Saudi Arabia is warning that global oil spare production capacity is waning and “big oil” is crying all the way to the bank. The green new deal is making big oil big money as it drives shortages of oil and forces prices to multi-year highs.
One of the laws of markets that we should all take to heart is that if you show me a price cap, I will show you a shortage. Maybe not today, perhaps not tomorrow but someday.
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.