Continued positive macro dataThe old models don't work. With the eco groups attacking oil they have put OPEC in the driver seat. Some would say a 10+ year OPEC + controlled market would constitute a bull indicator.
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"For the first time in nearly a decade, OPEC has solid reasons to believe that its control over the global oil supply will not be ruined by a surge in U.S. crude oil production.The ongoing restraint in drilling activity in the shale patch would make the efforts of OPEC and its allies in the OPEC+ group to manage supply to the market this year a much easier task.
Last week, OPEC+ was reportedly told by major international forecastersincluding the Energy Information Administration (EIA), the International Energy Agency (IEA), Wood Mackenzie, IHS, Argus Media, Energy Intelligence, and Energy Aspectsthat U.S. crude oil production would grow by just 200,000 barrels per day (bpd) this year, OPEC sources toldReutersat the end of meetings of OPECs economic and technical think-tank, the Economic Commission Board.
Reference: https://oilprice.com/Energy/Crude-Oil/Why-US-Shale-Wont-Derail-The-Oil-Rally.html