Very insightful. At $55 oil I might have had a few arguments, but @ $45 oil, I think it is right on and it may be even worse.
US rig count is down to 1,750 on Jan. 9, compared to 1811 January 2.
But the total Canadian rig count has gone up in the same week from 208 to 363 netting an overall North American increase in active drilling rigs to 2116, up from 2019.
I think the Keystone pipeline could be a game changer for shale frackers.
I read a couple of weeks ago that Canadian oil could be allowed to be exported, even it comes into contact in the pipeline with oil from the Bakken.
It gives Canada a chance to put oil on the world market, while cutting the transportation costs of Bakken oil to Cushing OK, making that shale play potentially more profitable, even at lower oil prices.
Short term there is gonna be some pain. There will be (and its already starting,) oil companies that default and BK. There will probably be several small cap oil stocks that wont be able to maintain there big board listings and fall in to the deep cold water of OTC trading.
We saw that happen in the real estate ABS crash a few years ago.
I am still looking to swoop in and grab some oil stocks as long term holds, which is why I am not actively trading any contracts at the moment. Haven't been for awhile.
I am still looking closely at charts, but trying to cherry pick a few potential long term plays in the sea of red.
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