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I have been bearish cyclical names like Dril-Quip (NYSE:DRQ) for years. I believed the stimulus-driven economy could not prop up oil prices in perpetuity. At some point, demand would have to kick in to support oil prices. The coronavirus practically shut down business activity and caused Q2 GDP to plummet. Oil prices have rebounded from their March lows; supply cuts from Russia, OPEC and certain U.S. oil companies helped. However, at $40 they still may not be robust enough to drive E&P higher.