Why SLB screens cheap on FCF

The thesis

Capital discipline is finally structural, and FCF yields reflect disbelief.

Inventories are drawing faster than the curve implies — backwardation tells the story.

What I'm watching

• crude inventory draws
• crack spreads
• A clean move through the level I flag below

Positioning

Long on SLB, 2-10 weeks horizon. Conviction: Low. A demand scare hits the whole complex — defined risk.

Opinion, not investment advice. The author may or may not hold positions discussed.