US oil prices topped $94 a barrel on Wednesday for the first time in over a year, threatening to push up prices at the pump and inflation across the economy. The latest gains came after federal data showed crude inventories fell by more than expected last week. Stockpiles at the closely watched Cushing, Oklahoma, storage hub plunged to nine-year lows. “There’s not a lot of oil there and that’s causing some nervousness,” said Tom Kloza, global head of energy analysis at Oil Price Information Service.But while gasoline availability is not exactly the same as oil availability, I'll note that gas in late September remains more plentiful in America than it's been in any year that wasn't smack dab in the middle of a pandemic.
Analysts say bullish bets by hedge funds and other market speculators have helped fuel the latest rally. “They are gunning for $100 and at this rate they’ll get there. It has a self-fulfilling element to it,” said Robert Yawger, vice director of energy futures at Mizuho Securities. “The sky is the limit.”There it is. All speculation and BS. Very frustrating, especially if this causes prices as the pump to jump past $4 in these parts in the next month. It's not based on structural realities, just a cynical hope.