You too? Finally, an ally!
Same thing happened in ‘14 / ‘15 but then I think the inventory number were manipulated. The industry is much better at managing stocks than to have had that many millions of barrels suddenly show up in storage in just two weeks.
Nothing changes price this fast naturally or for good cause except speculation.
I have tried to explain many times that with the advent of energy futures trading we have had nothing but a wild ride. The energy industry are merely price takers. It is the traders in futures that are the price makers.
Back before 1982, save for the embargo, energy prices were pretty darn stable and it was good for all of us. Investment decisions could be made with certainty on both supply and demand sides. Steady was good for the economy. These wild rides only do one group any good, futures traders.
It is the traders in futures that are the price makers.