Despite OPEC renewing its cut of 1.5m brls/day oil is very close to a 12 month low. Looks a combination of slow demand growth and substantial increase in shale prod. Even oil sands in Canada are producing more than before. WOR's SP is $1.27 (11.5%) higher than a month ago. Many producers are losing money at $50/brl and will capex in hydrocarbon sector be enough to replace wells that have peaked?
Oil could rebound tomorrow esp with M.E. a tinderbox. But right now POO is very weak and I imagine its not helping STO and others. Will SP reach $3.00 by week's close? Who knows but not inconceivable. Better safer stks elsewhere. STO was $5.oo 10 months ago.
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