In a high fixed cost industry, marginal producers will continue to produce even at an overall loss.
If only to forestall bankruptcy for a few, more, months...
Now that every storage tank in the Western hemisphere has been filled, prices can find the true floor unsupported by the futures market...
U.S. daily oil production ('000 bbl/day) (red)
w/U.S. oil price
Oil stocks with oil: Ratio lower pane
