RE:RE:RE:API reports Inventory draw of 2.79 Mb It would seem you are the one (ones? we?) that do not understand markets as you spin your magic political bias theory to try and explain what has already been explained in full.
First $75-$85 is not the baseline from where oil prices trade. It is an inflated price based on what was increased projected demand (which has now been reduced) and a couple of war premiums of which only one really has any affect on oil supply. Maybe you can't see that oil is actually coming out of a bull market because you're drunk on what you already swallowed from the bulls earlier? I know you wish that big bullish trend would last forever and you could just lap it up forever but alas even bulls need to take a breather. It doesn't mean the big bad politicians got together and shoved oil down so they could get elected especially when refilling the SPR is a bullish influence on the oil price not bearish.
You know that API report is just North American inventories right? It is entirley possible that the draw was bigger because of increased US exports that have nothing to do with US consumer oil demand and are just filling those gaps created by shut in Libyan oil and reduced OPEC outputs and global oil demand has gone down.
Nah, lets blame it on Biden and the (dem?) controlled oil markets. LOL
GLTA