The oil markets have been in intense focus recently and oil has been a major gainer on three things: falling inventories, rising demand and OPEC policy. 1. Falling inventories. The sharp rise in the natural gas markets creates further pressure for oil. The higher natural gas markets go, the more attractive it will be to shift to using oil. 2. Demand is expected to rise on falling global COVID-19 cases and rising vaccination rates. The twin driver of a drop in global COVID cases and a rise in the vaccination rates is supportive for oil. Nearly 50% of the world’s population now has at least one shot of the vaccine. 3. ... (full story)