Observable global oil inventories fell at their fastest pace on record and are today around their lowest level in more than a decade. While it’s too soon to determine that our current position represents a truly critically low level of inventory, it’s undeniable that we’re closer to that threshold than we’ve been in a very long time. This wafer-thin safety cushion makes the extreme volatility and wide forecast error bands looking out over the coming year all the more concerning, and a continuation of the past year’s inventory drawdown pace would bring us into truly uncharted territory.