Trend is to Store more Oil A year ago oil in storage stood at 274 million barrels, and with another robust year of domestic production, and despite curtailed imports, the US Oil Inventory stands at 391 million barrels and climbing. The domestic need for refined products was stagnant at best, the real demand was in the export market, without a robust export market for refined products, oil supplies would have crushed the 400 Million Barrier this summer, and prices at the pump would have been much cheaper here stateside. So the drawing season accounted for roughly a 40 million barrel retracement in US supplies, and we are not even close to the middle of the building season, which even by conservative estimates should continue until mid-March of 2014. We might have some year-end selling of US inventories due to tax reasons, especially in Texas, but after all […]