The Oil Drum: Declining Exports vs. High Inventories. What’s going on?

My contention is that instead of focusing on crude oil inventories, we need to focus on world net exports, crude oil prices, refinery utilization, product prices and product inventories…and from all of my work, I expect to see crude oil exports trending down, crude oil prices trending up, refinery utilization trending down, product prices trending up, and product inventories trending down.
The Oil Drum