While we are no longer “long oil” from a price point necessarily, however, we are long “the production and transport of oil” via KMI, TPL, and WMB. For these particular investments seeing more activity surrounding oil and gas are positives and we are indeed seeing that.

“Davidson” submits:

• US Crude Prod recovers 0.3mil BBL/Day to 10mll BBL/Day, US Crude Inv rises 2mil, US Net Crude Exports rise 0.6mil BBL/Day
• US Gasoline Inv falls 3mil BBL, US Consumption Refined Prod continues to be volatile but slipping to avg 8% below pre-COVID, US Refining Inpit fell 1.1mil BBL/Day with Hurricane Laura

But for Hurricane Laura, it is likely the inventory corrections observed for 2mos would have continued. The laggard remains air travel which at 0.9 mil is roughly 50% year ago 2mil levels.

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