Since June 2014, oil has plummeted from a high more than $100 per barrel, dragging energy sector revenues and stock prices along with it. The commodity has tried to bounce back, but there are a number of headwinds that will likely keep the commodity subdued over the short term.
Oil inventories growing, no signs of stopping. As of this writing, there are roughly 3 billion barrels of oil sitting in storage around the world. For context, this is enough to meet all of the United States’ oil consumption needs for more than five months.
