Crude oil and refined products are once again begin stored on tankers floating at sea, a sign that the two-year oil glut is far from over. Short-term floating storage is now at its highest level since 2009, the International Energy Agency said in its July Oil Market Report. Bloomberg echoed that conclusion, finding that 9 million barrels of crude oil were floating off of the coast of the UK in the North Sea in June, a sharp jump from 7 million barrels in May. Three traders who asked not to be identified told Bloomberg that the cargoes will probably sit anchored offshore for quite a while because of weak demand in Europe. One cargo has been sitting there since April 23. Altogether, the IEA estimates that about 95 million barrels of oil are sitting in floating storage, the highest level since a wide contango opened up in the aftermath […]