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Thanks for the history there. Somewhat similar to what I've seen on the gas side with Appalachian production coming on in the last few years. The CME report is a good read.
Crude ended up in a relatively tight range today. I just closed my shorts with relatively small profits (was short at average 52.32 just prior to NY session). Next week might be very rocky for crude. All recent attempts to go higher were completely rejected and US production is on the rise as it was broadly expected. Decline in gas and disty production in PADD3 calls for some concerns though. Regarding rig counts, the count itself doesn't make any sense, what's more important is the "quality" of those idled rigs and efficiency of those that have not been idled so far. In other words, those idled rigs are usually way less productive than majority of horizontal ones (where percentage decline in numbers was smaller). These highly productive wells can withstand even bigger declines in prices. That paves the way for further increase in crude production. Patience, precaution and precision are key words now. Wish ya all a great WE!
Slightly oversold now, she may want to go back to 50 handle into the open. Small tactical longs at 48.85.
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