When will Shale Prices Rebound?

[Richard Snyder + 70]

The article on Oil Price seems a little too optimistic.

North Dakota, the #2 oil producing State appears to be quickly giving up this title.  Currently things are looking rather dire; Only 10 drilling rigs operating in the State.  Current production is down over 30% to only a million barrels per day.  One fracking crew operating in the State.  This must be one of BJ's.  Haliburton has closed it's Williston operation, Dickinson operation and it's Richardton Frac Sand depot, and has these properties listed for sale.

Definitely NOT PRETTY in The Bakken.  15,000 plus jobs lost.  Going to be quite some time, til The Bakken can overcome this round.

 

[Gerry Maddoux + 3,627]

Where is the oil going to come from? Saudi Arabia?

Would you produce oil in ND and well it at $30/barrel when it cost about $40 to produce it? 

The Permian crews pretty well ruined the market, filled up the storage, and then the Saudis flooded the market, blocking ingress and egress from the Cushing Hub there for a while. 

No one is drilling. No one is exploring. Everyone including Art Berman is saying that we're back on Saudi dependence. 

Great. The rig count is 165 in all of the US. What does all this mean? It means that there's going to be the mother of all oil shocks in a few months. I hope it happens during the winter so the Greens can get a taste of life without oil. 

The Saudis are laughing, especially that psychopath Mohammed bin Salman. But he really had no clue how quickly the rig count can go from 165 to 561 when the price of oil climbs to $70. 

I agree, it's ugly out there, especially in the Bakken. And that's great, because it will turn around. Great time to buy royalties.