The oil market was massively oversupplied in the second quarter and remains so today, the International Energy Agency (IEA) wrote in its latest monthly oil market report. “The market’s ability to absorb that oversupply is unlikely to last. Onshore storage space is limited. So is the tanker fleet. New refineries do not get built every day. Something has to give,” the agency warned starkly. If so, someone forgot to tell the futures markets, where timespreads have remained firm and give no indication storage might be running out ( link.reuters.com/zyt25w ). Brent and WTI futures imply the market is willing to pay less than 45 cents per barrel per month to finance and store crude on average over the next half-year, down […]