Publications: Notes at the Margin

The Inventory Surplus: The Elephant in the Room (March 23, 2015)


In the 1935 Broadway musical Jumbo, comedian Jimmy Durante, accompanied by the play’s title character, was stopped on the street by a police officer and asked, “What are you doing with that elephant?” Durante would invariably stop the show by replying, “What elephant?” Oil markets have their own “elephant in the room”: global inventories. World crude oil stocks are building at rates never before observed. The levels they are approaching is unbelievable, and this increase will exert further downward pressure on global prices in 2015, 2016, and 2017. This week's report provides the details and discusses the market implications.


To request subscription information for Notes at the Margin, please Contact Us or send us an Information Request.