by Bill O’Grady
The Market
Since December, oil prices have been ranging between $48 and $55 per barrel.
Prices and Inventories
Inventory levels remain elevated, reaching historic highs.
In the above charts, the one on the left shows the long-term inventory situation, while the chart on the right shows a 12-year history. Normal inventories would be below 400 mb, so stockpiles remain elevated.