Reviewing the short term history of petroleum inventories, it is safe to say that the oil business is back to normal. In the figure, it is clear to see that inventories are back to pre-pandemic levels.
It would be nice to be able to make some future predictions, but in this day and age, it is just not possible – not with a federal government around that can create black swan events at will. The future is not ours to make anymore. This century we have seen a stock market bubble crash, housing crash, banking crisis, and 2 oil crashes – back to back. In all the cases above, the Feds are involved, usually through failed oversight. There is no way to plan the future with a government that can create some type of crisis at will.