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The frac-log (wells waiting to be frac'd) may be stretching out in part due to a lack of frac crews available to do the work. During the downturn a lot of these people found other work, and have been slow to return.
Also, the multi-stage frac's they are doing are very expensive. Companies will want cost effective infrastructure (pipelines) in place to move the product before committing to complete a well. There was a time when crude prices were higher this was not necessarily the case.
But you are also correct that getting the well drilled certainly opens the door to more leverage opportunities for the company. In many cases/regions you have to actually drill on a lease within a set period of time in order to maintain
the lease.
What you see on my charts are channels with interior support / resistance lines to guide me as price bounces from one side to the other. On this chart I have two channels. The down trend and now the trend up. The top resistance is about 49.36 where it intersects a downtrending line. I also use a couple of moving averages to support trend direction identification.
Price did reach support and bounced. The process was too volatile for me to trade it. Now price is at resistance. I will sit back and see what happens.