Look at biggest oil moving shipping cos?
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I did. The competing narrative, that I agree w/, is that shale is a repeat of the 19th century oil boom where most players were terrible. People point out that overall shale producers are cash flow neutral. The nuance to me is that some lose really hard, some still win a lot.
Combine that with no new shale being made and it increasing demand it seems hard to imagine oil prices ever being this low again.