Demand for oil continues to rise. Demand is expected to rise about 6 million bpd in 2021 and another 3 million bpd next year. Pre-pandemic demand was at about 100.6 million bpd. Same level of demand is expected to be reached in second half of 2022. There is no reason why oil would go to 15 USD per barrel or negative as it did on 20th April 2020. It was probably one off event that occured due to lack of space at Oklahoma, Cushing (which is settlement point for WTI oil). Thus, why would oil plunge and go negative again? Momentarily we do not see any developements that would lead to that.
Here are some of our technical thoughts: