Sure, 80 is just another number, but its a big number for 42 gallons of the black stuff, which is what a barrel equals. 80 looks even more amazing when compared to the 1998 bottom at just above $10. Still to beat -- the inflation adjusted high for crude oil which is over $101/bbl set back in April 1980.
We're at record highs in crude even with a dead northern Gulf of Mexico hurricane season. We're approaching $80 even as IEA cuts oil demand forecast this year and next. But demand is still expected to hit 88 mln barrels per day next year and that's a lot o' barrels.
Crude oil inventories fell by a whopping 7 mln barrels last week... a huge draw vs expectations of about a 2 mln draw. 34 mln barrels have been drawn in the last several weeks as refineries come back on line and demand remains strong. Gasoline inventories fell by 666k barrels. Distillates rose by 1.79 mln barrels.