The Financial Post reports in its Friday edition that Sprott Asset Management manager Eric Nuttall believes oil is bottoming and "may have reached a point of maximum pessimism." The Post's Jonathan Ratner writes in the Buy & Sell column that Mr. Nuttall says: "Based on the current crude price, every single oil company I look at is bankrupt. ... It's just a question of how many quarters or years it would take for that to evolve." On the demand side, the picture looks promising, with Mr. Nuttall estimating growth at about two million barrels per day on an annual basis. That is the fastest rate since the Great Recession. Mr. Nuttall says this demand recovery will likely be broadly based. While the manager thinks companies like Lightstream Resources or Penn West Petroleum are in trouble regardless of where oil prices end up, he sees opportunity in names such as Baytex Energy. Its debt to cash flow is very high, but in a $60 (U.S.) oil price environment, Mr. Nuttall notes it falls to a "very manageable" level at around three times. Crescent Point Energy remains a large holding for Mr. Nuttall. It is another example of where Mr. Nuttall feels the market is being overly pessimistic.