Oil markets reacted euphorically to news of an effective Covid-19 vaccine,with European diesel up 10% on last week,but the downstream faces a winter of intense demand destruction before enough doses would be available to bring the virus under control.The pandemic has crushed oil demand via government-mandated quarantines and lockdowns,as well as personal fears of travel.Current second-wave lockdowns in France and the UK especially could wipe out 700,000 barrels per day(2.8 million metric tons)of European ultra-lowsulfur diesel(ULSD)demand this month,according to FGE Energy.
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