Here are two paragraphs from this article on Investing.com:
The energies do have some fundamental developments that could have an impact in this climate. With the current bear market pausing for the moment as the Fed decision ruled all, new information showing a third week in a row of declining U.S. rig counts has had a supportive effect on the recent move down. Furthermore, data out of Saudi Arabia has confirmed what we alluded to earlier in the year, as we have seen exports of crude slow out of the largest global producer while refined product exports are rising.
This is due to the Saudi’s recent commitment to refining more fuel on their own and fetching a greater price through exporting refined material rather than the raw crude right out of the ground. This will continue to evolve over the coming years as the global energy footprint continues to change. Potentially, talk of the U.S. changing its export laws for raw material could be influenced, as players continue to fight for market share both up-stream and down-stream.