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I think the following from seekingalpha accurately describe what is happening now. see inside. (谈股论金)  585次阅读

作者: longterminvestor @, 发表于: 2018-07-12 (2330天前) @ 雅歌

观看【longterminvestor】的博客

In addition, there is currently an export timing mismatch between GCC allies, Iran, and Venezuela. Saudi, Kuwait, UAE, and Russia have increased crude exports, but the drop in Venezuela and Iran have not been significant enough to offset the increase. Floating storage has started to also build globally, which has put additional pressure on the spot market. For the time being, the oil markets will have to go through a few months of consolidation as the prompt physical storage overhang needs to vanish and time spreads need to perk back up before flat prices rally again.

https://seekingalpha.com/article/4186824-weekly-oil-storage-report-record-crude-storage-draw-near-term-headwinds-persist

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