It's all treading water until there is news of drilling or at least a deal that leads to drilling. As long as your nose remains above water it doesn't matter much whether you're floating a little higher or lower. There's no reason for the PPS to rise without such news and, as noted, various possible reasons for it to lower. But, if you believe, as I do, that drilling will come- none of this will matter- and- as has been said- when it does- it will blow the top off the PPS and this low range will be a just distant fond memory of a good buying opportunity-  of which I, like many others, am taking advantage.