72 comments on Horizontal and Vertical Well Production
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It bounced off of 50 pretty hard today. Today was options expiration so it had every chance to break 50 and it didnt.
Remember, there is no FUNDAMENTAL reason for oil at $50, or $80 or $20 or $1000. It all has to do with immediate supply and demand. Recently, due to warm weather, there has been plenty of current supply. And as PG pointed out in a post last week - Goldman Sachs reweighted their GSCI index which many pension funds are linked to so there was a spate of futures selling. Personally I think its overdone and we are due for a pretty quick $5-$10 rally. But the only thing Im VERY confident in (barring a world war or bird flu) is that we will be significantly higher in price 5 years hence.
By the way - the back months (2012 is what I watch) did not break the lows of two months ago whereas the front months are more than $10 below those levels.
By the way - the back months (2012 is what I watch) did not break the lows of two months ago whereas the front months are more than $10 below those levels.
I'm glad you pointed that out. For quite a while there, those back months exhibited backwardation. Contango for the front months.
Now we have contango all along the curve.
If prices rise with that contango intact, chaulk one up for peak oil.
A.