Can U.S. Shale Rebound?

1. Upside potential for beaten-down energy stocks- Oil and gas markets are far from healthy, but with crude prices stable and natural gas prices on the rise, drilling and completion activity could grind higher, according to Morgan Stanley. - Capex will likely remain flat in 2021, but will increase in 2022 and 2023, the bank believes. - Key risks to the oilfield services sector include pandemic-related shutdowns, election risks and OPEC behavior. But upside risk includes the possibility of industry consolidation, which would improve supply-side…