Supply tightness, still?First, we had Libya restart their Oil Fields in July adding another 1.2Mil bbl/d and most recent Russia has turned up the tap to supply more, then we have 730 Drilling Rigs in the US either drilling or going into production and we have OPEC members adding more volume and on top of that, China has recently discovered their first offshore shale Oil and NG and we are heading into slower times to the point of a recession and China is also having their problems which will hurt demand. And let's not forget that the units that use Oil are cars and there are over 16Mil electric cars on the road and this number could double by next year. Ford alone builds 2 mil electric vehicles a year.
At some point, the word tightness will leave as a reason for higher Oil. Just something to think about. JMHO