The burst of activity has helped drive U.S. oil output up at a faster rate than during the last surge, with an average 125,000 barrels a day added since September. Now exploration and production spending in the U.S. and Canada is on track to climb four times more than the worldwide average this year.

https://www.bloomberg.com/news/articles/201...t-shale-country

opec could soon under price pressure.

11:43 a.m. Today - By Myra P. Saefong
API data show a jump of nearly 12 million barrels in U.S. crude supplies: sourcesThe American Petroleum Institute late Tuesday reported a whopping climb of 11.6 million barrels in U.S. crude supplies for the week ended March 3, according to sources. Analysts polled by S&P Global Platts forecast a rise of 1.6 million barrels for the week.

...

Fund managers doubled their net long positions in Brent, WTI and options to 951 million barrels between the start of November and Feb. 21, betting OPEC's output cuts would lift prices.

But that bullish sentiment has wavered with Russia's lackluster participation in the cuts, rising U.S. shale output and signs OPEC countries began increasing crude exports in February.

Back to mid point again 52.50. Kinda difficult to trade lately.
Going to hold here and wait again.

Wow... that's was a quick sell off after EIA report. 51.50.

Come back down to 50.xx again, Ill be back in.

come on bear bear, come out play lah! 

Had to bail with small loss. Don't like this at all. 

Bear market coming?

Plan to sell my remaining stocks

crude finally breaks 50 and below. short or longer term correction, or is it just a happy knee jerk for shorters? i still feel that 50 is the ceiling for next few months even though the US data r favourable. with Trump sitting weirdly in white house, just cant see the direction at all.

For bulls: I think all it may take is just another OPEC mumble about additional cuts
For bears: Shale drillers or Rig counts increase again, inventory continues to build.

45-46 seems highly possible. 

unstoppable bull so far....

Another -2% for Oil.

New range in the works: 45-49

It is quite bearish. Last week 3 major indicators all pointing to highest inventory numbers - API, EIA and Rigs count also increased

OPEC to meet in about a week, right? Maybe, we'll get a better indication to see if their members adhere to the agreement for cuts or they're also pumping like crazy.

The govt numbers probably indicate 3% but we all know the real numbers are higher.
You can kinda see and observe it from the everyday stuff that you purchase.

Fed Raises Benchmark Rate as Inflation Approaches 2% Target
Policy makers still project three total rate hikes for 2017
FOMC sticks with ‘gradual’ plan for removing accommodation

Nice rally for crude too, settled for 48.75... but we're still in 45-50. Need another leg up to get back to 51-55 range.
Hopefully, OPEC members won't derail this.

it's really unbelievable that the bulls still able to avoid a meaningful correction after this long. 

wow you are aggressive.
i only sold 20% stocks, now waiting for correction to pick them back.