RE:RE:WE MUST KEEP THIS RALLY GOING.Here is whats positive. vaccinations going into arms thereby releasing at least one half percent of the US population to get on with their lives every day, much lesser rate for Canada and Europe but still constructive . Many US refineries require heavy crudes to meet the increased gasoline and diesel demand . A lot of those heavy crudes will be diverted to asphalt production this summer. Venezuelan and Mexican production are decreasing and mid east heavies are currently blocked in the Suez (also the naphtha from Russia used to dilute the crudes).
Lastly it takes much longer to increase Heavy crude production than lighter shale crudes and condensates.
The only real negative factor I see is the sentiment against heavy crudes . That will take time but IPCO can always restart their share buybacks and perhaps add a dividend in order to counter that.