PCT Ltd (PCTL)

[aandt]

Well, you also have to recognize that crude has been at record smashing highs. So even though it has come off those highs it is still around/above previous multi year highs.

Today's price $85.33

2021 high $84.65.

Then you go all the way back to 2014 to find a price higher than current prices.

https://www.macrotrends.net/1369/crude-oil-price-history-chart

Sure the spike was high, but of greater importance is the new price environment on a long term basis.

It's dishonest to suggest that the oil price outlook is not favorable to oil production endeavors.

We estimate that crude oil prices will generally remain near August average levels through the end of 2023. Although we expect average crude oil prices to mostly remain between $90/b–$100/b through next year, the possibility for significant volatility around those averages is high

https://www.eia.gov/outlooks/steo/marketreview/crude.php

So yes... maybe the price is at multi-month lows... but it is also at/above multi year HIGHS.