Cushing inventoryCushing inventory level is very highly correlated with WTI price. It isn't a coincidence that we reached a new 52-week high in WTI price while Cushing inventory is at a 10-month low. Last week was actually the first week Cushing inventory was under 60M barrels since the week ending Dec 4, 2015. If we want the clearest picture possible on the trend of WTI price, follow Cushing inventory level. Some technical guys and daily commodity traders think a line on a chart determines price when in fact price determines that line. Ignore the short term noise and look at the big picture. Inventory levels in the US and around the world are the key indicators of the supply/demand balance in the market. OECD inventories have been consistently declining for months and we have seen massive draws in the US. We are currently in an undersupplied market and have been for months. The whole OPEC production cut is way overblown. Yes, a cut of 500k bpd or so will have a positive effect on price. But if it doesn't happen, it's not the end of the world. We will still be undersupplied while demand continues to grow. It would just propel the recovery at a faster pace. Nobody can consistently predict short-term price movements. They happen before most realize. Look at the larger picture to determine trend. Right now, we are seeing massive draws in crude oil inventories in a seasonally weak period. Very bullish. Ignore the meaningless nonsense which fills the news every day. It's just noise.