Oil is trading through an important level here, with avengeance. Let’s see if the bulls can hold price above $46 into the close. Here’s an hourly look:
Note: I bought more long more $RIG & $SGY (Noted real-time in Exodus chat)
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Texas increased crude production 3% to 23,000,000 Bbl/day
At $50 Bbl that’s 1.15B / day and 420B per year.
The Texas Railroad Commission is quietly clawing back pricing controls given to OPEC during the Arab oil embargo. This should take a couple of years.