RE: day after day week after week posting 20/30 times a day is not investing, its obsessed.6 Dec 2021 20:07
The massive oil price correction in November 2021, which turned out to be the worst month for crude since March 2020, came just as U.S. oil producers were drafting their capital budget plans for 2022.
The plunge in prices, which sent WTI Crude from over $80 in early November to $67 in early December, is not so devastating to the U.S. shale patch as it would have been two years ago when producers were drilling at a record pace and were investing most of the cash flows—and even beyond that—into new wells.
The current price slump is not spooking U.S. oil producers. They are keeping disciplined spending plans and are expected to cautiously raise budgets for next year, keeping in mind that the oil price volatility is here to stay and each new COVID variant could throw the market into panic-selling—as Omicron did last week.