- WTI is down 23c to $40.37/Bbl, and Brent is down 17c to $42.26/Bbl
- Oil edged lower toward $40 Tuesday morning as a global market rally cooled
- The world's largest trading houses say oil demand won't return to pre-pandemic levels until at least 2022, according to oil traders speaking at the FT Commodities Summit (Bloomberg)
- Mercuria CEO: Demand won't return to 2019 levels for 1.5 years
- Sees 12 MMBbl/d global spare capacity
- Gunvor CEO : Recovery will take "a couple of years"
- Says China oil demand more or less back to normal
- Vitol CEO: Demand still 4M-5M MMBbl/d below year-ago expectations
- Won't show much growth until summer 2021
- By mid-2021 Mercuria sees oil at $45/Bbl; Gunvor expects it at mid-to-high $50s to $50/Bbl
- Mercuria CEO: Demand won't return to 2019 levels for 1.5 years
- Saudi Aramco may boost the official selling price (OSP) of its flagship Arab Light crude by as much as $0.20/Bbl to Asia customers for November sales (Bloomberg)
- Last month, Aramco cut the grade's OSP differential by $1.40/Bbl to -50c/Bbl for Oct.
- AEGIS notes that Aramco likely sees higher demand for its crude if it is able to raise its price, a positive sign for demand
