What’s your 2 cents Thackney?
Too many people believe that supply and demand versus price means they move equally and linearly.
A small move in demand nearly equaling the total available supply will create a skyrocket in demand, of any product that doesn’t have much elasticity in demand.
The spot market is a market for actual users of the the oil. It is not a market for speculators unless they have storage capacity and see a significant contango. Even then, it is quite limited before storage capacity runs out or becomes too expensive.
Given that the spot market is not a speculators market, and that the spot market nearly always matches the near month futures market, I do not see how the claim of price driven by speculators and not real supply/demand holds any water.