Warren Pies, chief energy strategist for Ned Davis Research, has been spot on with his predictions for crude oil and energy equities in 2020, but a lot has changed since he last appeared in mid-April. In this interview, Pies returns to update viewers on his basket of indicators to explain his shifting outlook for crude prices. Pies touches on the rapid flattening of an unprecedented super-contango, the current fundamentals of supply and demand dynamics through the lens of U.S. inventories, and the macro and political factors affecting oil-dependent economies like Saudi Arabia and other OPEC+ countries. In addition, he breaks down the rally in energy equities, highlighting the stark contrast between the price action and fundamentals in a sector that is more of a macro trade than ever. Filmed on June 1, 2020.