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U.S. oil surplus may persist until $40 price level, Mike McGlone notes
Mike McGlone suggests that a drop to $40 per barrel may be necessary to curb the current U.S. supply surplus in crude oil.
According to McGlone, U.S. oil demand has declined compared to supply, affecting broad commodity prices for nearly two decades. He points out that the surplus is approaching 8 million barrels a day in 2026, emphasizing the key role of market elasticity.
McGlone previously noted that both corn and crude oil futures fell below $4 in 2024-25, highlighting commodity price declines in that period. He has also observed a persistent lower-highs pattern for crude oil prices into 2026, citing high U.S. stock market levels as a key factor. These developments set the context for continued attention on U.S. oil supply and price trends.
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