European Refiners Now Have Too Much Oil

European refiners now seem to have more crude oil than they need—with the early panic about Russia’s dwindling oil exports—and the world’s subsequent oil shortage—proving to be overblown. Crude oil traders have pointed to Europe’s ability to source crude oil from Latin America, the Middle East, and the United States as the main cause for European refiners breathing a sigh of relief.

Asia, too, has scooped up less crude oil than analysts were predicting, thanks to China’s neverending battle to obtain the…