- OPEC trims oil demand forecast as countries re-impose lockdowns
- OPEC researchers said, "The oil demand recovery will be severely hampered, and sluggishness in transportation and industrial fuel demand is assumed to last until mid-2021", in its latest monthly oil market report
- The group reduced its 4Q2020 forecast for crude output required by the cartel to 26.51 MMBbl/d — a 960 MBbl/d revision
- EIA weekly data is due at 9:30 am CST
- U.S. Crude Inventories: -872 MBbls (Avg. Bloomberg surveys)
- U.S. Gasoline Inventories: +202 MBbls
- U.S. Distillate Inventories: — 1,612 MBbls
- U.S. Refinery Utilization: + 0.59% change
- Oil refineries continue to close globally as the coronavirus dims prospects of an immediate fuel demand recovery
- The pandemic reduced global fuel demand by 30% initially, causing refiners to halt operations temporarily. Now that the impact seems to be more long-term, several refiners have announced plans of refinery retirements or retrofitting to produce alternative products
- United States
- Marathon Petroleum — Closing 161 MBbl/d Martinez, California refinery and its 26 MBbl/d Gallup, New Mexico refinery
- Royal Dutch Shell — Closing 240 MBbl/d Convent, Louisiana refinery (largest U.S. refinery closure)
- Europe
- Petroineos — Plans to deactivate half of its Grangemouth, Scotland 200 MBbl/d refinery (announced November 10, 2020)