- WTI is down 24c to $41.58/Bbl, and Brent is down 8c to $44.26/Bbl
- China is forecasted to become the only major buyer of crude oil to see an increase in demand year-over-year (Reuters)
- China's oil demand increased approximately 3.6% while Europe and the Americas saw a decrease of 16.7% and 15.9%, respectively
- Chinese imports could reach as high as 12.0 MMBbl/d next year, as key crude grades for the country have lost value during the pandemic
- AEGIS remains cautious on near-term oil prices, despite recent vaccine news
- While a vaccine is positive for demand, the benefits will likely take time to materialize
- The global supply-and-demand inflection point could get moved forward, from Cal '22, as a result of the recent news
- Join AEGIS today at 2pm CST for our Market Update on oil and gas fundamentals - Email us if you missed the invite