Mr. Market Gets It Wrong Again

Once again the price of oil is in La La Land. Today the price of NYMEX light sweet crude surged past $62/barrel. My best guess based on the supply & demand fundamentals is that crude should not be trading a penny over $35 per barrel right now. In a justified fit of pique last December I wrote The Price Is Not Right, which attempted to get to the bottom of why oil prices move up or down. Today
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