Oil is about to fall on mis-matched supply and demand

Both WTI and Brent crude oil prices have been on a tear recently after breaking out of a year long funk:

There’s been a series of macro events that triggered this technical buying, as always beginning in the Middle East with unrest in Iran and regime change in Saudi Arabia, but helped along by an unseasonally cold winter in the US plus a continuing run of good economic news.

But where will it stop? Technically, the next level for WTI crude is the former support level at $80 per barrel that we significantly broken in 2014 due to a deluge of supply.