The petroleum complex did a post-hurricane drop as some of the worst-case scenarios predicted from Hurricane Laura did not play out like past hurricanes.
Laura is the strongest hurricane in 168 years and already there are signs that the U.S. energy Industry is making strides to get back to normal.
The damage Hurricane Laura is expected to inflict on the oil and natural gas industry could be devastating. We haven't seen a storm of this magnitude since Hurricane Harvey back in 2017.
Marco is going to blow by, but Laura is gaining momentum and is expected to hit land later this week, which will continue to disrupt oil production in the Gulf of Mexico.
Tropical Storms Marco and Laura are expected to hit land this week, and Oil production is suffering, while efforts to protect rigs in the Gulf of Mexico are underway.
It might be about oil fundamentals this week, but next week it will be all about the weather. The possibility of 2, not 1, 2 hurricanes in the Gulf of Mexico that could trump everything else.
A big draw of 1.6 million barrels in U.S. crude oil and 3.3 million barrels in gasoline in yesterday's EIA report was offset by a disappointing number on weekly gasoline demand that fell.
A crude oil inventory draw of 1.6 million barrels sent oil prices higher today, with the EIA also reporting a fall in gasoline inventories and a modest build in distillate fuel inventories.
That bear market hit the energy space hard where negative prices in oil stunned us as demand dropped. OPEC and Russia flooded the market to destroy the U.S energy industry. 
OPEC+  gets an A+ as compliance comes to their agreed-upon production cuts that is as high as 97%. Both OPEC and private barrel counters suggest that OPEC cheaters got the message from the Saudis and the Russians and are starting to toe the line.