I meant to write Frackers not crackers... I'm on a damn smartphone... Big fingers, small keypad.
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No. It's due to the falling rig count and shale producers going "offline" due to the low oil price and lack of profit....this low rig count anticipates lower future U.S. production and therefore a lower supply equating to higher predicted prices in the coming months. Once oil reaches 50 or so, the crackers will turn on their wells again, prices will go down due to oversupply, and OPEC will pump more to get the price back down to 35/or so. It will be cyclic from here on out. Also, smaller crackers are being weeded out leaving just the stronger EOGs, Continentals, etc...which plays a small part right now also.
But why are oil prices rising? Over supply continues to worsen. It makes no sense oil s rising.
No, Oil prices are on the rise too....other oilfield services companies' stocks are up too
Yes.