Saudi raising priceshttps://www.bloomberg.com/news/articles/2016-05-05/saudis-said-to-boost-oil-pricing-for-asia-by-most-in-14-months
They can't bear low prices for too long. And OPEC meets next month ? If it was not Iran oil is probbaly 50+ now.
NBZ management better keep their words and keep the dividend , at least for this quarter, as WTI is well above 37. Or they will face a big trouble in shareholder meeting.
There is a lot of hedging sales in WTI 45, many low cost producers will short futures, yet WTI is still very strong. GLTA. We should also see a big narrowing in WCS discount with Fort Mac fire.