Get Long Now

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…