#OOTT My read of the oil market right now

- COVID is making a new small wave
- India sees rising COVID cases. This impedes imports
- Global refinery runs are still well off target
- Jet fuel & gasoline demand picking up
- OPEC+ production not much of a concern but USA still is

Going forth, I expect:

- Airlines will completely trash their ticket prices to mentally prepare the masses that it's safe to fly. This will boost jet fuel consumption. Associated with that are rental cars.

- More gasoline consumption due to less students riding the bus/train.

I also believe that if we make it through the ungodly episode called 2020, there's no stopping us in 2021 as spring will see a greater deal of optimism and consumption.

A vaccine may be a lot closer by then, but the real key to oil consumption is physical distancing.

Thank you.