This is the shortest report you will ever read from me.
Get long now.
SPR fill at $70 or below, which all but guarantees a floor there with supply side immensely constrained going forward.
OPEC+ put at $80/bbl.
US oil demand has now confirmed a bottom is in.
Macro is worrying, yes, but fundamental signals are far too strong to ignore.
XLE is also looking like…