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SCO - Natural Gas Market Starting To Discount Oil Production Shut-Ins
ProShares UltraShort Bloomberg Crude Oil
Welcome to the shut-in is more important edition of Natural Gas Daily!
Forget the weather for a moment here, although it's very bullish. Production shut-in in the shale oil basins will be so large as to overwhelm demand destruction, LNG export concerns, and weather factors.
Continental Resources (CLR) announced that it is shutting in ~30% of its oil production for the month of April. CLR is the largest oil producer in the Bakken and if it is shutting down ~30%, you can expect smaller producers to be shutting in more. We estimate just