US oil production to fall off the cliff come November. Current production at 9.3 mmboe per day. Predictions are US oil production to be around 8.5mmboe by end of March. With demand still increasing in US thanks to low oil prices.
Drilling and production cost in US shale oil around US $ 50. So fair price for oil would be around US $60 WTI. Or Brent US $64. Should be there soon. Saudi will be happy with that. Markets will sort the price out. Currently, oil traders setting oil price. Not for long.
DLS Price at posting:
55.2¢ Sentiment: Sell Disclosure: Held
