RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:Good morning $90 oilGood point. US shale can squeeze out a lot of oil yet but at $90, not $70. The glory dsys resulted in a reserve of drilled, uncompleted (DUC) wells that could be tapped into for swing production but those are all used up now. Any resurgence of US shale will be telegraphed to the market by a rising rig count. At this time, the rig count is still falling.
In my view, the Law of Unintended Consequences is about to cause oil traders some grief because they have spurned fundamentals in favour of overweened financial narratives too long while the Saudis are busily mowing their lawn/eating their lunch.
whether or not this price action lasts long enough to benefit Gear is debatable but there is no doubt it is making money and will in the long term. Patience.