Light Bid To Start The Week

WTI & Brent sit ~$0.20 above their respective settlement levels, with the bid in the equity space allowing crude to unwind its modest, early losses.

• Monday saw BP provide a relatively sombre outlook for oil demand growth over the medium term.
• Elsewhere, BBG reports noted that "some of the world's biggest oil traders are gearing up for a possible resurgence of a coronavirus-induced glut of crude and fuels, snapping up giant tankers for months-long charters so that they can be ready to store excess barrels if necessary. The chartering spree is likely to alarm Saudi Arabia, Russia and their allies as it indicates that the oil traders believe the crude market is moving into a surplus after OPEC+ managed to create a deficit earlier this summer with its output cuts."
• On the supply side, U.S. producers started to evacuate their offshore platforms in the Gulf of Mexico over the weekend, owing to the latest storm/hurricane developments in the area.
• Elsewhere, it would seem that the commander of the Eastern Libyan military forces has agreed to allow the re-opening of the country's oil ports in the wake of an 8-month blockade.