The supply glut was never canceled. Almost everyone and every part of the oil market remains convinced it is happening, the potential weighing on prices and movements even if occasionally geopolitics gains control over short run periods. Important macro updates from Ireland to India further prove why the glut isn't being led by global supply. And if it wasn't enough sharp declines in US usage help clear it up even more. Eurodollar University's Money & Macro Analysis ****** Eurodollar University's One Big Thing Weekly https://eurodollaruniversity.substack.com/ Eurodollar University's Anniversary Sale https://www.eurodollar.university/sale ****** Total Energies Q2 Report https://totalenergies.com/system/files/documents/totalenergies_2Q25-results-press-release_2025_en.pdf Bloomberg Oil Caught Between a $70 Summer and Growing Surplus Fears https://www.bloomberg.com/news/articles/2025-07-27/oil-prices-caught-between-a-70-summer-and-growing-surplus-fears Bloomberg Ireland’s Economy Just Shrank for the First Time Since 2023 https://www.bloomberg.com/news/articles/2025-07-28/ireland-s-economy-just-shrank-for-the-first-time-since-2023 Bloomberg India Warns of Trade Risks Amid Trump Tariffs, Global Slowdown https://www.bloomberg.com/news/articles/2025-07-28/india-warns-of-trade-risks-amid-trump-tariffs-global-slowdown Reuters China's industrial profits fall further in June https://www.reuters.com/world/china/chinas-industrial-profits-fall-further-june-2025-07-27/ https://www.eurodollar.university Twitter: https://twitter.com/JeffSnider_EDU
