Gas Oil 1 year $/TonneMonday 26 October, 2020
US total distillate stocks continue to fall. However, despite the large fall in stocks seen over the last few weeks, stocks are holding at a stable 40 million barrels above the level seen in 2019. Demand also remains weak falling by 587,000 bpd last week and is 7 per cent below the level seen for the same period last year (on a four week average basis.) As a result we expect ICE Gas Oil to remain capped by resistance at $350/t.
Gasoline 1 year $/TonneMonday 26 October, 2020
The fundamentals for US gasoline weakened last week with stocks rising and demand falling. In addition European gasoline demand is expected to weaken due to expanding lock-downs across Europe as COVID continues create economic havoc in addition to all the other problems is is causing to mankind. A combination of the end of the driving season and a spike in COVID cases is bearish news for petrol.
Crude 1 year $/TonneMonday 26 October, 2020
US crude stocks fell last week but demand also fell resulting in a rise in the days cover of 1.8 days. Attention is now focused on OPEC and Russia which are under pressure to delay the planned crude production rise which is scheduled for 1st January 2021. On Friday 23rd October a ceasefire was signed by the warring Libyan factions and crude production in the troubled North African nation is expected to double by the end of the year to 1m bpd. As a result we expected crude prices to continue to consolidate.
Already a client?
Login to add this
widget to your website
Not a client yet?
Request a Free Trial
to find out more
© Copyright 2020 The Oil Market Journal
website by Eyekiller