Oil prices have come a long way since the deep dive into negative territory a month ago. One could argue that the price of West Texas Intermediate (WTI) is now $70/bbl higher than it was a month ago, when it settled at -$37.63 on April 20. Although the negative price seen near the expiration of the May contract was a brief anomaly, the June contract also dipped down to near $10/bbl. But instead of diving back into negative territory, the June contract steadily gained strength throughout the month of May, expiring above $30. So, what has changed in the oil markets in the course of a month to so dramatically change the outlook? We can attribute this to at least three factors. The first is that the U.S. oil rig count is falling at the fastest rate on record. From March 13, the rig count was cut in half […]