Today's US EIA Crude Inventory Report
The floating "global" inventory is not all slated for the USA ... clearly the tankers leased by Iran from the National Iranian Tanker Company (NITC) have nothing to do with the USA ... probable destination - the EU, or China.
The biggest line in the report is: "Crude inventories at Cushing, Okla., the delivery point for Nymex oil futures, rose 1.1 million barrels to 30.7 million barrels. " as this implies the "contango" game, although muted, is still alive and well. Crude delivered to Cushing as "collateral" against NYMEX futures sold short, is counted by the US EIA as supply ... yet, clearly "collateral" is not supply until such time as it stops being held as "collateral".
All across the planet, storage and pipelines are being tied up by "collateral" ... this is called a bottleneck ... refiners are forced to work down on site inventory and then BEG for resupply - driving up crude prices even when surrounded by a sea of "lower demand" crude.
Use the bottlenecks to tie up "supply" and you can control the price of anything ... when it's crude and a huge chunk of money stands to be made ... then especially so ...
You may want to review :
-- Current Crude Pricing and Outlook
-- Crude Supply and Bottlenecks