Simple answer for Woody... REVERSION TO THE MEAN
I know it's not as sexy as the latest conspiracy theory...but there it is. I you look at a ten year oil price chart you will find that from 2015 to the end of 2021 the oil price was BELOW where it is today. That's SEVEN YEARS! Then a crazy guy who happens to produce a lot of oil decided to invade his neighbour thinking nobody would mind very much. BIG MISTAKE! The oil market was thrown for a loop and caused very high prices. It took a little over 2 years for all the kinks to get ironed out and the market is now finding it's new balance. In the meantime oil has been found in quite a few new places....Guyana for one and Petrobras just announced another big new find offshore in Brazil. Cenovus operating costs are below 15 bucks a barrel so oil dropping much more woud not hurt it too much....but if you've got a tank farm of oil in your backyard....I'd sell it now :):):)