“Over the past couple weeks, the time spread strengthened disproportionately as compared with the spot price. This bullish divergence belies the consensus view…”

“The crude oil time spread has shown relative strength… this bullish divergence suggests the oil market is looking past the inventory build that’s taken place…and shifted to one of anticipating a tightening of the global oil balance.”

“We don’t feel anyone should sugar coat today’s OPEC meeting, but even so will reiterate our view that the group’s action speaks to a bigger goal of managing the oil balance to see MUCH higher prices…”

“While it’s difficult for most to see through many present-day concerns, the fact is energy shares look very cheap given our market outlook…”

“While energy equities in the S&P 500 group have rallies 39.7% in the past 5 weeks (and 24% more than the broad market index), our outlook for the global energy balance and the implications for oil prices suggest we’re still in the early stages of a rally…”

“In the case of monitoring close-to-real-time figures to keep a handle on demand… air traffic being down about 17% from the start of the year is a far improved situation than the -65% readings we measured back in April. As to the US jet fuel demand picture, we expect a marked improvement…”

“With prospects for a change in helm at the White House, we’ve had a number of queries about sanctions on Iran perhaps coming to an end… we see sanctions as being more sticky than not… the JCPOA will likely need to be renegotiated.. and the exchange of hostilities a year-ago between the US and Iran appear to have made prospects for any good faith discussions trickier than would otherwise have been the case…”