STO, ORG and the likes of BPT and quite a few others will move...

STO, ORG and the likes of BPT and quite a few others will move roughly in line with the POO (taking into account other factors like CR's Hony's etc).. Speculators will make some nice coin on these moves & good luck to them - I speculated on the STOR's myself and did ok..
This rally may have a bit more in it - who knows?  one thing I do know is that STO will move roughly with the POO up or down as any graph will show you - and the first hint that this rally is going to run out of puff the specs will dump this quicker than you can blink to maximise profits - this will mean ongoing volatility until we are on a real upward trend.

The rig count doesn't have a lot more to fall IMO - I would not be surprised to see a slight rise in the coming weeks as reported the banks are going softer on the US shalers now as they are feeling more confident from this rally and the belief that the bottom was reached in Feb and the banks don't want to end up owning those oilers - cheaper to let them keep operating especially if there is light at the end of the tunnel as is widely believed towards the end of this year.
I do think the POO will be capped by the shalers which is why I wanted to see STO go harder on cost cutting and cleaning out the dead wood - the shalers are starting to export now to Europe which in time will put pressure on Brent - they're also just starting to export LNG which won't do wanders for the world gas market either..