Total US oil inventories....May to Current date... Inventories peaked in May.....have dropped almost 33M barrels since.....
Put into perspective....
Oil price went from $45ish in March to nearly $60 in May when the peak inventory report was released....a rise of 42M barrels to inventory and oil appreciated by 30%....
Currently inventories are down by 33M barrels from the peak in May and oil price is $45ish again....No where to go but higher IMO.....production cuts kicking in week by week and inventories will be drawn down further.....
Good Luck....