morning premarket.
To recap the last 4 weeks EIA report:
4 weeks ago the EIA report crashed oil which hit the lows the next day, on Thursday, that week.
3 weeks ago the EIA report crashed oil which bottomed later that day.
2 weeks ago the EIA report hit at the same time the bottom hit.
Last week the low of the day was at 9:20 premarket well before the EIA report was released. This was a day late so not as much time between the rig report and the EIA report which may have sped up the reaction time.
Tomorrow I will put a buy order in early premarket and try to catch some cheap shares as more than likely this will be yet another buying opportunity. No matter what I will be in prior to the EIA report release.
So if oil tests and holds $48-$49 level again tomorrow post inventory report jump in with both feet?
Come on man. Last week's report was junk but this week's is laser accurate?
Seems really thin here.
Shorts need better arguments.
False, last week's API number crushed oil. Today it doesn't matter?
LMAO new highs coming soon.