No New Negative Oil Fundementals

In the absence of any chaos, oil is rallying. Yesterday we had a lot of noise, and big oil declines. However, none of those seem to have any impact or are coming to fruition, thus a day later, we see some recovery. The Biden administration needs to be seen as getting this oil situation under control. However, when looking at the fundamentals, that seems to be out of reach. The way we see it, headlines tend to have a short term impact, as they have the last couple weeks, and then the market rationalizes and goes back to its fundamental trend, which right now is an oil deficit with rising prices.