I agree.
An interesting take on the events of the last two years below might suggest oilers are priced to $60/barrel.
If that is the case then most are priced fully by the market.
Gains in value are available due to new discoveries, new upgrades of current reserves, T/O activity, gains in production and operating efficiency.
Make no mistake the support industry will wish to reinstate margins as soon as they see oilers increasing profits.
So that squeeze is still to come.
AWE Price at posting:
59.0¢ Sentiment: None Disclosure: Not Held
