Saudi Arabia

Oil prices can’t shake the virus. Reports that U.S. Covid-19 cases jumped over 45,000 in one day in the U.S., and deaths reached 900 turned slightly optimistic market sentiment into a more negative mood. 
Oil prices need a shot of something. The Federal Reserve wants it to be another shot of stimulus and perhaps a shot of a Covid-19 vaccine.
It might be the storm or rising demand or refiners not procuring gasoline. Whatever it is, the API reported a stunning 7.735 million barrel drop in gasoline supply making it the darling of the sector as we are in winter blends category.
The oil market is saying sayonara to summer, jumping into shoulder season as refiners remain shut down. It didn’t help oil when the Saudis cut the selling price for some grades of crude oil, suggesting weak demand and a sense that it isn't going to get better until the snow starts to fly.
The breakdown in the broken-down oil market on Wednesday was a precursor to the breakdown in global stock markets. As the techs dropped, energy stocks tried to creep back. 
Hurricane Laura did its last blast of damage to oil and product prices as a drop in demand overshadowed massive reductions in supply, causing the trade to go into shoulder season mode and take cover ahead of the Labor Day holiday weekend.
China not only imported a record amount of oil last month, economic data coming out of China suggests that demand should continue.
A bet by Warren Buffet on Japan trading companies seems to be a big bet on commodities, meaning the Wizard of Wall Street sees value in this space.
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.