Morning all, it's Thursday, my favourite day of the week, as you all know. Brent is trading this morning up 0.20, no down 0.60 wait wait, up 38, huh? down 1.08. SSSSHHHHHHHH! BRENT IS TRADING THIS MORNING CLOSE TO $120 PER BARREL. ok? God knows where WTi is, that's just as nuts, but if I said close to $113 per barrel would you believe me? Ha. HI, my name's Matt and I'm an oil addict. Oilholics anonymous. Seriously though, on the 24th March 2020 Brent was trading where? Go on. Have a guess. Just go onnn, humour me. Yes? Incorrect! Insert Family Fortunes buzzer. EEERRR ERRRRR. I shall tell you. Brent was trading at $27.15 per barrel on the 24th March 2020. Here we are, two years later, and I'm having trouble forming an argument as to why Brent should be any lower. Yesterday was a case in point - we traded at a low of $114.45 before that was patted away with disdain and we traded up to a high of $122.34. This morning, as you can tell, has been just as frivolous, with a low of $120.35 and a high of $123.74. And breatheeeeee. Nope, no time for that breathing nonsense, back to the oil market. Not that it matters too much anymore but EIA data was what I would call what my youngest daughter does to most of my living rooms walls, draws on everything. The market didn't shoot up, but it certainly gave things a boost and Brent futures continues to stay supported above $120. There is one discussion though that is starting to take shape and that is demand destruction. Now, there are many discussions to be had here and, of course, the higher flat price gets, the more the end user will have to meet those higher costs, I get that. But with so much supply being taken off the market with Russian energy becoming nigh on impossible to finance and ship, it is now taking hold of people’s energy needs. Sure, there will be people who won't jump on a plane and visit the Costa Fortunes, or drive to go and see their Great Auntie Mable as often but I would argue that the latter is negligible (not Mable. I’m referring to the driving long distances etc, you get it. bless her). Demand still needs to be supplied and, right now, there isn't enough oil to meet those demands. I say, "not enough oil". There is plenty of oil, one just can't buy it, and this is being reflected in Urals crude being offered at record low versus dated Brent yesterday (-31.35 per bbl CIF Rotterdam). Where do we go from here? Well, I think the market is looking for cues from Biden's visit and discussions with EU members today but one thing's for sure, prices are not going much further down for quite a while. Good day.