Crude benchmarks have extended yesterday's......>

OIL: Crude benchmarks have extended yesterday's losses (both down > $1.50), with

a particular focus on Chinese crude futures, which went limit down for around an

hour, the day after margins were hiked (NYMEX WTI futures margins were also

hiked again late Weds).

- Both benchmarks settled more than $1.00 lower on Wednesday, after giving back

their early, technical/flow driven gains, with a focus on increased Saudi & UAE

production. Elsewhere, there was also a focus on slashed physical buying prices

that we outlined yesterday. Wednesday also saw OPEC produce its latest monthly

oil report, which saw 2020 global demand growth expectations cut again. Also,

worth noting that the EIA's STEO saw a slashing of 2020 global demand growth

expectations, while the Agency hiked its 2021 demand forecast.

- Algeria's Energy Min noted intense conversations being held between OPEC+

nations, while Russian Energy Min Novak is set to meet domestic producers today.

- Talk of interest in physical containers is also on the up, given the tumble in

prices, while reports elsewhere suggested that Saudi is chartering tankers to

account for increased output.