In Episode 22, Trisha Curtis and Ethan Bellamy discuss crude oil prices and the backslide to $66 as the market digests two negatives: the increased baseline allocation to the United Arab Emirates within OPEC and fears of the delta variant of COVID-19 reducing demand. Trisha sees WTI crude as appropriately priced in a band of $65 to $75, while Ethan sees further short-run weakness in oil to $63 for the August contract, but is more bullish on natural gas to $3.70 week on week on summer heating demand. Trisha provided some thoughts on DUG Permian & Eagle Ford, where she spoke last week. The mood was bullish 2014, which she finds a bit too optimistic given OPEC spare capacity. Producers are bulled up, which may not be helpful for US supply, which should be growing and suppressing the price.