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Global Oil Demand Is Weaker Than Expected

1. Oil demand weaker-than-expected

- The recent spike in covid cases in Europe and the U.S. could undercut oil demand figures in the fourth quarter and into 2021.

- According to Standard Chartered, demand could fall by 2.17 mb/d to 90.51 mb/d in November, largely due to the hit in Europe. Partial nationwide lockdowns have been announced in France, Germany, and the UK, among other places.

- Global demand could be down 8.73 mb/d in the fourth quarter, year-on-year, a 1 mb/d larger decline than the investment bank estimated two weeks ago.

- Restrictions could also return to the U.S., which just broke above 100,000 covid cases in a single day.

- Importantly, Standard Chartered says its numbers are more pessimistic than the EIA and IEA. The bank says the agencies have not yet factored in reduced mobility.

2. Solar demand tightens supply of glass

- The world’s largest solar company says that supplies of glass are tight because of demand for solar panels, pushing up costs.

- Prices for glass have surged 71% since July, according to Bloomberg. Longi, the largest solar company by market cap, said that rising costs for glass could also delay projects. “Solar power plant profits will drop below acceptable levels without government subsidies if glass makers go on to push up the costs,” a company executive said.

- Glass demand is also up because of the increasing deployment of bifacial panels, which incorporate…





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