World: Weekly overview of oil markets 1-7 December 2023

The weather Although not ideal everywhere, the weather in Brazil will be decently rainy in the coming week as well. It will be drier in Argentina, but still with moderate temperatures, so after the rains of the previous weeks, the drier period will even be beneficial. Despite El Niño, decent rain also remains in eastern and central Australia, where most of the country's canola is grown. In western Europe, they expect a new batch of heavy precipitation, which will be rain due to warm temperatures. Significant rainfall and seasonal temperatures are also expected in Russia and Ukraine, while it will be drier in the Balkans. Highlights from the last week With continued heavy rainfall in eastern and central South Australia, the country's Department of Agriculture (ABARES) is raising its assessment of all winter crops, including canola. In particular, canola production increased by 0.3Mt to 5.5Mt, which, although 33% less than a year ago, still means a very good ...