Oh, how soon we flip the switch... and how fast we forget.
No earlier than this past Monday, when WTI dropped to below $66, and was even lower than tat during the day, there were oil gurus and 'know it all' of all possible types coming from everywhere and discussing where the support is, and when the next stop will be, and what breaking below that support would mean.
OPEC would break down, Saudis will start a war with UAE, Russia will destroy both of them militarily, Iraq would cheat a gazillion barrels of Iranian crude, and many other ideas were suddenly presented by oil experts.
$60? Nah, will go below that... and all of them were giving the next support up to the penny, with the opinions of $44 was possible, and then maybe even $29... and all possible garbage between those numbers.
But what if... some of those ridiculous 'forecasts' came, and we would be crying around charts pointing vertically down? All those 100% unhedged producers would not be alive by the time WTI reaches $80 again. But all those 'stupid' companies like BTE, CPG, MEG - with their terrible management and horrible hedges of $44 to $55 - would look like brilliant ideas basically guaranteeing their survivability.
There was an old saying that some are trying to look as smart today as my wife tomorrow (when she already knows what did happen today)... something like Monday morning quarterbacking.