The most recent petroleum status report shows that oil inventories reversed the decline that they saw in the previous report but these same inventories still remain below year-ago levels. Despite media reports, there are still no signs of a glut.

The price action in oil markets has been signalling that there is a glut in the country's oil supplies. However, a quick look at the actual numbers reveals that this is not the case and that, if anything, the supply-demand balance for oil is actually tightening.

The supply-demand balance of oil appears to be tightening in the U.S. as consumers seem to be increasing their demand for gasoline. However, the market still is not recognizing this reality and continues to bid down oil prices.

Crude oil prices continue to trend down. However, this is defying fundamentals as oil inventories are lower year-over-year and gasoline inventories are falling as the lower prices are causing demand to increase.

Oil prices have plummeted in the last month, at least partly due to what many commentators are calling an oil glut. However, a closer look at the data reveals that there is no such glut that has not already existed for over a year.

Seadrill Partners' unit price has gotten hit by one recent trend and two recent event. None of these fundamentally alter the company's position or investment potential. Thus, the company's units could offer an interesting opportunity for investors at their current level.