The oil price rally came to a quick end in June, topping $50 per barrel but quickly falling back again. Optimism stemming from the four-month rally has vanished, and since June prices have retreated back to $45 per barrel. The main reason for the renewed sense of pessimism comes down to the glut of oil sitting in storage. The U.S. has been dealing with oil stocks at 80-year highs since early 2015, a metric that has become closely watched in the market for signs on whether or not supply and demand are moving closer to balance. After hitting an all-time high earlier this year, crude oil stocks began to decline in May, and although they are still above 500 million barrels, the industry has steadily drawn inventories down from their peak. (Click to enlarge) A more recent worry for the oil markets are the stubbornly high levels of gasoline […]