The U.S. oil market is scrambling to adjust to a deep selloff over the last several weeks, with forward prices signaling a supply glut which could upend plans for producers and traders through 2019. U.S. crude futures CLc1 plunged 7 percent on Tuesday, to settle at $55.69, their lowest level this year, down from a four-year high only a month ago. Tuesday marked a 12th straight session of declines, which is the longest losing streak on record, shaking a market that was bracing for supply shortfalls just a month ago. “We were definitely in the bullish narrative for the past three months, and now we’re seeing that narrative shift,” said Michael Cohen, head of energy markets research at Barclays. “If the […]