This week’s Commodity Tracker kicks off with a look at easing stocks of refined oil products at the Middle East’s biggest storage hub of Fujairah, as well as the prospects for gas supply in Europe over winter amid bulging storages.
It’s a relatively quiet week event-wise, where outside of the VP debate on Wednesday we get the latest minutes from recent Fed (Weds) and ECB (Thurs) meetings, and also hear from both Fed Chair Powell (tomorrow) and ECB President Lagarde (tomorrow and Weds).
European fuel oil markets move into the fourth quarter amid continued uncertainty, as COVID-19 restrictions within Europe ramp up again, posing questions about upcoming demand and refinery margins.
OPEC’s long-term prospects took a hit in recent weeks, with BP declaring peak oil demand may have already been reached, California mandating a phaseout of internal combustion engine cars by 2035 and China vowing to be “carbon neutral” by 2060.
Oil prices rose more than 1 per cent on Monday, lifted by comments from doctors for US President Donald Trump suggesting he could be discharged from hospital as soon as Monday.
Chicago wheat rose on Monday, supported by dry conditions during Russian winter wheat sowing.
South Korean oil refiners’ third-quarter earnings are unlikely to recover markedly following their worst performances in the first half due to the fallout from the coronavirus pandemic, industry sources said Monday.
Curry leaves are commonly known as ‘Kadi Patta’.
Oil came under renewed pressure yesterday, with Brent falling briefly below US$40/bbl, although managed to settle above this level.
ADNOC announced that one of its new trading entities, ADNOC Trading, has started derivatives trading as a direct market participant.