Look For Continued Pacing Towards $100 Oil
Yes, we are pacing towards $100 but don’t think that this is in any way comparable to the almost $150 in 2008. And I am not even talking about inflation that starts to be more than just an insignificant figure to us. No, in 2008, shale oil was still some kind of fly on the wall. It was the moment when shale got its first big boost but there was still a lot of uncertainty over it. Break-even prices were supposed to be around $80. They are about half that now and even lower. Today’s shale operators are much leaner, have a to of experience, and won’t lose it easily again.
Rigzone's regular energy prognosticators look at increasing energy prices, U.S. supply trends, COP26 fallout and more.