More draws predicted for late 2017, 2018
The oil market rebalancing is in progress, even if it is slower than expected, according to releases by Societe Generale and RBC Capital Markets.

When OPEC first agreed to cut production in November, it was hoped that six months of reduced production would be enough to rebalance the oil market and draw down inventories.

However, according to Societe Generale OECD crude and product stocks at the end of April were 56 MM barrels higher than at the end of December. OPEC was essentially forced to conti...

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