$oxy. I was on a Goldman Asian commodity call today where they made a few interesting points. 1 they mentioned this deal referenced below by @SStapczynski and as a result there is a huge scramble for substitution effect - eg some households burning kerosene etc etc. GS sees a https://twitter.com/sstapczynski/status/1348920962507444225

Quick 10-15% move in the oil px in the next 1-2 mos. this is definitely not consensus. In addition, GS hosted an energy conference day before and despite the move up in WTI, the US shale cos are still not willing to increase capex. The big risk which is currently plaguing the

Gold trade is rising real rates. Now should this drive DXY higher you may get some short term flows to sell the commodity sector. However 1. As ive harped since the summer- with gold/oil ratio at all time highs oil would outperform. And that has been happening but it still has

Lots of room to continue to normalize (Oil stocks were as cheap as gold names were in late 15). Secondly unlike gold where most of the gold ever produced is still in existence (such that real rates have a big impact), in oil its more of a flow effect as we can see real time with

Sharp move in LPG px where you couldn’t even give it away in the spring. As such i think if oils going to have a sharp move without consequent move up in oil production playing $oxy and $ar (benefits from rising LNG arb and ngls) makes sense.