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.
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Last
$24.93 |
Change
-0.470(1.85%) |
Mkt cap ! $47.33B |
Open | High | Low | Value | Volume |
$25.19 | $25.31 | $24.93 | $177.5M | 7.047M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
8 | 48759 | $24.92 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$25.00 | 105906 | 3 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
6 | 7163 | 24.920 |
9 | 21026 | 24.910 |
58 | 27724 | 24.900 |
4 | 11786 | 24.890 |
15 | 9199 | 24.880 |
Price($) | Vol. | No. |
---|---|---|
25.000 | 105906 | 3 |
25.010 | 3000 | 1 |
25.040 | 300 | 1 |
25.100 | 14148 | 6 |
25.110 | 18643 | 1 |
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