Skip to navigationSkip to content
An oil pump jack pumps oil in a field near Calgary, Alberta, July 21, 2014.
Reuters/Todd Korol
It’s not just going to go sit in storage now.
INVENTORY INFLECTION POINT

The American oil glut might finally be drying up

Arguably the biggest story in finance in late 2014 and early 2015 was the huge drop in oil prices, which drove inflation into the ground, led to layoffs the world over, and screwed up currencies from the Russian ruble to the Nigerian naira. But since March, crude has been on a rebound.

That’s because global demand seems to be growing, but also because investors suspected America’s oil glut would have to start to easing up eventually. And now they have their proof: the Energy Information Administration just reported (pdf) that US crude oil stockpiles have fallen for the first time since December.

 

Subscribe to the Daily Brief, our morning email with news and insights you need to understand our changing world.

By providing your email, you agree to the Quartz Privacy Policy.