Javier Blas, Columnist

Wall Street Is About to Take Oil Out to a Wild Party

As prices head for $90 and beyond, the options market will take the lead in making lots of money.

January 19, 2022 at 7:00 AM UTC

Updated on

January 19, 2022 at 9:09 AM UTC

Javier Blas is a Bloomberg Opinion columnist covering energy and commodities. He is coauthor of “The World for Sale: Money, Power and the Traders Who Barter the Earth’s Resources.”

Waiting to hit the jackpot.
Photographer: HAIDAR MOHAMMED ALI/AFP

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Supply and demand fundamentals drive oil prices. Things like OPEC+ production plans and U.S. driving patterns matter the most — until they don’t. That’s when the wizardry of Wall Street takes over, giving prices a push up or down beyond what the physical fundamentals warrant.

The oil market is on the cusp of one of those moments.