And now, coal is back.
If the market is really as tight as the analysts claim, then why is the price not moving much higher?
There is no shortage of oil, it's a timing game being held back for as long as possible to get the best price possible.
Where would China be if it had not suffered through the missteps orchestrated by its ruling party since it came to power in 1949?
Financial markets are telling us something, so it seems.
Thursday's actions by the U.S. on Russia highlight how crypto makes it much easier for despots to avoid the impact of sanctions.
For now, they have achieved their objective, showing President Biden firmly who is in charge.
Those blindly chasing the reflation trade tick for tick, better pay heed to physical market fundamentals.
It seems Saudi Arabia is just buying time to support oil.
For now, recovering from oversold levels makes sense. But is this the start of a full-blown price recovery?