Having your supply tied up in contracts doesn't mean there isn't/can't be a market oversupply. PLS had its product tied up in contracts in 2019-2000, yet there was still an oversupply and it was even selling its product at a loss because the price went below its production cost.
If there's not an oversupply, then why are producers shutting down? If all the supply could be gobbled up by demand, then why the need for producers to shut down production?
The narrative about there not being an oversupply is about as disingenuous as Joe Biden being as "sharp as a tack".
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