SA won't cut, they just burrowed Billions to keep their government going and they'll have to pay it back. $12 by May 1st. After that it all depends on Rig counts and Permits in US.... Wake me up below $1.
Oil permits in TX are going up as well, this looks the end of all profitable oil trust. SDR overstated their reserve estimates, PBT has more workover wells than they can address. Here's a toast to the glory days.
I wouldn't be so sure of that, 400 new oil drilling permits issued last month in TX alone. The industry has to consolidate for oil to really recover long term. Since BPT is back inline with the price of oil, I'm selling and waiting for the $11 price target or a major oil buyout to occur before getting back in.