I'm curious what the financial engineering you're referring to was.
I've been trying to understand why gas is still comparatively cheap given the war and the best I've landed on so far is that the spread between feedstock (crude oil) and output (diesel, gas, jet fuel, etc) widened in large part die to flooding the market with strategic oil reserves.
We keep crude prices low, which is what many indicators track, while we couldn't keep final product prices low as easily because we can't quickly increase refinery capacity.
How did they financially suppress fuel prices?
China stopped buying 5.5 million barrels of oil per day (quarter of what was carried in the Strait). Huge reduction that has slowed down the catastrophe by months.
China stopped buying: https://www.youtube.com/watch?v=ehoMxfJxTw8
With the reduction in demand, prices didn't skyrocket. This is what OPEC does (cut supply to increase prices), but on the demand side.