The data coming in from the Energy Information Administration is beginning to look like the recent critical juncture is being resolved by declining days supply of inventory. In other words, we’d look for days of inventory to continue the long-term downtrend rather than the recent swing up. That, in turn, supports our "No Conspiracies Needed" theory which says that oil prices are likely to continue rising, and there isn’t much OPEC could do about it even if they wanted to.
Earnings reports from the energy industry offered a plea of no contest. Those that missed did so because of production mishaps, which in turn means ever-tighter supply.