BTE doesn't even need $70 oil but this is a bonus Over and above the management plan to initiate shareholder returns in 2022.
More bullish data and analytics
"Following bullish outlooks on global demand in recent days, oil prices continued to move higher on Tuesday, after the American Petroleum Institute (API) reporteda large drawin crude oil inventories of 8.537-million barrels for the week ending June 11. Analysts had predicted a much smaller draw of3.290 million barrelsfor the week."
If confirmed by the EIA later today it would be the largest drop since January and the fourth consecutive decline, Saxo Banks Head of Commodity Strategy Ole Hansensaidearlier on Wednesday."
Reference: https://oilprice.com/Energy/Oil-Prices/Bullish-Fundamentals-Drive-Oil-Prices-Higher.html