While global oil inventories fall at an alarming rate, continuing concerns about China property developer Evergrande are holding prices back.
Oil prices and the oil industry are battling back from severe challenges, whether it be the aftermath of Hurricane Ida or macroeconomic fears created by the Evergrande crisis in China.
Unless energy and shale producers can dramatically increase production, this global deficit of natural gas could become a major issue this winter.
This is going to be a long slog that will have an impact on prices, just another reason to be prepared for upside risk in oil, gasoline, and diesel.
It’s estimated that approximately 94.6% of the current oil production and approximately 93.57% of the gas production in the Gulf of Mexico has been shut in. 
Ida hit 95% of crude oil production in the Gulf of Mexico and shut down over 95% of natural gas production. The market is trying to determine the extent of the damage to refineries.
If you'd never heard of Covid-19, then a bullish stance on crude oil would be a given. Still, Covid-19 fears weigh despite the current fundamentals.
Oil prices got hit in risk-off mode by the Fed’s suggestion that tapering of the asset could happen this year, along with continuing concerns of Covid-19 spread and a lack of confidence in the leader of the free world.
If you were waiting for Iranian oil to cool the global oil markets, get ready to wait some more. Oil prices are getting a boost in overnight trading as new reports say the Iranian nuclear talks are going to be delayed.
The great energy transition and dreams of an electric future are getting hit with a dose of reality as people begin to realize that the nation's energy and infrastructure will have to be completely transformed in order to handle the increase in demand.