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Is the oil market looking up?
Nov 14: Is the oil market looking up?
8Oil demand is likely to grow by 1.23 mb/d in 2016, according to October projections by OPEC
8In contrast supply is going to shrink by 0.78 mb/d
8Product Markets and Refining Operations
8Product markets in the Atlantic Basin continued to strengthen in October. The positive performance of the middle of the barrel, amid stronger demand and falling inventories, allowed gasoil crack spreads to show a sharp recovery.
8Tanker market sentiment experienced a general improvement in October, as freight rates in both dirty and clean segments of the market increased. Dirty tanker spot freight rates averaged 13% higher over the previous month on the back of improved tonnage requirements and seasonal demand, with VLCCs achieving the highest gains. Chartering activities edged up in October, although mostly remaining below year-ago levels.
8OECD total commercial stocks fell in September to stand at 3,052 mb, but was still some 304 mb above the five-year average
8Eventually, the outlook for the markets will depend upon how quickly the stock overhang problem is resolved.
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