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.
The Jacobsen reported that crude and refined glycerin prices were moving lower…
11.22.2024
Biodiesel margins rise, but window of opportunity limited
Biodiesel margins continued to rise during the week to Friday November 22. The bean oil/heating oil (BOHO) spread boosted margins by falling to its lowest level since August 27.
11.22.2024
Gulf prices average higher despite weeklong declines in SBO
For the week ended Friday November 22, packer bleachable fancy tallow (BFT) remained unchanged from the previous week’s average, while Gulf Coast-delivered tallow rose 2.7%, primarily...
11.22.2024
Bloodmeal largest price mover week on week; November cattle on feed higher
US animal protein prices were mixed to mostly higher for the week to Friday November 22, with only meat and bonemeal showing a slight price reduction due to tighter...