1. To swallow, to gorge oneself; to greedily eat too much: Nell is excessively glutting her food and, as a result, she is getting fatter everyday.
2. To supply something that is much greater than can be sold or is needed or wanted: It's possible that there are so many university graduates glutting certain areas of the labor force that only a limited number will be able to find the kind of occupation that they are hoping for.

Cheaper products from abroad glutted the market, lowering the profits for local sellers.

If the market is glutted with too much oil, then why is the cost of gas still so expensive?