Highlights from IEA December Oil Market Report

Mild weather and higher November refinery runs eased distillate supply concerns and, combined with rising crude stocks, triggered a near $10 fall in crude futures in early December. Light/sweet crude differentials versus heavy/sours in the spot market saw their premium fall from their October highs. Upside price risks remain from the weather, geopolitical issues, low spare capacity and economic uncertainty.

IEA