As a long-time investor in the energy sector, the current quarter has been one of the worst I can recall. It seemed like the market had turned the corner in 2016 when energy was the top-performing sector following two difficult years, but the price of West Texas Intermediate (WTI) is now down 20% from this year’s highs. Many are wondering why the bear market has returned.
There is one fundamental reason for the weakness in oil prices and that is record global crude oil inventories. These record inventory levels resulted from two primary causes.
