Wall Street PR
The oil market is likely going to become a big deal in 2021 because 2020 featured such brutal action, at one point taking the price of WTI Crude down to negative $40/barrel – an all-time low. That crash was precipitated by lockdowns associated with the COVID-19 pandemic health crisis, specifically in March thru May.
More importantly, the oil market cowered in fear of follow-on lockdowns for the rest of the year until a viable vaccine was announced in December. That means valuable months were lost with basically no investment in developing new oil production capacity.
That introduces the potential for a shortage in the oil market this year, which has energy stocks blazing hot at this point.