Crude Oil (WTI) has had a troubling week, as the commodity continues to slide lower as growing over supply concerns point to further falls ahead. In fact, as a veritable conga line of tankers navigate towards the United States, some are now asking at what point “peak storage” have been reached. A range of factors have contributed to the global oil supply glut including diminished demand, as well as the introduction of Iraqi supply to the market. Although slow to start, Iraqi oil exports are now ramping up and, as we speak, a 2-mile long line of tankers is heading towards refineries in the United States. However, a tanker backlog is already underway in Houston, where over 39 oil laden vessels stand idle waiting for a turn to unload their cargo of crude oil. The current combined supply nears a capacity of over 28 million barrels, which doesn’t include […]