Wait until oil prices rally And they will.
1. China will start moving with recent stimulus.
2. China will be buyers here for sure.
3. US rates to come down with 2 cuts expected in H2 2024.
4. Draws will continue as gasoline prices reasonable and it's summer. Might be 1 week of builds.
5. More SPR repurchases likely.
6. At this price rigs will come off again.
ML