While oil prices have not done much recently total oil product inventories have been creeping upwards in America and throughout the rest of the OECD.
Looking at total US oil and petroleum products inventory levels you will see they are at 20 year peaks! The OECD is also above its 5 year average inventory levels.
* Emerging market demand and specifically China is a great unknown regarding their inventory and usage.
* The Iran / Israel situation is keeping people jumpy.
* The financialization of commodities provides a firm bid on oil prices.
* Hurricane season is just warming up in the US. We'll see how much carnage they produce.
Here's some previous entries on the topic of hurricane season:
Disclosure: Long RDC (Rowan Drilling)