Last tweet from Nuttall …..he never give up lolWe believe the market's obsessive focus on rising OPEC spare capacity is misplaced. Just as important as "how much?" is "held by whom?". 4-5MM Bbl/d of real spare capacity, likely 75%+ held by Saudi Arabia, means that HRH's "will" and intent" remain all-important. The intent? Reduce volatility, draw down global inventories erasing the massively distortive historic release from the Strategic Political Reserve, and attain a more budget friendly price. His will we believe remains resolute.