The fact that oil hasn't done anything really & in fact WTI was down, doesn't give me any confidence that this is over, by a long chalk.
Previously Shale producers would have been able to hedge forward 12 months and get a profitable price, but now the 12M future on WTI is only $45.
Sure $7 higher than spot, but still not profitable for a lot of producers.
Banks with debt must be sweating blood at the thought of what they have exposed to this industry.