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John Johnston: Debunking the Tank Bottom Narrative and Oil Prices Going Forward
Veteran commodities trader John Johnston, also known as JJ, provides a detailed rebuttal to the prevailing narratives of oil market scarcity, arguing that the recent price volatility was a paper-driven phenomenon disconnected from physical realities. He explains that the price spike to $120 in March was fueled by the purchase of 750 million barrels worth of futures contracts in a short period, a massive speculative position that has been unwinding for weeks, pressuring prices. In reality, inventories were at near-record highs entering the conflict, with little actual disruption to supply. The…
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