RE:RE:RE:1.61I'm long oil as of 15 mins ago, i think OIL is stupid cheap right now, its definitely oversold.... could and most likely will go lower, but when the shorts decide to sell and go long... we will get a major bounce. I'd rather get in now.... and ride it out on HOU.TO. The contango effect is almost non-existant as future contracts trade within 30-40 cents.
Very few producers make money at $56 WTI, only problem is the lag on production numbers for US SHALE.... they are probably just starting to cut back now.