In regards to DUCs wouldn't the exhaustion for DUCs be bullish as to increase supply E&Ps need to ramp up Capex pushing up oil break evens to >70$/bbl wti? If they E&Ps have to meaningfully increase Capex then that sets a floor for crude oil until they do decide to ramp massive Capex programs. Natural gas on the other hand could still perform badly due to shale E&Ps dumping it into the market.
In regards to DUCs wouldn't the exhaustion for DUCs be bullish as to increase supply E&Ps need to ramp up Capex pushing up oil break evens to >70$/bbl wti? If they E&Ps have to meaningfully increase Capex then that sets a floor for crude oil until they do decide to ramp massive Capex programs. Natural gas on the other hand could still perform badly due to shale E&Ps dumping it into the market.
In regards to DUCs wouldn't the exhaustion for DUCs be bullish as to increase supply E&Ps need to ramp up Capex pushing up oil break evens to >70$/bbl wti? If they E&Ps have to meaningfully increase Capex then that sets a floor for crude oil until they do decide to ramp massive Capex programs. Natural gas on the other hand could still perform badly due to shale E&Ps dumping it into the market.