U.S. oil inventories have, at long last, fallen below the five-year average for this point in the year, according to data released by the EIA today.

Commercial crude inventories are currently at 428.3 MMBO, compared to a five-year average of 431.6 MMBO. This represents a major milestone in the recovery from the 2014 downturn, when stocks ballooned to levels never before seen. OPEC regularly cites the return to the five-year average in oil storage as its main goal for rebalancing the oil market.

However, the five-year average is not wh...


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