We think this time the shape of the recovery may be different.  We think that if oil were to recover to around $70 per barrel, production would quickly come back on line, limiting further price gains.

David Fuller's view

Here is The Weekly View.

This comment makes sense to me.  Reports indicate that some shale producers have already drilled the necessary horizontal wells and could therefore bring them into production very quickly.

Note: Rod Smyth is talking about WTI crude which is currently almost $10 below $70 and may need some consolidation, being in its eighth consecutive week of gains.