Comments via ANZ commodity research/analysis (in brief from a much longer report):
- A COVID-19 vaccine could draw a line in the sand for the oil market.
- However, there are major hurdles to overcome before it can assume the worst is over.
- Weak demand will see a 2mb/d surplus in H1-21.
- This should see OPEC delay output increases by 3mth
ANZ picture the movement cliff: