Looks like oil is moving higher in paper markets. So far, Comex futures prices have reflected mostly US supply/demand. This US-centric pricing doesn’t capture what’s happening globally and blandly assumes ample US supplies will keep prices suppressed. This is despite the hard facts elsewhere (Asia, Europe) but increasingly respected analysts are forecasting higher prices.

Even if the war is resolved tomorrow, such is the damage and disruption to shipping logistics that it will take months to return to normal. But the war is not going to be resolved tomorrow.

Buckle up. Markets are going to cut up rough for us all. $150+ WTI beckons…