The US has maintained an average of 65 days of crude oil inventories, including the Strategic Petroleum Reserve, since 1982. However, Bank of America's latest estimates revealed that the US now has only 41 days of oil inventory left, the lowest in half a century.
According to the US Energy Information Administration, combined commercial crude and Strategic Petroleum Reserve holdings stood at 722.2 million barrels for the week ended 14th August, which is a decline of 101.9 million barrels, or 12.4% from a year earlier.
