Brent crude futures inched up 1 cent to $38.98 a barrel at 0440 GMT, while WTI crude futures were up 8 cents, or 0.2%, to $36.89 a barrel. Both benchmarks gained nearly 3% on Monday, after heavy losses for the last week of October.
Oil was holding particularly steady over the UK evening, where we are due to see who will be taking the White House for the next four years. Supply-side factors continue to plague any increases in the oil price, with Libya increasing production daily after their eight-month blockage reducing output throughout the majority of 2020, to 100,000 barrel per day.
Reasons for midday gains on the Brent futures contracts were that Russia released plans to reassess the output quotas relating to the OPEC relaxation of cuts due on 1st January. The lockdowns and falling demand have prompted oil nations to evaluate the current plans for output going into 2021. (Reuters)
25% of US Gulf production was still offline on since the arrival of Hurricane Zeta, this figure equates to 28% of crude oil production or 518,441 barrels per day. (Reuters)
Venezuela oil exports fell to record lows as investors walked away from the nation as US sanction come into effect. Export levels fell to 359,000 bpd in October, with ENI, Repsol nor India’s Reliance Industries loading cargos last month, shrinking the PDVSA’s portfolio of customers. (Reuters)
Oh and there’s the little thing called the US Election tonight if you have exhausted all that Netflix has to offer. Results will come in for key swing states overnight European time, with the potential for an early call of the result in the small hours of the morning. It could make for an interesting day of trading on international markets, as business reorientates itself to the new leader of the free world.
INDEX: (MTD Estimates)
* Sing 380: 235.08
* Rott 3.5%: 231.5
* Sing 0.5%: 287.40
* Rott 0.5%: 282.00
MARKETS NEWS:
* China Plans to Import More Oil as Glut Pressures Prices
* China Guzzles Saudi Arabian Oil While Riyadh Keeps U.S. Flow Low
* OPEC Boosts Output Even as New Virus Wave Sends Oil Crashing
* Surging Libyan Oil Output Nears 1 Million Barrels a Day
* Iraq Considers Selling Basrah Medium Crude From January
* Russia Sees No Risk of Oil Falling to $10/Bbl or Lower: Sorokin
* Nigeria to Boost Bonny Light Exports in Dec.; Forcados Drops
* Los Angeles Jet Fuel Nears 1-Year High on Travel Increase
* Venezuela Tanker Tracker: Exports Take Biggest Blow Since WWII
TECHNICAL COMMENT BRENT:
* Price above 8-21 period moving average
* Relative Strength Index is above 50 (55)
* Price is above the daily point of $38.11
* Previous day high/low $39.36/35.74
* Downside moves below $38.95 would indicate technical weakening and leave market open to further downside movement
* Upside moves above $39.36 would keep technical in bullish territory
* Currently technical is indicating bullish sentiment
OIL PRODUCT NEWS:
* U.S.: Citgo Corpus Christi Cuts Back Operations
* EUROPE: Primorsk Diesel Flows; Gasoil Bullish Bets
* ASIA: Vitol on Fuel Demand; India Diesel Use Surges
ECONOMIC DATA: (Times are London)
* Election day in the U.S., pitting Donald Trump against Joe Biden
* FT Commodities Asia Summit in Singapore, day 2
* 9:30pm: API weekly oil inventory report
* EARNINGS: Saudi Aramco, Tupras
Rotterdam 3.5% INDIC
Dec20 229.25 / 231.25
Jan21 227.25 / 229.25
Feb21 227.25 / 229.25
Mar21 227.50 / 229.50
Apr21 228.00 / 230.00
May21 228.50 / 230.50
Q1-21 227.50 / 229.50
Q2-21 228.50 / 230.50
Q3-21 229.25 / 231.25
Q4-21 228.75 / 231.75
CAL21 227.00 / 233.00
Singapore 380 INDIC
Dec20 243.75 / 245.75
Jan21 242.00 / 244.00
Feb21 241.75 / 243.75
Mar21 242.00 / 244.00
Apr21 242.50 / 244.50
May21 243.00 / 245.00
Q1-21 242.00 / 244.00
Q2-21 243.00 / 245.00
Q3-21 244.75 / 246.75
Q4-21 246.00 / 249.00
CAL21 243.50 / 249.50
Rott VLSFO 0.5% INDIC
Dec20 288.25 / 293.25
Jan21 287.75 / 292.75
Feb21 288.50 / 293.50
Mar21 290.00 / 295.00
Apr21 291.75 / 296.75
May21 293.50 / 298.50
Q1-21 288.75 / 293.75
Q2-21 293.50 / 298.50
Q3-21 298.00 / 304.00
Q4-21 301.25 / 309.25
CAL21 291.25 / 299.25
Singapore VLSFO 0.5% INDIC
Dec20 308.75 / 313.75
Jan21 308.25 / 313.25
Feb21 308.75 / 313.75
Mar21 309.75 / 314.75
Apr21 311.00 / 316.00
May21 312.75 / 317.75
Q1-21 308.75 / 313.75
Q2-21 312.75 / 317.75
Q3-21 317.50 / 323.50
Q4-21 321.25 / 329.25
CAL21 311.50 / 319.50
Sing 10ppm GO INDIC
Dec20 43.24 / 43.38
Jan21 43.64 / 43.84
Feb21 44.08 / 44.28
Mar21 44.54 / 44.74
Apr21 45.04 / 45.24
May21 45.55 / 45.75
Q1-21 44.04 / 44.34
Q2-21 45.49 / 45.79
Q3-21 46.99 / 47.29
Q4-21 47.99 / 48.29
CAL21 46.08 / 46.48
ICE Gasoil 10ppm INDIC
Dec20 322.19 / 324.19
Jan21 326.41 / 328.41
Feb21 330.65 / 332.65
Mar21 334.54 / 336.54
Apr21 337.95 / 339.95
May21 341.70 / 343.70
Q1-21 330.55 / 332.55
Q2-21 340.93 / 342.93
Q3-21 352.93 / 354.93
Q4-21 356.11 / 358.11
CAL21 350.18 / 352.18
Rott Hi5/Sing Hi5
Dec20 60.19 66.19
Jan21 61.69 67.44
Feb21 62.44 68.19
Mar21 63.69 68.94
Apr21 64.94 69.69
May21 66.19 70.94
Q1-21 62.60 68.20
Q2-21 66.28 70.94
Q3-21 70.53 74.53
Q4-21 74.86 77.53
CAL21 65.00 69.00