The ‘simple math’ reason oil prices need to rise a lot more, according to JPMorgan

jpmorgan says oil prices need to rise a lot more because the current level doesn't reflect reality. the bank's analysts argue that demand destruction and higher u.s. pump prices are inevitable. they didn't give a specific target price, but the message is blunt: the market is underpricing the physical tightness. the "simple math" they cite is about supply and demand fundamentals that, in their view, haven't been properly priced in yet.