Michael Tran | Source | Managing Director, Global Energy Strategy at RBC Capital Markets

“What happened yesterday is not indicative of overly soft physical markets,” said Michael Tran, an analyst at RBC Capital Markets. “The market was getting pretty stretched, so given the general headlines of China slowing to some degree, Covid returning in Europe and demand maybe not being as robust as people had thought, these are all just convenient opportunities for the market to rebase, retrench and reload heading into the summer.” - ETF Trends (03.22.21)

“Simply put, demand for crude has waned over the past month. Firm refinery run rates paired with an increased amount of refined product output and weak end use demand leads to an excess of gasoline and diesel being exported or dumped onto the open market," MarketWatch (08.21.20)

Despite the resilient and rangebound nature of oil pricing over recent weeks, plateauing global demand and increasing OPEC+ output raises the question of whether the market can absorb additional barrels (MarketWatch)