Recent inventory declines suggest that oil markets may be closer to re-balancing – RTRS

Reuters carrying an article on Oil, quoting analyst at Bernstein Energy noting that inventory builds are slowing as the market comes back into balance.

Key Quotes:

"Global oil inventories (industry and government) increased by 17 million barrels to 5.618 billion barrels in 3Q16. This is the smallest build since 4Q14, confirming that inventory builds are slowing as the market comes back into balance."

"Global Inventory builds estimated in 3Q16 imply 200 million barrels per day oversupply, which is smaller than IEA estimates of 300 million barrels per day."

Recent inventory declines "suggest that oil markets may be closer to re-balancing than some expect," but added that going forward "much depends on how much OPEC is prepared to cut at the upcoming meetings in Vienna at the end of November".

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