Of course, inventory will probably turn up this spring and summer because of the regular seasonal pattern, but the underlying trend will be less inventory than is typical for each season, not more.
This could be a trend, but it could also be part of a seasonal production cycle where Chinese companies import raw materials and components in the spring, in order to gear up to export finished products later in the year.
Prices could pull back briefly, as demand is at a seasonal low, but many analysts say the broader trend is that prices will continue to rise because of risks to oil supplies.