AI confirms what those of us in the field know:
Over the past three years, US oil production has significantly increased, reaching record levels, while the US has become a net exporter of petroleum products, and global oil demand is expected to grow, particularly in AsiaIn addition, OPEC is talking an increase in their production of some 400,000 BOPD, and we're still drilling. If the price dips too low, that will slow down (simple economics). Every 'bust' in oil prices, sets up the next 'boom'.
Trump's actions may have some small effect, but I do not believe his actions are making a big difference one way or another at present, despite the industry being more optimistic about access to drill on federal lands, and possibly develop infrastructure for transport and export of crude, NGLs and refined products.
As far as demand goes, I'm optimistic, because maybe all those laid off government workers will have to buy fuel to actually show up at their new jobs...protesters need to pull their trailers full of stuff, and you can't make a Molotov cocktail without gasoline...
