Crude Prices are at an Inflection Point

US crude oil stocks unexpectedly fell last week after a seasonal rise during most of the fall. Now that refiners are back on line and running at 95% or higher, demand should help keep inventories in check. If stocks resume their increase during a period that generally sees a slight decline, prices could head for lower levels. Prices are trading below both the 2-year and 5-year average price for the end of December and given…