U.S. Shale' "Long Sideways” Movement Suggests Room to Run

While last week’s rig count from Baker Hughes showed U.S. oil drilling activity still in a downward trajectory, hitting a 29-month low, Standard Chartered suggests that neither the output slowdown nor the seemingly hesitant drilling has been priced into the market yet. Since November 2022, U.S. drilling activity has plunged 23%, with Standard Chartered noting that “several large companies seem to have moved far away from growth maximisation and are now close to a policy of simple output maintenance,” despite rising crude oil prices.…