TSX:HSE.PR.B - Post by User
Comment by
oilandgasmickon Jun 08, 2016 4:56pm
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Post# 24948139
RE:RE:Hard to Believe
RE:RE:Hard to Believehttps://www.eia.gov/dnav/pet/pet_sum_sndw_dcus_nus_w.htm The EIA stats released today showed that U.S. oil production was actually up 10K bbls/d (last week figures) and I think that was enough to spook the herd. Undoubtedly, all of the people who say that at 50 bucks they "turn on" the taps again did some crowing today that they were "right all along." I certainly don't agree with that but right now most of the World believes that there is a glut that will last years. Thus, that 10k drop is more than enough to send the chicken littles running for cover. IMHO it will be like this until U.S. production drops below 8 million bbls a day. Then the light bulb goes on.