Recession just around the corner?

[teeroy]

Edmonton Journal reporting closer to $50 at close today?

dunno, just googled "oil price" and saw this Oil Price: Latest Price & Chart for Crude Oil - NASDAQ.com

 

[TylerG]

The TSX energy sector has plunged almost 12% this month as supply issues continued to drive the price of crude closer to US$40 a barrel. But on Tuesday, the sector gained almost one per cent even as April crude on the New York Mercantile Exchange fell for a sixth session, down 42 cents to US$43.46.
Prices had found support around $50, but the International Energy Agency warned last week that the recent stability in prices at that level was likely premature.

My Bad...... TSX rises as energy stocks turn higher, traders look to outcome of Fed meeting

 

[pfi572]

That's WTI also and not Canadian .
Ours is way less .

 

[250mark1]

Canadian oil trades at a discount to wti pricing aprox 20-30 % the world oil market trades on Brent pricing which is 10-20 more than wti.
Wti pricing is heading for the 30 dollar per barrel range as predicted months ago supply global storage stock of oil are thought the roof and demand is down until the USA or Saudis cut production the price will stay low

 

[Redturbo]

6000 + people have left Lloydminster, 250 houses for sale, 130 of them are empty.
Hopefully theft doesnt start. Pretty doom in lloyd right now

 

[sumx54]

Talisman announced 200 jobs cut in Calgary office. ConocoPhillips, 200 jobs gone also from cowtown.

 

[Bogger]

Surprised they are not doing them 49 people at a time to keep their names out of the papers....

 

[calgaryyz250]

None of these numbers include contractors. I've been at NEXEN long lake a couple months and they've cut at least half in their projects groups.


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[LUCKY 7]

Finning shut down the Castlegar branch as of April 17th

 

[DRD]

Numbers are adding up, buddy's wife lost her job a Conoco. Seem quicker than any of the other downturns I've been through, it's not looking good.

 

[steveo10]

Lots of pipelines going this coming up spring. After road bans are off the flood gates are opening!!

 

[Stg2Suby]

I'm on contract to one of the majors and just took 25% cut but still working at least, my buddy on contract with another major sounds like he's done in 3 weeks.

 

[pfi572]

Lots of pipelines going this coming up spring. After road bans are off the flood gates are opening!!

I guess you will see buy this fall how much the flood gates opened .
Might be some work going on but if your working , your working for cut rates and if not you know somebody in a high place signing the invoice. Lol

 

[Haggis]

Buddy of mine just got undercut on an upcoming pipeline job - he bid the work at a 50% reduced rate from working for them last year and that wasn't good enough. Winning bid was $2200 for a 24hr rate with 12 hr shifts. for a fleet of tri drive straightvacs. All new equipment. That's less than $100 an hour for a $400,000 truck...........with operator.

 

[Stompin Tom]

Buddy of mine just got undercut on an upcoming pipeline job - he bid the work at a 50% reduced rate from working for them last year and that wasn't good enough. Winning bid was $2200 for a 24hr rate with 12 hr shifts. for a fleet of tri drive straightvacs. All new equipment. That's less than $100 an hour for a $400,000 truck...........with operator.

I think what your seeing is exactly what the big companies want, a market correction for the cost of equipment. The patch rate has been significantly higher than other industries for years now. A drop in contractor rates will be one of the short term effects of the rollbacks.

 

[DRD]

Company I know got a letter from Husky saying they will only pay $91/hr all in including mileage etc. for a mechanic (rotating equipment). Not much cushion for profit when a guys wage eats up half not including his burden costs.

 

[Summitric]

Therein lies the problem? Wage rollbacks are next...


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[linktel]

6000 + people have left Lloydminster, 250 houses for sale, 130 of rom Lloyd aare empty.
Hopefully theft doesnt start. Pretty doom in lloyd right now

Im from Lloyd as well
I had heard some truck had gone back to the dealers and the bank but hadnt heard about the house for sale.
I am shocked to hear that so many people have left
The line up in Tims is shorter in the AM though
I have really slowed down

 

[Summitric]

That's so sad to hear... Hope Lloyd can pull through this slump


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[Stompin Tom]

Therein lies the problem? Wage rollbacks are next...


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Yup. First the layoffs, gets people on the edge, then a notice on rollbacks, guys are happy it wasnt a pink slip so they tighten their belts and carry on.