In April 2020, West Texas Intermediate (WTI) crude oil futures made history by trading in negative territory. At that point in time, it would have been hard to imagine that in less than 2 years that oil would be trading at multi-year highs.
Demand is already back to pre-pandemic levels, although there are some that believe a recession could lead to lower levels of demand over the next few quarters. However, this has already been priced into the sector, meaning there is upside if the economy can merely slow without contracting.
