From ongoing floating fuel storage to weak Chinese oil data on Tuesday, the two-year supply overhang that has haunted markets is not over, but the glut has eased from last year when crude was about to fall to levels not seen in over a decade. For over two years, oil producers have been pumping more fuel than the world can consume, pulling down prices by over 70 percent earlier this year and leaving storage tanks filled with unsold crude or refined products. Most analysts had expected supply and demand to come back into balance by the end of 2016, and as recently as October there were early indicators that Asia – the world’s biggest oil consumption region – was tightening. A month on, however, Asia’s oil markets remain oversupplied, with tankers being chartered […]