RE:RE:Oil's Major Support: $40/BThere is a large and growing inventory of completed wells in the US which are ready to produce within weeks or days and an additional quantity (850 in North Dakota alone) of completed wells waiting for fracking which could come on stream in short order. I believe the existing inventory could supply the US market for at least six months without
any new drilling at all. Drilling rigs and crews are cheap now and any company with zero or low debt is taking advantage of the reduced cost of drilling a well.
For those companies with high debt, they
have to generate income regardless of market price so in those situations, they will sell into the market or face bankruptcy.
This is worth following on a weekly basis too:
https://peak-oil.org/peak-oil-review-17-aug-2015/