Oil: Believe Fundamentals, Not Price. You Ain't Seen Nothin' Yet

U.S. crude inventories still hitting new highs. Only time higher was late 1920s.

U.S. keeps adding to inventories by importing MORE.

Domestic production still refuses to cross below 2015 peak.

U.S. gasoline inventories still peaking.

Plenty of ethanol inventory.

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h/t SoberLook