Thread regarding Chevron Corp. layoffs

WTI is tanking again. Down to $49.87. Maybe today will be the day it closes below $50

Natural gases prices in some places in Texas have fallen below zero, i.e. people are paying to have someone take it off their hands. https://finance.yahoo.com/news/natural-gas-prices-fall-below-000000101.html

WTI now at $51.22. Some pretty crazy times in the oil biz.

It is now at $49.74 at 9:15 central time. Not good for you Chevroids who think that you are too good to ever be laid off.

@kuua, Trying to be funny? Once it heads into the $40’s it’s likely to get caught in that range for a while and that won’t be too funny if you’re employed in the energy sector. Or maybe you didn’t think it out that far?

That’s very observant. If it goes below $50, it will be nearer to $45.

Watching the business channel and WTI is bouncing between $49.96 and $50.05. Will it close below $50 today? If it does, then $42 - $45 is not far away.

Oil closed Friday at $50.42, down over 30% in 7 short weeks. I wonder if on Monday or during the week it moves further down into $40-something? If it does, the real sh!t will begin to hit the fan. Don’t count on much of a CIP bonus for this year.

I think one reason Chevron does so well is all the smart people who are able to predict when oil prices will go up or down, as evidenced here.

How many of you also make big bets on oil or gas futures to supplement your income? Ever heard of James Cordier's optionsellers.com?

I’m convinced oil will not reach $80 for several more years to come, outside the chance of a serious international incident involving a middle eastern producer or Russia for that matter. Otherwise, prepare for further price sliding. A slowing global economy and increased oil production is a recipe for very low oil prices for all of 2019 and maybe 2020 too. Chevron will be revisiting lay-offs again like in 2015/2016. Pay down your debts and save all the money you possibly can, especially if you are over 50 and highly paid.

Frankly i think whether or not oil prices go up or down is anyones guess. Earlier this year they were confident oil would hit 100 by end of year. Its easy to say i told you so or i saw this coming after the fact.

WTI closed at $50.42. Glad the week is over. Monday will test the fall into the $40's. If it happens, then watch out for a re-run of sorts of 2015-2016. All of the world oil production/consumption reports indicate a steady oversupply for 2019. We will see.

Oil industry is in terminal decline. Wake up, fossil fuel is wrecking the planet.

It’s possible we could see oil dip below the $50 level today. Once we see 40-something per barrel, the price could slip even lower. Not a good thing for CVX to end the year with.

It is now $51.10. Just 6 weeks ago everything seemed fine. Another Industry downturn right around the corner.

Who would have thought oil would crash again. Definitely a good time to load up on that winter heating oil.

Just turned on the TV and oil is down to $52.15 and DOW futures are down 119 points.

The Trump Administration’s formal stance cutting the Saudi Royal family some slack in not accusing the Crown Prince with responsibility for Jamal Khashoggi‘a murder is another reason why the price of oil will remain low. In a behind the scenes deal with Trump, the Saudi government promises to pump all the oil needed to maintain oil prices low. Go against that deal and Trump will stop military armaments going to them. One way or another, we have the Saudis eating out of our hand. Checkmate.

Shale oil should open up the taps, drive that price down and cripple the competition. There isn’t room for all the players so those with weak balance sheets or debt up to the eyeballs need to be culled.

@cyri, Then you are referring to me. I’m a CVX employee with a mountain of cash on the sidelines and watching this stock market slide. By the time I’m convinced the market has corrected completely, I’m back in and building Mt Everest.

People on here spew out garbage about the oil price thinking they are big players. You aren’t, you’re nothing nobodies earning peanuts every month. Leave the comments to the big bananas with a mountain of cash who know what they’re talking about.

@crns, most people already are convinced you are a clown with no real skin in the game. You mock rather than offer any meaningful contribution to the thread because you have nothing to lose, literally.

Yes, Market timing , that's simply Fabulous advice! I'm all over it. LMMFAO!!!

From the look of things, the US Stock Market is heading down the c-apper. The term “correction” will have a new meaning when it’s all over. This downward spiral is heading into the first half if 2019 for those who need a hint. Don’t go retiring or getting laid off any time soon, kiddos. It will take a year, if we are lucky, for our 401k balances to come back to even keel. Don’t sell if you’re invested, it will recover. But for those who have been sitting in cash and waiting, your best days are coming up. After this downturn is over, if you position at the right time, you’ll be riding a gravy train like no other.

It is now $53.26, down 6.89%. Get ready for the 40's.

Oil is down 6.6% to $53.43 at 2:50 pm Eastern this afternoon of Nov 20. That’s a huge drop. More to come? Looks likely.

It is now at $54.29, down 5.09%. The dead cat bounce is over.

The recent spike in the natural gas price and subsequent speculation is due to the rupture of an Enbridge-owned natural gas transmission pipeline on October 9, British Columbia and is facing a shortfall of natural gas this winter. Even though the pipeline has been repaired and returned to service at a limited capacity, this may not be a sufficient natural gas supply to serve its customers through the winter. This speculation in NG prices will subside by the end of winter.

If you over-produce a commodity, the price goes down. Who would have known....oilies are not the sharpest pencils in the box.

Just think of what the price would be without all of the screw ups and trouble in Venezuela, Libya, Iran and Nigeria. Iraq is purely political, but if they are included, then the price could easily be $10-$15 lower, maybe more. Instability in major oil producing countries is helping many of you to stay employed.

Maybe it has something to do with some serious hedging. Natural gas was down a whopping 19% today. That’s right - nineteen percent.

Pretty obvious that it’s a hedge fund(s) caught on the wrong side of a long oil / short natural gas trade and have to get out of both at any cost.

Is anyone paying to the natural gas price? At 2:00 this afternoon it’s up 17% on the day. Now priced at $4.80 MMBTU. That is a 15 year record by my recollection.

Nothing will hurt the saudis like low oil prices. Maybe this is revenge for khashoggi.

It’s almost like oil is a cyclical commodity. Who would have ever guessed?

Indeed, 5jzl. An excellent buy, but not yet. CVX will dip another $10. Buy it then.

Could be a historic buying opportunity!

Oil is down and falling in after hours trade. CVX was down almost 2% today to $115.35. But look at natural gas, while down today by 1%, it’s still right over $4 per million BTU. Maybe it’s the speculation of an early cold and long lasting winter. In the short run what is guaranteed is there’s a worldwide oversupply of oil and prices will continue to fall as energy demand will not pick up too quickly. So glad I sold my CVX holdings at the last recent stock price peak.

And it continues- now at $55.69, down over 7%. Who would have thought? Over a month ago, all of the 'smart' people predicted WTI near $100/barrel. Oops.

WTI now at $56.09, down over 6%. Seems like 2015 again. Ah, what a lovely year that was.