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MNI Commodity Weekly: Oversupply Fears and Weak China Backdrop Pressing Oil

Executive Summary:

  • Oversupply Fears and Weak China Backdrop Pressing Oil: Weak oil consumption remains a key theme, especially out of China, while non-OPEC+ export growth prompts oversupply concerns.
  • Oil Markets: Oil markets are extending the bearish theme in place since Aug 26 driven by market concerns for a surplus driven by weak US and China demand while near term focus remains on Libya and a hurricane in the US Gulf. Diesel and gasoline cracks remain weak despite upcoming refinery maintenance and hurricane risks to Gulf coast refineries. (Pg.3)
  • Analyst Views: See oil market outlook by biggest names in industry. (Pg.7}
Full piece here:

MNI Commodity Weekly - Oversupply Fears and Weak China Backdrop Pressing Oil.pdf

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