The Only Chart Needed To Understand The Global Oil Market

Sure, there's tanker-carry-trades, positioning extremes, jawboning, marginal supply interruptions (and increases), and slowing (or rising) growth expectations... But taking a step back for a moment, what do you think this means for 'price'...

US oil inventories (crude plus refined product) soars above 1.4 Billion barrels for the first time ever... 40% above the 25-year 'norm' average

h/t @JavierBlas

We are sure "it's probably nothing"