Still Burning Oil

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Nobody knows anything. Also, we never hear about the times they're wrong, which I guess is about half the time.
 
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Predicting what oil will do between now and 2020 is absurd. I've been watching Crude prices for over 20 years and it just doesn't work that way. Something could happen next week and make it skyrocket or make it plummet. That's like predicting what the stock market will do in the 4-5 years. Global demand is down and the world economies are not as bright as some would like us to think.

It's not the Saudi's that bringing the price down right now, it's Iran.
http://www.bloomberg.com/news/articles/2015-11-05/iranian-oil-goes-back-on-the-market
 
It's not any one country.
All the oil reservoirs are full and everyone is still pumping like mad for dollars.
If it's not dollars to run a government it's dollars to pay back loans made to pump it out, in some cases even at a theoretical loss.

Iran's increased production isn't affecting the glut now but it will when and if more of it actually starts coming out of the ground.
Just because they've had sanctions imposed on them doesn't mean they haven't been inventive is moving some of it. Sanctions are no different than speed limits. Rules that are being broken all the time.
 
I've had the thermostat for the oil furnace set for 62F and have been running the pellet stove, the oil burner hasn't started, so the pellet stove is keeping up with demand.
I'm doing just the opposite, Have the NG furnace set at 67 and run the pellet stove just in the evening to get living room up to 70. Looks like I will have a lot of pellets left over for next year.
 
I'm doing just the opposite, Have the NG furnace set at 67 and run the pellet stove just in the evening to get living room up to 70. Looks like I will have a lot of pellets left over for next year.
Of course, I have no pellets, didn't buy them. Not at these oil prices vs pellet prices, plus a bum knee ( just had surgery last Thurs). I might buy a few bags around Christmas so we can make a glow and have a little stove heat for ambiance. But oil will be the main heat this winter. Even if I had pellets in stock I had planned on oil as the main heat this winter anyway. That means set the heat at what I like and run the stove in Stove Temp mode to help out in the real cold weather only. Vs cranking the stove and setting the heat to backup the stove.
 
They might have to rename the pellet forum.
 
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They might have to rename the pellet forum.
If someone was real ingenious they could figure out how to turn a top feeder pellet stove into an oil burning stove. Now that would make sense ! I don't think my bottom feeder is eligible though. But I did see where a guy took a P61 like mine and turned it into a coal stoker burning rice coal, HMMM !
 
I have an oil burning stove. It's called a furnace.
 
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I'm in NW Ct and will top off Oil Tank @$1.83 a gallon! Don't know how long Indian Summer will continue but the 2 Tons of Okies in the Garage will stay where they are till Temps get into the teens and stay there! Oil for Shoulder Season. Yellow Dandylines in front yard? Maybe Winters over?Hahaha! Snowblower ( David Blowie ) gassed up, ready to go at the drop of the Hat! This is New England after all!
I'm in NW CT as well but our oil isn't that cheap! I'm jealous!
 
I sold my pellet boiler to a guy in central VT. Oil prices up there are still making the 5 tons he bought in August a better deal than oil.
Transportation costs are still high in places.
Fracking wells don't produce as long as normal wells, the price will come up again slowly as fracked wells drop off and market prices keep new well costs too high to get a return. Plenty of used drilling equipment going to the scraper right now.
 
I sold my pellet boiler to a guy in central VT. Oil prices up there are still making the 5 tons he bought in August a better deal than oil.
Transportation costs are still high in places.
Fracking wells don't produce as long as normal wells, the price will come up again slowly as fracked wells drop off and market prices keep new well costs too high to get a return. Plenty of used drilling equipment going to the scraper right now.

Fracking has pretty much stopped and is not the reason why oil prices dropped. Saudis are determined to capture significant market share and are pumping like crazy, ignoring request from OPEC to reduce production. When Iranian oil hits the market, they'll be more downward pressure on prices. The weakening Chinese a economy also had a significant effect since they are not buying the quantities they did last year.
 
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Eagle Ford in Texas and Bakken in North Dakota production is declining but the output of Permian alone is increasing almost equal to both of their declines combined. Gonna be interesting to continue to watch.

What is gonna happen is the majors buying into the future for chump change picking up the guys that are going broke. When I was in the business we called it drilling for oil on Wall Street.
 
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