Demand exceeds expectations. Supply is low equals irrational expectations and unsustainable lowered price. Uncertainties (China lockdown, US recession) led to record low positioning plus Russia/Ukraine crisis leading to high retail price…all not solving supply issue.
Consider also the completion of 1 million barrels per day of supply from the US Strategic Petroleum Reserve. This is supposed to end in October, before the US mid-term elections. That is 1% of the world’s supply.