Oil commentary - 7 September 2021

Morning all.?Like an England batting display - let's keep today short.?Brent is trading this morning at $72.35 up 0.13 and WTi is trading down 0.33 at $68.96.?Remember yesterday was a holiday in the US.?So, driving season is over and many an oil commentator deem driving season as pretty much irrelevant these days.?I don't.?The market needs an indicator or two and driving season is a perfect bellwether to see what gasoline consumption is looking like in the USA.?It's been OK.?Not great. Not awful.?Just OK.?The market will take that.?Here it comes…HOWEVER, what's the rest of the year looking like??This is the question many a trader are asking themselves.?Again, this question is subjective. If you're a fuel oil trader then things are looking rosy, demand for power generation or air conditioning in the Middle East is still strong and thanks to Greta and her merry band of wind powered merry men, the low carbon emission agenda has meant LNG is near record highs.?The irony isn't lost on me, trust me.?But what if you're not a fuel trader, what if you're a prop crude trader??Ahhh then my friends shall the path to enlightenment be $70 oil, for this, is where we shall stay until we see what demand figures for September and Q3 look like.?Good day.