Is There a Connection Between Oil Inventory and Oil Prices?

There is a sense in which inventories directly cause prices to move. It's a little bit more nuanced than I presented in my first pass where I was just talking about how oh, if demands high and prices are up, then they sell off more inventory. The idea of basic logic I was laying out in the first pass is still right that low inventories might lead people to raise their expectations of imminent prices.