US Investment Bank Predicted Oil to Fall into Negative Territory

An Investment bank analyst felt the surge in oil supply unleashed by Saudi Arabia and Russia, coupled with the massive demand plunge in oil consumption from the coronavirus shutdowns, could push crude oil prices into negative territory. This was in late March that the prediction was made, and it came true a month later. 

On Monday, the same firm announced that the relief rally in oil may be coming to an end, citing bearish market fundamentals in the short term due to uncertain demand recovery and returning production in the US and Libya.

The Energy Information Agency (EIA) reported that ULSD ending stocks continued to rise last week and are now 49.8 million barrels higher than they were right before the onset of the pandemic.

Revision to Refined Glycerin

The Jacobsen reported that crude and refined glycerin prices were moving lower…