A couple of comments out of National Australia Bank commodity research highlight two important factors for oil.

1. Vaccine progress:

  • "It's great news, no question about that ... But it will take time for vaccines to be rolled out, and therefore it will take time for demand to be positively impacted by that"

and 2. OPEC holding back supply:

  • "In many ways the market is looking forward into 2021, to a time when we do have vaccines rolling out, and to a time where OPEC and allies have held back some of those scheduled supply increases"

On OPEC+ , the expected supply increases from January are seemingly likely to be delayed at least 3 months. The cartel meet November 30/December 1 .

A couple of comments out of National Australia Bank commodity research highlight two important factors for oil.