For all practical purposes, the U.S. driving season is almost over. What’s going to drive the longs in oil after this? The answer seems to be exports, exports and exports - of U.S. crude and oil products, that is. But who stands to gain most from these exports? The U.S. oil industry? Or OPEC? How will it all end? It really depends which narrative you’re following. If it’s that of oil bulls or critics of the Biden administration, the story is that Asia is buying up lots of cheap barrels of U.S. crude because of the administration’s release of daily supply from the Strategic Petroleum Reserve, or SPR. The reason for ... (full story)