I'm of the view that having taken the market to the point of serious US oil (shale) capitulation why would you you let the price rise significantly? I'd suggest another 3-6 months of price sub $40 and preferably sub $35 would be the objective.
I am however long this sector and remain so, even though I think it will probably retrace.
No matter how much more efficient the drillers have become and how many suspended wells there, the supply/demand equation is going to turn the other way soon