Oil’s Global Oversupply Shows Up Most Prominently in US Market

Global crude oil markets are oversupplied, and it’s most obvious in the Americas, especially the US. The futures curve for US benchmark West Texas Intermediate is in a contango structure — in which later-dated contracts trade at a premium to nearer ones — for most of 2026, suggesting weaker demand for prompt barrels. Further signs of healthy supply in the US can be seen in high export volumes. Crude exports for October came in at the highest since July 2024, according to government data. Most Read from B ...