Firstly, less demand falls on developed markets, hence the limited value of US oil reserves on the dynamics of oil prices. another question about the sustainability of demand and emerging markets and its volatility, But that is another story.
Secondly, keeping large oil reserves is not as painful as it used to be due to the low cost of working capital ().
finally, `` we are all hedgers now ''. constant transposition leads to sustained contango, and keeping extra supplies is not so sad and scary.
