Oil prices topped out at $147.27 on July 11.
Stupid question: They are pumping natural gas out of the Barnett Shale, right? Do low oil prices also mean lower natural gas prices? And, if so, is this the beginning of the bust we all fear?
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10.16.2008
Let's Support The Barnett Shale?
Oil prices topped out at $147.27 on July 11.
Stupid question: They are pumping natural gas out of the Barnett Shale, right? Do low oil prices also mean lower natural gas prices? And, if so, is this the beginning of the bust we all fear?
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18 comments:
just evidence of price gouging by big oil, they charge what they want and consumers will pay the price
11:39, Have you ever heard of supply and demand? I didn't think so.
It's Barack Hussein Obama fault!!!
Now I know Barry being a very liberal doesn't like when people use Hussein full name!!! But that is his name! Just don't see it. Having a Pres with that name!!!
The answer is yes, the bubble is busting. Natural gas is trading in the 6-7.00 range now down from 13-15.00. There are several articles about the projected reduction in new well exploration in the Barnett Shale. There are 3 more fields located in other regions across the nation that have more to offer for lots less drilling expense. I for one would be willing to bet that they shut production down to create a false shortage to attempt to bolster the price....wanna bet ?
11:39 is right. Once again, when you have either no regulation or regulation in name only, the price gouging will flourish. Greed is what it is called.
"Evil wins out because good people do nothing."
The bust is here. CHK will struggle to survive. Contracts will be cancelled left and right.
1:05 Who is CHK? Is this bust the real thing? Or is the wool being pulled over our eyes one more time?
Ya never know with the oil companies and our government.
In a word: yes.
I do not know if the bust is here or not, I think it is, but I am not sure. Does anyone else think it is odd that we have a major hurricane, shut down refining, and the price does NOT go up?? WTF is that about? My business is sensitive to fuel cost and this shit is not coming down near as fast as it went up. If oil is trading at a 14 month low, why arent we paying the price from 14 months ago??
Natural gas is not directly tied to pricing for oil but they trend pretty much the same. I think we will see a definite long term contraction and that will spell serious trouble for everyone in this industry. The gas companies are paying much less for leases in more prolific areas. The economics of the Barnett Shale at $6/mcf gas just don't make sense (Marcellus, Haynesville). This recession has very sharp teeth and is going to bite lots of heretofore wealthy people, not to mention folks like Joe the Plumber (Am I the only one who is already tired of him as "everyman"?) So the answer to your question is "yes." And I might add: "goodbye Barnett boom-we hardly knew ya".
Foreign investors sell bad loans to American financial institutions.The bottom drops out of the stock market.Foriegn investers buy up cheap stocks. America opens federal reserve dumps trillions into ailing,failing market.Foriegn investers dump huge amounts of stocks sending market down again.Oil will go way down, it will be bought cheap and sold high...again foriegn investors reaping what we have sown.
Keep feeding the monster it has a huge appetite for destruction.
The killing of America from the inside out.
Here's somethin I was thinkin about earlier.
We all know the "H" in that Brock Obama guys name is Hussein so....
Years ago when my Mom would get pissed about somethin she would say Jesus H Christ and now I was wonderin if it stands for Hussein or somethin.
I guess it's true; the Barnett millionaires are going to be the next to file for bankruptcy and blame it on Fannie and Freddie or the poor people. Rich people always have someone else to blame, poor people always assume it's their own damned fault.
OMG, an OIL and GAS BUST, right after the McMANSION BUST? Say it ain't so, Joe!
What's gonna happen when all them speed freakin' rough necks and tank truck drivers stop gettin' their paychecks, can't get any more beer, cigs, 'roids, meth and such, and their big white dually trucks and house trailer's are repo'd?
We should all live in fear up here in the Barnett Shale. True anarchy is about to descend upon our asses.
Thanks Mr. Bush, thanks a whole lot.
I would not worry one bit about the Barnett. Plenty of holes have already been poked. Plent of holes completed. It is natural to see activity slowing down. That, along withe the fact that we are coming out of an articially inflated boom....
Think of this as a combination correction and slowdown int the Barnett.
and yeah, the haynesville is where the action is picking up.
Mikey,you don't know the depth our holes have been poked.
BS! Stop panicking morons! 4-6 dollar gas is still profitable. This will just make it a little cheaper to operate. The ones that are going to take the biggest hit, is the mineral owners who have been reaping all the benefits of high gas and outrageous lease bonus's.
7:16pm... Oh, usual TD of about 7000 to 7500.
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