Slide 5 of 17
Crude oil stocks in the United States, while tending to increase of late toward more normal levels, remain well below average. Near-term tightness in crude oil markets have kept current prices well above forward prices, essentially reflecting current strength in world crude oil demand relative to supply.
Relatively strong expected increases in U.S. oil demand next year should keep crude oil demand high and inventories relatively low, probably through all of next year.
Currently, crude oil stocks are 7% below the 5-year average and 2% below last year’s levels.