“Traders are growing nervous about the danger of recession in the US and disappointed that China’s recovery isn’t displaying all the vigor they’d anticipated. Russia, despite vowing sharp production cuts in retaliation for sanctions over its attack on Ukraine, is showing only mixed signs of following through…That the price rout comes three days into yet another round of supply cuts by Saudi Arabia and the OPEC+ alliance shows just how far market fundamentals have deteriorated.”

-Grant Smith, Bloomberg news, discussing how oil traders’ faith in a bullish 2023 is fading. But he adds that prices “should still pick up from here…and global oil markets remain on track to flip into a supply deficit.” [Bloomberg]