RBOB, ULSD retreat as COV ID-19 surge dims demand outlooks

摘要

Refined product futures settled lower Sept. 22 as demand outlooks dimmed amid the prospect of renewed COVID-19 lockdowns. NYMEX October RBOB settled down 1.28 cents at $1.1643/gal while October ULSD moved 1.12 cents lower on the day to finish at $1.0961/gal. Refined product prices came under pressure in early US trading following reports that UK leaders are instituting new lockdown measures from Sept. 24 in the face of a steep rise in the number of new coronavirus infections. The move could herald a return to global lockdowns as the risks of a second wave of infections grow with the onset of colder weather in the northern hemisphere. “It is hard to be constructive about oil prices as governments for most European advanced economies appear ready to reinstate lockdown measures to prevent the spread of the coronavirus,” OANDA senior market analyst Edward Moya said in a note. “If production continues to show signs of increasing while the virus weighs on the demand outlook, oil prices could be in trouble.”