The influence on prices is not just demand right now. Ultimately, a lot people are going to get caught short, but right now things are upside down.
Similar situation in the corn market. Corn is to high to be used. So high Cargil and ADM are LAYING OFF (never happened in my memory). Livestock producers are cutting way back, because they can't afford the feed. Yet prices keep going up.
It isn't because of the end user demand.
Oil is political....International Leaders use it and abuse it as political leverage...as well as it’s distribution.