The good news for oil bulls is that U.S. stockpiles of the stuff, while still bloated, are now firmly back inside the historical range. The bad news is that all that bloating means the average isn’t what it was. When the Energy Information Administration puts out its weekly summary of oil inventories, the one-pager usually has some form of wording about how the current level compares with what’s typical for the particular time of year. Here’s an example from this week’s report, released Wednesday: At 466.5 million barrels, U.S. crude oil inventories are in the upper half of the average range for this time of year. U.S. inventories being in the upper half of the range means OPEC’s efforts to clear the glut still have a ways to go. On the bright side, stockpiles have now dropped for seven weeks in a row, draining almost 43 million barrels from […]