Quote:
Originally Posted by Donger
Well, so much for that...
Crude up almost 7% right now at $41.26
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I was on a Conf Call earlier this morning and we were discussing WTI pricing. While it's nice to see the price "pick up", there's going to be a lot of driller's on the sidelines until they see some sustainability above $50/BBL. We heard Concho Resources, the largest independent driller in the Permian Basin (WTX), just made the decision to lay down all their rigs. If true, that's a pretty big signal to the rest of the market.