While this is a positive downtrend from the inventory peak of 4.58 million units in July 2008, the inventory overhang is still having a negative effect on prices.
Peak demand seems unlikely before 2015, but positive revisions in non-OPEC supply suggest 75 percent of incremental demand this year and next is covered.
After an initial surge of negative sentiment following their peak, and now that they have declined further, some analysts are once again turning positive.