The Oil Market Is Still In Trouble

COVID Market Update Despite the vaccine optimism prevalent in the market that has successfully boosted oil prices to February levels, the oil market is still in trouble. OPEC has once again lowered its demand forecast for this year and next while simultaneously agreeing to boost production, and U.S. refiners are closing refineries, extending maintenance season, and upgrading less efficient units as demand for finished products continues to sag. U.S. inventories of crude and gasoline are still high, even though U.S. crude production is still more…