Maybe the lenders participating in the MQG survey are the "kind & generous" banker types.
From what I understand of the methodology employed is an attempt to get a broad spectrum overview of what pricing bankers are thinking of. So I expect the Q1 survey to either have been done in Nov/Dec (using front month Jan/Feb futures for 2015) - well before the OPEC carnage. As you say though Q4 was already lower (maybe they were getting nervous with the trend).
I think its a clear indicator for the coming plethora of redeterminations - plenty more clues will come from the market via announcements. Have to keep watch. Might be nothing to see or something entirely unwanted.
SSN Price at posting:
1.4¢ Sentiment: None Disclosure: Not Held