Commodity prices moved sharply lower this week amid a renewed focus on demand destruction following a flurry of new coronavirus outside of China. ICE front-month Brent futures settled at $54.95/b Tuesday, down $4.36 over the past three trading days, and down $10.25/b since January 20, when commodities markets began to react to the virus. S&P Global Platts Analytics has adjusted its 2020 global oil demand growth outlook down to 860,000 b/d, marking the weakest since 2011. Asian refined product demand is expected to grow by 380,000 b/d in 2020, “posting its weakest growth since the global financial crisis in 2009,” according to Platts Analytics. Globally, 80,238 cases of Covid-19 coronavirus have been confirmed in 34 countries as of Tuesday morning, according to World Health Organization data. Mainland China accounts for just under 97% of […]