More on the meltdown in oil (and a cut in oil capex)

We're getting to the point now where something very bad is going to happen. Someone is losing his shirt in the oil markets right now. And the question is whether that somebody impacts the US oil sector and oil capital expenditures.

As I write this, WTI is quoted at $56.23 and Brent at $65.94. When I wrote about the bear market in crude five days ago, tho…