Analyze the crude oil / natural gas market: 1. Physical Market: - Benchmark price and key spreads (WTI-Brent, Henry Hub-JKM) - Time spreads (prompt vs. forward structure: contango/backwardation) - Regional differentials 2. Supply Side: - OPEC+ production and quota compliance - US shale production and rig count trend - Non-OPEC supply changes - Strategic reserve actions - Outages/disruptions 3. Demand Side: - Global demand (mb/d or bcf/d) - Seasonal demand patterns - Economic growth impact - Structural demand shifts (EVs, efficiency) 4. Inventory Picture: - US inventories vs. seasonal average - OECD inventories - Days of forward cover - Implied draw/build rate 5. Geopolitical Factors: - Sanctions impact - Middle East risk premium - Russia/Ukraine implications - Transit route risks 6. Speculative Positioning: - Managed money net length - Position extremes (percentile) - Options skew and positioning 7. Trade Recommendation: - Directional view - Spread trades - Options structures