Brent crude was down 89 cents, or 2.1%, at $40.88 by 0647 GMT. U.S. WTI dropped 89 cents, or 2.2%, to $38.96. Brent fell 2.7% last week and WTI dropped 2.5%.
The weekend provided a plethora of different stories for crude and oil news this weekend in what has been a month predominantly dominated by rising COVID-19 cases. Although this did not completely disappear as the US recorded the highest number of coronavirus infections over two days, a reported disturbance off the coast of the Isle of Wight took the headlines as an oil tanker called for assistance on Sunday afternoon as stowaways become violent on the Libyan flagged tanker resulting in the detaining of seven individuals.
Libya are very much on the charge in ramping production as the force majeure has been lifted from two oil fields in the region, which could see the addition of nearly double the current levels of supply to 1 million barrels per day in the next month, a ramp up quicker than analysts previously has thought. (Reuters)
Continuing on with the previous week’s story of increasing mergers in the oil and gas space in the US market, Canada’s Cenovus are in talks to buy Husky for nearly $3 billion as the pandemic is driving up the frequency of mergers and acquisitions in order to benefit from economies of scale in driving down costs in order to protect profit margins as the price of oil falls. (Reuters)
Data from Sunday shows that Brazil has become China’s third largest crude supplier as independent refiners look to scoop up the relatively high-quality, competitively priced oil. Import levels from Brazil to China rose to 4.49 million tonnes in September, up from 2.96 million tonnes from the year previous. (Reuters)
INDEX: (MTD Estimates)
* Sing 380: 251.77
* Rott 3.5%: 236.46
* Sing 0.5%: 322.33
* Rott 0.5%: 302.17
MARKETS NEWS:
* China’s Sees Record U.S. Oil Imports and Surge in Saudi Supply
* China’s Record U.S. Crude Haul Joined by Surge in Saudi Supply
* Libya War Rivals Poised for Unity Talks as Oil Output Rises
* First Oil Tanker Docks at Libya’s Zawiya Port After Eight Months
* Sing380 continues into backwardation to March 21
* Lukoil CEO Sees Crude Reaching $50 a Barrel in First Quarter
* Tropical Storm Zeta Set to Gain Power Heading to U.S. Gulf Coast
* Latest Sign of Venezuela’s Oil Collapse Is 84% Surge in Supplies
OIL PRODUCT NEWS:
* ASIA OIL PRODUCTS: Fuel Oil Offers Relief; Naphtha in Contango
* EUROPE OIL PRODUCTS: Naphtha Weakens; BP Buys Jet Cargo
* U.S. OIL PRODUCTS: Phillips 66 Ponca City Sets Multiunit Work
ECONOMIC DATA: (Times are London. )
* India Energy Forum CERAWeek kicks off. Speakers include Saudi Energy Minister Abdulaziz bin Salman, OPEC Secretary General Mohammad Barkindo, Prime Minister Narendra Modi, India Oil Minister Dharmendra Pradhan, BP CEO Bernard Looney, Total CEO Patrick Pouyanne
* Singapore International Energy Week, day 1. Speakers include Saudi Energy Minister Abdulaziz bin Salman, Tan Chin Hwee, chief executive officer Asia Pacific, Trafigura Group
* China policy plenum in Beijing, day 1
Singapore 380 INDIC
Nov20 248.25 / 250.25
Dec20 245.25 / 247.25
Jan21 244.00 / 246.00
Feb21 243.75 / 245.75
Mar21 243.50 / 245.50
Apr21 243.50 / 245.50
Q1-21 243.75 / 245.75
Q2-21 243.75 / 245.75
Q3-21 244.50 / 246.50
Q4-21 245.25 / 248.25
CAL21 244.50 / 250.50
Rotterdam 3.5% INDIC
Nov20 235.25 / 237.25
Dec20 231.00 / 233.00
Jan21 229.00 / 231.00
Feb21 228.25 / 230.25
Mar21 228.00 / 230.00
Apr21 228.25 / 230.25
Q1-21 228.50 / 230.50
Q2-21 228.25 / 230.25
Q3-21 228.25 / 230.25
Q4-21 227.50 / 230.50
CAL21 228.50 / 234.50
Singapore VLSFO 0.5% INDIC
Nov20 309.25 / 314.25
Dec20 308.50 / 313.50
Jan21 308.00 / 313.00
Feb21 308.25 / 313.25
Mar21 309.00 / 314.00
Apr21 310.00 / 315.00
Q1-21 308.50 / 313.50
Q2-21 311.25 / 316.25
Q3-21 315.25 / 321.25
Q4-21 319.25 / 325.25
CAL21 313.25 / 319.25
Rott VLSFO 0.5% INDIC
Nov20 290.75 / 295.75
Dec20 289.00 / 294.00
Jan21 288.25 / 293.25
Feb21 288.75 / 293.75
Mar21 289.75 / 294.75
Apr21 291.00 / 296.00
Q1-21 289.00 / 294.00
Q2-21 292.25 / 297.25
Q3-21 296.00 / 302.00
Q4-21 299.75 / 305.75
CAL21 294.00 / 300.00
Sing 10ppm GO INDIC
Nov20 43.05 / 43.19
Dec20 43.59 / 43.79
Jan21 44.09 / 44.29
Feb21 44.56 / 44.76
Mar21 45.05 / 45.25
Apr21 45.54 / 45.74
Q1-21 44.50 / 44.80
Q2-21 45.93 / 46.23
Q3-21 47.17 / 47.47
Q4-21 47.97 / 48.27
CAL21 46.35 / 46.75
ICE Gasoil 10ppm INDIC
Nov20 323.50 / 325.50
Dec20 327.39 / 329.39
Jan21 332.43 / 334.43
Feb21 336.93 / 338.93
Mar21 340.30 / 342.30
Apr21 343.95 / 345.95
Q1-21 336.55 / 338.55
Q2-21 346.49 / 348.49
Q3-21 357.29 / 359.29
Q4-21 367.86 / 369.86
CAL21 352.05 / 354.05
Rott Hi5 Sing Hi5
Nov20 57 63
Dec20 60 65
Jan21 61 66
Feb21 62 66
Mar21 63 67
Apr21 64 68
Q1-21 62 66
Q2-21 65 69
Q3-21 70 73
Q4-21 74 76
CAL21 65 69
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