Is This The End Of The Oil Glut

In recent weeks, the crude oil market has finally started to
show signs that it could be heading toward rebalancing—the stated
goal of OPEC’s cuts and the favorite buzzword of analysts and
officials this year. Saudi Arabia is cutting crude oil exports,
notably to the U.S., in a renewed effort to influence the oil
market after inventories continue to be high seven months into the
production cut deal. At the same time there is record-high refinery
input in the U.S. this summer. Summer is a peak demand season
outside the U.S. as well.…

In recent weeks, the crude oil market has finally started to
show signs that it could be heading toward rebalancing—the stated
goal of OPEC’s cuts and the favorite buzzword of analysts and
officials this year. Saudi Arabia is cutting crude oil exports,
notably to the U.S., in a renewed effort to influence the oil
market after inventories continue to be high seven months into the
production cut deal. At the same time there is record-high refinery
input in the U.S. this summer. Summer is a peak demand season
outside the U.S. as well.…