Question on oil prices and today’s drop, is it time to buy?

I get why oil prices dropped – SVB fallout spiderwebbing throughout the entire market. However, oil hitting a futures level not seen since 2021 seems a little odd, especially considering the Russia/Ukraine fiasco started in 2022 – and that we are not even in May yet (when oil prices typically drop for obvious reasons, only to pick back up again in the fall/winter later that year).

I am eyeing all the major oil stocks: CVX, SHEL are my top choices because they have usually performed well over the small cap. However I am also eyeing the leveraged oil futures ETF OILU. I seems undervalued – has hit the $31/share level before and does not like to stay that low for long – I see it as a buying opportunity and see it, along with oil futures, going back up soon.