The price of oil has been on a tear this year, and the commodity recently surged past $100 per barrel on concerns that geo-political tensions in the Middle East will disrupt supplies. How the tensions between Iran and Israel resolve themselves is anybody's guess, but one consolation as the tensions escalate is that oil supplies are way above average.
The chart below compares the current weekly supplies of crude oil and compares them to the historical average going back to 1984 and over the last ten years. Whether you look at the last 25+ years or just the last ten, the current oil stockpiles are well above average. At a current level of 345.7 million barrels, crude oil stockpiles are 6% above their historical average since 1984 and more than 8% above their average levels over the last ten years. Additionally, there have only been six years since 1984 where oil inventories were higher than they are now. An escalation of tensions in Iran would no doubt boost oil prices, but at least the market is relatively well prepared.