According to a monthly report from the Organization of Petroleum Exporting Countries (OPEC), global demand for oil is dropping more than previously predicted. In addition, due to the corona pandemic, next year’s demand is recovering less quickly than expected. Oil demand is expected to fall by 9.46 million barrels a day this year, while OPEC predicted a fall of 9.06 million barrels a day a month ago. The use of oil in 2021 is expected to increase by 6.62 million barrels per day, 370,000 barrels less per day than previously expected.
More flexible EU rules for take-off and landing rights will probably apply for airlines throughout the winter. As a result, they will not lose their so-called slots because of insufficient usage due to the corona crisis. The European Commission has already accepted the flexible rules since last March and accepts an extension until March 27, 2021.
After the increase in May and June, production in the eurozone industry continued to increase in July. Further easing of lockdown measures boosted the industry. According to European statistics office Eurostat, production increased by 4.1% compared to June. However, production was still significantly lower than in July 2019, down 7.7% year-on-year.
The 6M Euribor is unchanged at -0.46% compared to previous business day. The 10Y Swap is unchanged at -0.21% compared to previous business day.
In the attachment, today’s market data on money and capital market rates as well as other rates are presented.
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