Looking at the data from EIA, I feel pretty good about the second quarter numbers. In the first Figure, it looks like Crude Oil Production has finally vaulted up and over the 12 million barrels per day mark. I expect that number to keep going up.
Although oil production is looking good, in the second figure, Petroleum Inventories make me a little pessimistic. Those numbers are just too high, some of the highest in history. A positive note, however, is it appears that Crude Oil Exports have finally cleared the 3 million barrels per day mark for good.
I really hope we can see oil production and exports continue in this upward pattern, so long as we can drop those inventory numbers in the future.