Profit Taking DayWouldn't be surprised if 9 Point was cashing in on some of their portfolio. EN's been big on Ath since I got in 4 years ago when he was talking about Ath being a 3.50/share company based on 70-80 dollar oil and over 900 million bbl in reserves with a NAV of 4.50 / share.
I think most countries are okay with 70-80 dollar oil, if you look at the big 10 oil producers + OPEC members; trillions of dollars have been thrown at COVID. I can think of no better way to recover a large chunk of that than through O+G. While I doubt (as it's been whispered on oilprice.com) Oil will reach 100 + a barrel, I don't think it's going to drop until many countries have recovered significant cash from oil and gas.
The top 5 countries of gasoline consumption combined is about 10K bbls/day (pre pandemic). That's a lot of tax dollars back to the gov'ts. O+G will pay for COVID and they aren't going to complain about oil prices until they are back in the black.