For what it is worth From Nuttall on twitter
Wrapping up Day 1 at the always great Peters & Co conference. Bit of shellshock amongst many watching oil down 4% on no news. Fundamentally, the contrast to when we were last at $65WTI is stark. Balance sheets are in amazing shape and sustaining capital + servicing dividend = ~$45-55WTI, company dependent. We need higher volumes but trading action starting to feel capitulative to me. Fundamentally, many stocks yielding 5%-8% sustainable down to COVID-era pricing. This is not COVID: financial demand for oil may be at record low yet August demand hit a seasonal all-time high. We firmly believe that oil is oversold and mispriced fundamentally.