On March 4, BZ topped 115 as Russian forces gradually encircled southern cities of Ukraine. Crude oil traders rushed to cancel their short orders. A large number of short sellers have gathered in this price range. The withdrawal of these short orders and upcoming long orders are likely to lead to a further spike in oil prices. The U.S. announced 60 million barrels of crude oil will be released. But it only equals to 3-4 days of US consumption, and wartime is likely to consume more oil. With crude oil inventory data well below market forecasts, crude oil futures logically present a super-backwardation structure. It means that traders have no confidence in the short-term market supply balance. In fact, not only crude oil futures, but also other major commodity futures are starting to exhibit