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SZO - Is Shale Still Challenging OPEC's Output Strategy?
DB Crude Oil Short ETN
US shale producers are cutting spending for the second year in a row. That raises questions about shale's medium- to long-term resilience as it struggles with sustaining the key WTI breakeven point of $50 per barrel.
The oil industry used to believe that shale fracking was profitable at well below this level. Now, a number of bankruptcies in the sector are being blamed on low oil prices, even as WTI is above $50 a barrel.
The latest US oil rig count of 671 is down by 215 from the same period last year.