“Oil Market Keeps Getting Stronger as Prices Power Up to $93”
February 4, 2022
“The market’s structure is trading at its strongest level in years, indicating scarce supply. Diesel — the fuel that helps power the global economy — is also surging as a cold snap hits the U.S and demand soars. Inventories at key storage hubs are waning, and vital price gauges indicate an expectation the tightness will persist…”
https://finance.yahoo.com/news/roaring-oil-market-heads-seventh-235127214.html
Supply is limited because governments keep cutting oil production / development. Guess what? It doesn’t matter how much oil there is in the world if the pipelines get shut down. This is artificial scarcity.