I think what we are seeing with the oiler recovery is a...

I think what we are seeing with the oiler recovery is a disconnect between markets and real energy prices. Look at the pure US shale plays they tracked even higher on Friday! Continental up 14%
However WTI actually dropped below $18 on Friday. That is the price for May contracts whilst what Filo refers to is the June contracts.
https://markets.*.com/commodities/news/oil-price-plunges-dismal-outlooks-global-demand-continue-coronavirus-opec-2020-4-1029102492
This all comes back to the oil contango in place. It is an indicator of real stress in the market and the possibility of immediate collapse within that market.
https://www.marketwatch.com/story/oil-market-in-super-contango-underlines-storage-fears-as-coronavirus-destroys-crude-demand-2020-04-17
There is still 2 working weeks left of April. 2 weeks before OPEC+ even begin their cuts. There has been a rally in magnitudes close to the drop. Is that based upon realities or is that based upon people seeing value compared to previous highs and now FOMO kicking in. Record numbers of people have been searching how to buy stocks. New retail money is flooding in in droves.
Hell. Oil ETF's are flagging huge inputs from new investors that probably don't understand futures contracts and the cost required to change these monthly contracts as time goes on. They just see oil at a low price and think jump onboard we will make money when it goes up. They most likely won't.
https://finance.yahoo.com/news/u-oil-fund-move-giant-123440962.html
What I am trying to say is try to look past the excitement/fear on the surface and dig deeper into the underlying issues/resolutions.
My opinion is there is no real reason for markets to be bullish currently so I am hedging my positions either way as I cannot explain the market rally. Let's focus on O&G though. Is there a reason that US energy stocks should be rallying or are people ignoring the real data?