I know everyone has seen the chart a million times but...Take a step back and look how COVID impacted oil to +120...and what that did to price
NOW
1. Call Week14-2020 the "baseline".....WTI was $28
2. Call Week-26 2020 the "peak of destruction "+120 took WTI from +$28 to -$37 (a swing of $65)
3. Call Week-50 2021 the "inverted peak of COVID" -120 (could you argue at these levels $28 + $65 = $93)
4. Now we are -240 where does that leave us?
Something to think about....I get it not a direct corelation....but still interesting...it highlights how much CAPEX destruction we are encountering.
Eric Nuttall
@ericnuttall
Still (very) bullish.
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