Yes, we all do, but with OPEC increasing their output, that will depress the market price for oil. Fracking then becomes less profitable and some marginal outfits will fold.................
Permian basin is giving up $25 bbl for lack of transportation to market. Average cost production is far less than $65 bbl. 1 million bbl is similar in effect to the swing vote deciding an election. Some of the crude oil that has been tucked away for later delivery, anticipating a higher future price based upon a prior supply/ demand trend, will now also appear on the market.
A measly million added barrels? Are you kiddin Red. This added one more drop to a 5 gallon bucket.