Below are some graphs from the EIA showing the current situation with US inventories of petroleum products- the punchline in my mind is- current prices aren't necessarily based on fundamentals...
The demand is going lower and supplies are going higher...
Gasoline demand in US
Gasoline stocks
Gasoline production
Distillates
Gasoline Prices
Just looking at the US gasoline supply /demand graphs- it is certainly hard to justify the long term "bull case" for oil
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