With WTI crude oil prices rallying above $51/barrel today the oil price has moved back into the shale ‘sweet spot’ zone:
If you look close enough at the above chart you will notice that the rig count has bottomed out and begun to ever so slightly move upward. We are likely to see some shale oil production come back online very soon and the market is likely to be well supplied despite the ongoing unusually large supply disruptions across the globe.