They threw everything at the oil market in the past week. • SPR release (hedging by the companies that received allocation). • Bank of Japan intervention through the FX market. • Axios fake headlines. • Pakistani sources saying a framework is close. I understand the frustration many of you are facing. I get it. The P&L swings have been extreme, but the math is what it is. Some people in the oil community have started to question their own sanity with questions like: • Why aren’t physical premiums for crude higher? • Why is China’s onshore satellite crude storage data showing a build? • Is 5 million b/d of demand ... (full story)