With Europe and North America falling ever deeper into the quagmire of second-wave coronavirus lockdowns and curfews, caution has become the universal buzzword. In Asia, however, the anticipation of worse things to come has given way to a cautious optimism that has prevented Middle Eastern differentials from falling. Amidst Libya coming back to the global markets and OPEC+ discipline weakening, that is a remarkable feat attesting to the robustness of the Asian market. Buttressed by the market contango, refiners in India and China are ramping up imports to meet increasing demands for gasoline and diesel, nudging Middle Eastern differentials higher. Saudi Aramco’s front-month official selling price routinely set the mood for other Middle Eastern producers, too, providing the general direction prices will be heading in the upcoming weeks. The Saudi national oil company has adopted a policy of minimal month-on-month twitching with its Asia-bound December 2020 official selling prices […]