Asia crude – Key market indicators this week

S&P Global Platts | Oct 26, 2020 at 4:05 AM
  • The crude oil market started the week of Oct. 26 lower as COVID-19 cases continued trending up in Europe and the US, while concerns of rising Libya output also capped sentiment recovery.
  • *The December contract for Brent and WTI had fallen 2.70% and 3.09%, respectively, in the week ended Oct. 23 to settle at $41.77/b and $39.85/b, respectively, on Oct. 23, after Libyan oil production picked up speed and data from the Energy Information Administration indicated that fundamentals in downstream oil markets had deteriorated.
  • *According to EIA data, gasoline inventories had risen 1.9 million barrels to 227.02 million barrels in the week ended Oct. 16 , and total refined product supplied, EIA’s proxy for demand, had dropped 1.36 million b/d to 18.11 million b/d in the same week.