WTI currently $71.64 and AUD is currently 74.81 so WTI is currently AUD$95.76 which is the highest its been since Oct 2018
BPT oil normally sells for around $4-$5 higher than WTI so I think we can say $100 is back (in AUD at least).
The lack of Capital spend from oil companies over the last 2 years is now starting to have a major impact on supply as existing well daily oil flows are declining and not enough new wells are being drilled to replace this decline rate.
BPT is a prime example of that where their oil has declined and they didn't/couldn't find enough new producing wells to compensate for their decline and hence their production volume is falling.
The good news for BPT though is that oil prices will likely keep increasing along with gas prices too and this surplus cashflow will help them acquire/discover new fields which should restore/increase production and reserves in the future.
Due to their strong balance sheet they are still very well placed to achieve this compared to many other oil companies that have high debt and will not be able to take advantages of opportunities that will arise.
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