RE:No more positive newsWe'll be back up over $50 next week (or possibly tomorrow due to a short covering rally prior to the long weekend). I wasn't expecting much of a bounce today because the OPEC deal was priced in (we needed either a deeper cut, 12 months, or more countries joining the deal), but today's selloff was just technical nonsense.
One major flaw in the bear argument is that shale has added 1M barrels when in fact the vast majority of US production growth has come from the gulf (off-shore). These projects were drilled and paid for in prior years. You will now see US production level off - this is key.
I see oil bounding between 50 and 55, not good enough for BTE, but there are plenty of other companies that can thrive at this level.