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OILX - Oil - Crude Is Undersupplied While Products Are Oversupplied
UBS AG London Branch ZC SP ETRACS REDEEM 22/02/2046 USD 25 - Ser B
Welcome to the split market edition of Oil Markets Daily!
The oil market is never straightforward, and given the diverging fundamental dynamics today, the global oil market is torn between two realities - undersupplied crude market and oversupplied product market.
Products have been under a lot of pressure as of late due to low heating demand around the world. We've had one of the warmest starts to winter for the Northern Hemisphere since 2006. Europe and the US have barely registered a boost in HDDs, so this is sapping heating demand globally.