Recession just around the corner?

[moto.racerx]

Some analysts calling oil bottomed and settling this week

 

[neilsleder]

Some analysts calling oil bottomed and settling this week

Let's hope things are bad enough we don't need it getting any worse! I been watching the oil prices and have stayed pretty well around the 50ish mark for awhile now.


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[Summitric]

Opec did want to keep it a 50 for a while.... Looks like they're gettin' their wish

 

[800HMX]

Companies are bearing down, selling off equity (unheard of) to pay down debt or put a few bucks in the bank to pay the bills. This wouldn't be happening if the oil and gas price had bottomed out or was expected to rise in the near future. I think we are in for the long run (12-18 months) and I hope I am wrong.

 

[Summitric]

An energy experimental corporation, which is an arm of the alberta government, went through laying off 5% of the staff yesterday ....... Sign of things yet to come?

 

[sumx54]

CNRL brass all took a 10% wage cut today. Times are tough. That probably knocked their average wage from 300k a year to 270k....

 

[Bnorth]

Things are going to get worse before they get better. There is a massive over-supply right now so expect further racking of rigs, reductions of capital, and slowed production from operating assets. If the brass are taking 10% rollbacks what do you think they're going to expect from the little guys?

 

[LUCKY 7]

I really feel for those guys

CNRL brass all took a 10% wage cut today. Times are tough. That probably knocked their average wage from 300k a year to 270k....

 

[handyandy]

I heard rumors today that the US is storing a bunch of oil for when prices go up. They are running out of storage though, come summer prices could be a lot lower.

 

[Bnorth]

I heard rumors today that the US is storing a bunch of oil for when prices go up. They are running out of storage though, come summer prices could be a lot lower.

It's no rumour. They are importing 1M bbl/day more than they are consuming.

I don't imagine they are saving it for a rainy day but probably because they have contracts guaranteeing a minimum purchase amount so they can't just say no to the imports. They would have to cut domestic production too putting its own citizens out of work. Granted this is all speculation.

 

[teeroy]

active drilling numbers continuing to drop, of 766 in Canada we're down to 251 active....and dropping daily. saw MSS racking another one in their yard today.

funny how the patch slows and forestry activity goes nuts. they've been keeping us pretty busy around here, and 40 wheeler season is just around the corner.

 

[LUCKY 7]

Finning is working hard to dump 500 people. None in Sparwood as we even has guys in from other branches that otherwise would be laid off

 

[Marley]

The problem is that all commodities are down - from potash to coal to oil and metals. These are generally long business cycles.

Don't think it is time to freak out but we will be back to a more 'normal' hiring and firing situation - 40 hours weeks, no double OT, closer to average pay rate, less perks/bonuses, layoffs of less motivated employees etc.

No more getting out of high school expecting $100k/year and a new jacked up truck and expensive sunglasses - that is not normal or average most places in the world.

 

[Murminator]

Whew starting to get some breathing room been a busy winter I finally logged on after 2 months LOL looking forward to Syncrude shutdown in April so i can get a little break before water treatment season kicks in

 

[scrfce]

CNRL brass all took a 10% wage cut today. Times are tough. That probably knocked their average wage from 300k a year to 270k....

Had heard a few weeks back syncrude was trying to get 955 workers to roll back 10%, negotiated 6% and then heard they voted it down.

Any 955 members on here?

Most contractors have gotten the boot out of suncors camps too, they gotta get places in town.

Hear of a few layoffs and firings here, and people watchin every word and step they take but so far business as usual, no slow down in production as of yet.
We re actually short handed and the mines still hiring drivers

 

[800HMX]

It's no rumour. They are importing 1M bbl/day more than they are consuming.

I don't imagine they are saving it for a rainy day but probably because they have contracts guaranteeing a minimum purchase amount so they can't just say no to the imports. They would have to cut domestic production too putting its own citizens out of work. Granted this is all speculation.

Oil storage is at historic highs in North America. On Shore Caverns and Off Shore Tankers will all be full by summer. Then the oversupply will stop because there will be no place to ship the oil. The oil and gas needs to get through the system before any price recovery will happen and this won't be until late 2015 or 2016. Then oil hopefully gets to $70 and gas to $3.50 so some money can be put away for Capital/Drilling programs,

 

[rsaint]

Well i suppose the recession will be our fault also, just look in the mirror acording to Premier Prentice that its our fault for the money shortfall this government is missing. I suppose it is our fault for voting PC. The next election bring the mirror as a reminder.

 

[Joholio]

And vote liberal? Jeebus

 

[iceman5689]

I look at this differently. Great time to shed the fat and get production back to more stable business.Operation end rarely slows down as long as consumers demand is required.

 

[neilsleder]

6 Hun!


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