The structure of Brent futures prices shows most market participants believe the oil market will begin to rebalance in the second half of 2016 and through 2017. Prominent oil analysts continue to warn the recent rise in prices is premature and risks postponing the additional production cuts needed to force supply and demand back into balance. But the majority of market participants now seem convinced rebalancing is now on the horizon and the balance of risks in the medium term is tilted towards the upside. The International Energy Agency echoes the theme in an editorial in its latest oil market survey entitled “market balance draws near” (“Oil Market Report”, IEA, April 14). […]