This is a pretty simple story. Higher oil prices mean more drilling.
All of them are currently trying to bounce off the 10 week line. Usually a good entry in an uptrend where stops can be placed close by. As Crude retests the highs of Feb 2012, a break above would probably launch the industry group higher.
Looks like most of them have been sideways for a month. They can do a lot of drilling over winter if budgets for new wells start to improve. But the first retest of the 10 week line is usually bullish.
Greg Schnell, CMT