“Oil Price Fundamental Daily Forecast – Unexpected Demand from Fuel Switching Put $100 Crude on Radar”
October 11, 2021
“…The U.S. benchmark crossed the psychological $80 per barrel level on Friday for the first time since November 2014, jumping more than 2% before easing into the close. Brent also rose more than 2% higher early in the session. On Friday, December WTI crude oil futures settled at $78.76, up $0.80 or +1.03% and December Brent crude oil finished at $82.39, up $0.44 or +0.53%….
Oil prices received a boost at the start of the week after OPEC+ opted to stick to a prior agreement to raise production by a modest 400,000 bpd in November despite the recent fuel shortage… Crude oil prices were also underpinned after the Department of Energy said it has no current plans to tap the Strategic Petroleum Reserve in an effort to cool the rally...”
https://finance.yahoo.com/news/oil-price-fundamental-daily-forecast-023139589.html
See the bold? This is what’s call artificial scarcity. The market is being manipulated and not in a good way.