"Analysts say the 4.8 million-barrel increase in the U.S. crude inventories last week took the market by surprise as the general expectation was for a slower expansion or a decrease. At 490.7 million barrels, U.S. crude oil inventories remain near levels not seen for this time of the year in at least 80 years "
“We continue to wait patiently for [U.S.] production to drop; however, it is taking painfully long. Low oil prices do not seem to have hurt U.S. producers...”
"Concerns of a prolonged oversupply also prompted Citi to forecast U.S. oil will likely dip to as low as the $20 range"
Crude stored (black). Crude daily production (red)
Blue arrows show December levels for past few years...
https://www.eia.gov/petroleum/weekly/
Oil with oil volatility
