WTI is at USD 60.-. People tend to forget that long before COVID shale went through rough patches and we were told many times that shale could keep drilling below USD 40.-. If this was true they must be knitting money right now. No wonder they crank up the engines and get scratching dirt again. I would if I were them. Remember how fast shale reacts to moderately higher prices and how log everyone else takes to get going. Shale has its Mojo back.
The Permian Basin, the U.S.’s most prolific shale patch, will produce crude oil at levels not seen since the start of the pandemic in the latest sign the global economy is heating back up.