Brent futures are trading at levels not seen since 2010, leaving traders asking why? Analysts are pointing to a grimmer economic outlook globally. However, the current situation can be seen more in terms of excess supply than weakening demand.
The ships didn’t come in. Where did all the oil buyers and imports go? Consumers were making less and spending a bit more and pending home sales shot up and the oil market did not know quite what to make about it.