The oil market has come through some tough sledding the last 6-8 weeks as doubts about the commitment of OPEC+ to the newly agreed output limits, and the surging Delta variant of the Covid virus became manifest. Last week the market tacked on some gains as those fears abated somewhat, and an unexpected inventory draw in the U.S. poured a shot of courage into investor’s “cups.” The oil and derivatives markets rallied strongly repairing much of the damage. We are all familiar with the influx of International Oil Companies-IOCs,…
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