Apart from the secondary offering of OXY shares that doesn't seem to have closed yet, there has been this weakness in oil prices that have roughly tracked interest rates lately. Lower interest rates and lower oil prices (despite a cartel trying hard to keep prices up) both suggest weak demand.

Here is a 1 year chart of the 10 year treasury yield (lower yields = weaker economic growth and inflation expectations) vs. Oil (lower prices seem to primarily be a function of demand but what do I know?).

https://api.wsj.net/api/kaavio/charts/big.chart?no...

On the bright side, there is a seasonal bias for rising interest rates starting right about now, through the end of September at least. I am fixing to put on a trade betting the 10 year yield goes up. Wouldn't that be amusing with everyone focused on the beginning of the Fed rate cutting cycle. According to this chart, maybe that will give Oil a breather. Or maybe the friendly neighborhood cartel will do some more supply side magic.