At the Futures Market. Look at the heating oil chart. Production and consumption is generally stable and normal. I haven’t heard of any real supply shortage of physical oil.
More likely just a shortage or glut of buy and sell futures contracts. It’s like the news drives the “bets” on greed or fear to “vote” what the future price on a product priced in dollars might be in the future. Like cold weather coming to Fla might kill orange production and orange juice contracts prices go up, and the weather didn’t get there yet. Even the fake dollar value is voted on like a product and the government owns and produces “news”.
Re Crazy High and Low Prices Are Related to the News and Emotions
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