World Petroleum Conference underway in Istanbul, might hear a few soundbites around the sidelines regarding deeper output cuts over next few days, could kick the bears out of comfort zone. US driving season getting going about now also. Have to see if US inventory data continues the trend of draws.
Ultimately, US shalers are pumping more than ever, not because they are making money, but because they are making so little money, they have to pump more to service the debt. They are draining reserves but cannot afford further exploration and easy finance will never be there again. US output curve will inevitably fall of the cliff, just a question of when, not if. Then the Saud cartel can manipulate POO to $125 or whatever they like.
World Petroleum Conference underway in Istanbul, might hear a...
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