<p>WTI crude oil settled up $3.25 today to $86.79 on the day. That’s higher than last week’s close at $85.98 and represents an impressive turnaround from $81.20 at yesterday’s low.</p><p>The market is struggling to price in tight global supplies against worries of falling future demand.</p><p>There are also uncertainties about how much natural gas-to-oil swtiching we will see this winter in Europe and Asia. One bullish signal today came from German economy minister Habeck who <a target=“_blank“ href=“https://twitter.com/berlinerzeitung/status/1567934378331836416″ target=“_blank“ rel=“nofollow“>said </a>he wants to put diesel-fired power plant ships off the coast to replace nuclear plants that are shutting down.</p><p>That will add to demand for diesel, where US inventories are already tight according to <a target=“_blank“ href=“https://twitter.com/JKempEnergy/status/1568285479610499074″ target=“_blank“ rel=“nofollow“>John Kemp</a>.</p><p>Mix in uncertainty about the SPR, the Russian price cap/ban, the Iran deal and the economy and it’s a volatile trade. The big doji start on this week’s chart indicates that more wild moves are coming.</p>

This article was written by Adam Button at forexlive.com.