Despite providing most of the growth in global supply over the last decade or so, U.S. shale producers are subject to the effects of the whims of OPEC+, and Saudi Arabia in particular. Their decision to rapidly unwind previous output cuts has put over 2 mm BOPD on the market in a very short period, and resulted in a global stock build that’s just knocked the stuffing out of oil prices. We’ve seen this movie before and it always ends up in the same place. A big "lake" of oil that takes a year or so to work off, and as traders adopt a posture that…

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