Falling inventories are the PRIMARY driver of oil price

[dan_s]

U.S. PETROLEUM INVENTORIES excluding the strategic petroleum reserve fell last week by -14 million barrels. Commercial inventories have declined in 27 out of 34 weeks since the start of July by a total of -167 million barrels, reversing most of the +194 million-barrel build during the epidemic’s first wave between March and June 2020.
U.S. oil production is back on decline since peaking in November, 2020.