That was the point of presenting this plot. It shows that demand may not be a major driver in current pricing.

How does more than a doubling of crude prices in a 9 month period demonstrate fundamentals?

Chindia’s consumption hasn’t gone up that much and if it has then we’ll be seeing $400 a barrel in about a year at that rate.

I can plot the Fed liquidity input vs. USO and the argument for an Oil price bubble gets even more blatant.