In the short term only (next 3 weeks or so) there are projected deficits. but beyond that there are projected surpluses: 30m barrels for January, 60m for February, and 90m for March. Regarding the Chinese energy crisis, that seems to have abated more recently. so I'm not so certain there's still a crisis, according to some traders who have seen demand somewhat ease. So although I have been bullish on oil, I'm not so sure about next year's high prices. There definitely is underinvestment (e.g. there are 30% less rigs operating today than usual), but that structural deficit might not be something that will be realised until COVID is no longer a threat, since the virus is heavily impacting sentiment (albeit disproportionately).
WPL@$30, page-3876
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