RE:Amazing Coincidence The oil market is based on two pricing mechanisms futures and physical. In the shorter term, the futures pricing can easily outweigh the physical market. Until real shortages pop up !!
Now WTI pricing is ultimately decided by supply and demand for barrels at Cushing Oklahoma.
Since June 10 the inventory at Cushing has risen from 22.615 million barrels to 26.230 million barrels.
(3.165 million barrels )
During the same period, the SPR went down from 511.612 to 405.135 (106.477 million barrrels )
So what does happen when the withdrawals stop ? And Just where is Biden going to go to get real barrels rather than financial barrels to fill it back up ??