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:

Comments via ANZ commodity research/analysis (in brief from a much longer report):