Regular readers know my argument, "rigs don't matter (don't take that out of context)."
This is really quite fascinating.
Scrolling through social media tonight, it is obvious that the argument is not settled. I think this will be fascinating. It will be interesting to see what plays out over the next twelve months:
- global supply / demand;
- US supply / demand;
- North American supply by basin;
- Canadian supply;
- CBR vs pipeline
- whether oil companies focus on FCF or expansion;
- the price of oil one year from now;
- canary in the coal mine: whether President Biden grants a waiver for leasing on federal land in New Mexico;
- the DAPL;
- whether US shale can "turn on a dime" (I think it can)
- will rig counts increase appreciably?
- will pace of permitting increase in the Bakken in 2H21?
From social media tonight, not in any particular order:
