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Old 08-24-2015, 12:54 PM
 
222 posts, read 450,958 times
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It’s been a dark day for oil. For the first time in more than six years, oil prices have plummeted below $40 a barrel. The incident coincides with the stock market bloodbath in the United States, China and Europe.

BREAKING: Oil prices plummet below $40/barrel coinciding with global stock market "bloodbath" - Collapse News
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Old 08-24-2015, 01:00 PM
 
5,976 posts, read 15,285,078 times
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Default Does not look good...

Quote:
Originally Posted by p0opstlnksal0t View Post
It’s been a dark day for oil. For the first time in more than six years, oil prices have plummeted below $40 a barrel. The incident coincides with the stock market bloodbath in the United States, China and Europe.

BREAKING: Oil prices plummet below $40/barrel coinciding with global stock market "bloodbath" - Collapse News
If people thought the oil company layoffs were mostly done, they will need to think again. Oil companies will look to cut more jobs, unfortunately. Our company did not offer any interns jobs this year. Well, I'll say maybe one, but only to cover myself in case one was offered, but I am not aware of it. Things are going to get ugly if our 'friends' the Saudi's don't cut back on production. But then again, this is deliberate on their part to keep control of the crude market. The US should lift the bans of oil exports of this country, what a shame, we could be keeping the money local instead of sending to the middle east!

Last edited by HookTheBrotherUp; 08-24-2015 at 01:10 PM..
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Old 08-24-2015, 01:14 PM
 
2,047 posts, read 2,987,764 times
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The big elephant still have not done any meaning cuts (Exxon).

I think we will see accelerated bankruptcy of the smaller companies very soon.

Plus the fact the stock market tanked will not bold well for funding. Alot of the smaller guys are being kept afloat by the big service firms with them financing the whole operation. This cannot possibly continue.

I think a bigger round of layoffs will be happening before end of year.
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Old 08-24-2015, 02:08 PM
 
Location: Westbury
3,283 posts, read 6,057,119 times
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Stocks have mostly rebounded as it was traders over reacting. This is as of late this morning when I last checked

The China thing everyone knew was coming

Shell has done layoffs. Way better managed company than exxon. Id be surprised they have not done any restructuring

We are going to begin exporting to mexico

There is only so much a company can cut. A global company with any plans to stay global cant cut 20-25% and expect to rebound unless they were horribly glutinous (some were)

I know of several big projects taking bids for engineering firms. They've not been stopped and I dont expect them to be

I was around when oil was under 40. I dont remember the city panicking. Was I just not paying attention? Houston rode out the recession well despite it being low
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Old 08-24-2015, 02:16 PM
 
1,237 posts, read 2,022,358 times
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The big EPCs in Houston are slowing down but it's not to a grind yet. There are still long term projects moving, albeit more slowly. I also don't think it's as bad as it seems right now.
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Old 08-24-2015, 03:16 PM
 
73 posts, read 97,559 times
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Quote:
Originally Posted by testmo View Post
Stocks have mostly rebounded as it was traders over reacting. This is as of late this morning when I last checked
The Dow was down 1,000 points this morning, it rebounded, then dropped again to finish the day down about 600 points... that is a pretty horrendous day. I'd agree that it was a result of over reaction, as is most of the large moves on the stock market, but I would imagine this won't be a pretty finish to the year.
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Old 08-24-2015, 03:26 PM
 
Location: Houston, TX
17,029 posts, read 30,947,528 times
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There are a lot more massive swings these days as I think the electronic trading platforms move lots of shares in seconds. Then they react to all the other platforms actions and it starts again...
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Old 08-24-2015, 04:17 PM
 
1,743 posts, read 3,825,016 times
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We have had a bull market for several years, the time for a correction was imminent. Peaks and valleys it's normal.
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Old 08-24-2015, 04:26 PM
 
26,194 posts, read 21,625,027 times
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Quote:
Originally Posted by Oildog View Post
There are a lot more massive swings these days as I think the electronic trading platforms move lots of shares in seconds. Then they react to all the other platforms actions and it starts again...


It terms of points but in percentage terms the top ten declines only have one day in the 2000s top 10 % increases have 2 in the 2000s
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Old 08-25-2015, 09:21 AM
 
Location: Houston, TX (Bellaire)
4,900 posts, read 13,746,144 times
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According to news out today Texas is still creating more jobs then are being lost in oil Texas job growth stays on the rise, unemployment rate unchanged - KXXV-TV News Channel 25 - Central Texas News and Weather for Waco, Temple, Killeen |
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