Down Day

[mkarpoff]

I am curious as to your thoughts on today's price action. The price of wti seems to be getting awfully volatile. Thx.

[dan_s]

The big move up and down in the share prices is because a lot of fund managers are trying to pick a bottom for the sector. We definitely need oil prices to find some support level.

Yesterday, IEA raised their demand forecast for refined products. See: https://www.iea.org/oilmarketreport/omrpublic/

I think we will see that forecast continue to move higher. Forces are at work to balance supply & demand but it will take awhile.