I've seen no evidence USA production has gone down. The reverse...

I've seen no evidence USA production has gone down. The reverse is true from what I have read.

I've seen no evidence that inventories have dropped. The glut continues.

There is good evidence that current pricing favours contango trading meaning that its worth buying oil at this price and paying storage fees in order to sell fo higher next year. That game is almost fully priced in at current prices. Once the demand from this trade slows, I see oil dropping again.