U.S. crude oil stocks at this point in 2017 have dropped below the record highs of 2016. But inventories are still high. So in the face of predicted increasing oil production from shale in 2017, rebalancing inventories will be difficult, if it is even possible.

However, a rebalance is still plausible according to an RBC Capital Markets report that identified several possible ways a drawdown of inventories could be in the cards.
By the numbers
According to the EIA, the current crude oil inventory is over 522.5 million barrels. This is 4% be...

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