Market TighteningSome big buys today on 1.7 mm volume. The Bull narrative appears to be holding and significant draws will be encouraging but will the generalist investor come back? Will PE and funds return to the energy market or will energy resort to blowing down reserves and returning cash flow to shareholders until there is nothing left?
Obviously the lowest cost structure entities globally will last longest. US shale is already facing this hurdle,trying to avoid drilling Tier 2 acreage while oil sands with huge reserves will prosper. GXE will face the reserves conundrum sooner rather than later with ~5 years left at 6/k/d.