Some great lines in this piece on the glut of oil weighing on price

  • A massive supply glut has caused global oil prices to crash this year
  • "floating storage" of crude oil soared to nearly triple the normal level last week, according to ClipperData
  • It's a "super tanker traffic jam"
  • Epic oil glut

Smith first noticed the maritime congestion popping up a month ago off the coast of Singapore. And then ClipperData discovered a similar phenomenon off China and even the Arabian Gulf.
"There just appears to be more oil than can be dealt with. They haven't got anywhere to put it"

More here

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What do the contrarians say? Time to buy?