The draw on inventories is interesting though. Clearly, mobility has reduced vs a couple of weeks ago with more lockdowns imposed, so you would expect the stocks to be piling up. The only logical conclusion I can draw is that even after accounting for this semi-locked down state, the drop in supply has outstripped the expected drop in demand, significantly. I suspect US supply has fallen off a cliff and will likely never recover to prior heights.
Keen to hear your thoughts. I for one was expecting an inventory gain.
