West Texas Intermediate futures for December delivery plunged to $43.46 (-1.18%), while Brent crude fell to $47.16 (-0.80%). Goldman Sachs wrote that distillate storage utilization was "alarmingly high" in both the U.S. and Europe.

Goldman Sachs indicated there was a probability of "15 to 30% each winter month" in Europe that storage tanks would be filled with a warmer-than-expected winter being a key risk. However, European weather forecasts are close to seasonal averages.

Meanwhile the greatest near-term concern remains China's economic growth.