I agree, based on the reduction in development activity within 12 months price will settle down and bounce around at a point where there is enough supply to reliably meet demand - $60 to $80 range IMO but as full-tilt explained existing wells need to deplete combined with lack of exploration and recompletion. Its a gradual process.
A caveat - if the price goes low enough for long enough the eventual recovery will be rapid and dramatic and will likely overshoot the long term natural price level for a short time. Think of it like stretching an elastic band the further you stretch it the more powerfully it will snap back.
OSH to reject $11.6b deal after WPL talks canned, page-44
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$28.90 |
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| Open | High | Low | Value | Volume |
| $29.20 | $29.26 | $28.86 | $81.41M | 2.802M |
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| No. | Vol. | Price($) |
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| 8 | 819 | $28.89 |
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| Price($) | Vol. | No. |
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| $28.90 | 5269 | 23 |
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