Long BNO options or Brent Futures outright on phys demand pickupBrent Crude FuturesICEEUR_DLY:BRN1!alphainvestorsplusBRN1! vs AUB1! keep an eye on this its not perfect but its the best we can do on TV for physical barrels of oil vs paper price. Brent front month futures vs Platts dated brent (think of this as spot price of physical oil) This has contracted recently with the SPR release and the reluctance of refiners in Asia to pay up for crude. But as inventories draw down and the strait remains closed they may end up regretting not buying at $120. This spread blowing out again or starting to widen is a great trigger to reduce your risk or lean into oil and other hard assets. Just my views, not trading advice.... more detail here alphainvestors.io