Can Asia Continue Its Crude Oil Buying Spree?

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…