Important level that oil is back at. Technically, there's some resistance here. Even if oil goes back to 36 it would still be a normal move in this overall downtrend.... and to try to get a grasp on fundamentals is too difficult right now. I think it's important to pay attention to technicals.

One thing different this time to the last big oil downturn is that a lot more of the shale assets are now owned by the majors who won't crumble as quickly as small producers.

SMCJB 

One thing different this time to the last big oil downturn is that a lot more of the shale assets are now owned by the majors who won't crumble as quickly as small producers.

I've quit trading oil. It's a DOG, complete dog. What takes two to three hours on one setup can be done five or six times on the ES, same setup. Just pull backs. I mean it moves in big distances, but just a dog for patterns. The ES used to be like that. The ES now looks like oil did about two months ago.