Oil's failure to hold its rally was helped by questions surrounding the AstraZeneca vaccine: not in Europe this time, but in the United States. 

The IEA has declared that a “supercycle” in oil demand is unlikely while also admitting that the agency had underestimated demand in their last report. In fact the IEA’s had a long track record of underestimating demand. 

General demand optimism has had an influence on oil, as the market expects that we’ll see oil demand come back to pre-pandemic levels quickly as the world gets vaccinated. However, now there’s a fly in the ointment.

Both Chinese and Indian demand for oil are exceeding pre-pandemic levels, and now the U.S. gasoline demand is also recovering to near-normal levels. Data shows that U.S. gasoline demand last week was just 0.98% below what it was during the same week last year, considered pre-pandemic.

Iran and China are opening, taunting the Biden administration as it openly flaunts oil sanctions on Iran, even as Iran raises its enrichment of uranium.

Maybe the U.S. shale industry isn’t dead after all. Even though shale companies have promised production restraint, the Energy Information Administration (EIA) surprised the market by raising their production forecast.

With U.S. inventories getting ready to show the impact of the Texas power outages, we may start to see oil supplies fall below the 5-year average at a time when we're seeing U.S. demand pick up.

There was no damage or loss of life from the attack and the oil market calmed, yet the underlying bullish factors still exist. Sometimes when we have an event like the failed strike on the Saudi facility, it has the potential to add to speculative volatility.

Red hot oil prices cooled down after reports that OPEC+ was prepared to “cool down the oil market with extra production.” The Bloomberg report caused oil prices to sell off into yesterday's close after recovering from the China bubble talk selloff. 

The Texas energy crisis has gone global as short-sighted energy policies and green energy failures are causing a massive loss of oil and product supply, as well as natural gas. Texas is still the heart of the global energy world and when it takes a hit, the rest of the world feels it.