So in further attempt to understand the reason for the spike, I found this:
Atlanta hedge fund manager Michael Masters told a House subcommittee in June.
"When a trader sends a buy order to the exchange floor or presses the 'buy' key on their trading terminal, if he or she is attempting to buy more contracts than are currently offered for sale at the market price, then the market price will rise,"
I also found this:
He points out that the amount invested in commodities index products has risen from $13 billion to $260 billion in five years, a fact he thinks is key to understanding oil prices.
So if the same amount of oil is flowing through the supply / demand pipeline (Again there is no known storage in the supply in any part of the world, but yes a tight supply / demand in current conditions) and you have an influx of $240+ billion attempting to trade on that same amount, how could that factor alone not be a large part of price increase?
Want would happen to the price today if a large part of the influx of cash were removed? (With no change to supply - demand)