Brent crude futures rose 18 cents, or 0.37%, to $43.97 a barrel at 0726GMT after the bullish sentiment that has been floating around most markets over the past week due to the news of a vaccine that has been tested to be 90% effective.
News from the Algerian Energy minister says that OPEC+ current output cuts could extend into 2021 and even deepen in a bid to protect levels of oil prices that were obliterated by the crash in demand of oil throughout the pandemic, the intervention that OPEC+ may bring is keeping the oil market buoyant. (Reuters)
The cartel also see as a result of the pandemic, demand to rebound at a much slower pace than originally planned as the second wave of coronavirus cases grip the global economy, with OPEC revising down its predictions by 300,000 bpd for total demand, to 96.26 million barrels per day in 2021. (Reuters)
Ports in the Middle East reported 15-month lows of heavy distillate stocks as exports in the fuel oils increased as shipping and the need for power generation picked up as we head into the tail end of 2020. Middle distillate stockpiles in Fujairah fell by 2% but light distillates were up 1%. (S&P Global Platts)
INDEX: (MTD Estimates)
* Sing 380: 257.55
* Rott 3.5%: 243.84
* Sing 0.5%: 320.66
* Rott 0.5%: 303.22
MARKETS NEWS:
* Oil Demand’s Shaky Recovery Revealed in Global Traffic Data
* FOGOs strengthening this morning, as they fell over the course of Wednesday
* Record Hurricane Season Wipes Out Most Offshore Oil in a Decade
* Petrobras Curbs Oil Exports With Brazil Fuel Demand Set to Soar
* King Says Saudis Working to Ensure Oil Supply Stability: SPA
* Petrobras Sells Out Dec. Oil Exports in a Week on Tight Supply
* Libya’s Resurgent Oil Flows Redefine Atlantic Basin Crude Supply
OTHER NEWS:
* YPF Faces ‘Delicate Balance’ Reversing Output Decline Given Debt
* U.K. Oil, Gas Regulator to Revise Net Zero Strategy by End-2020
* Rivals in War-Torn Libya Agree on Path to Elections in 18 Months
* S. Korea Seeks to Raise Ratio of Biodiesel to 5% by 2030: Maeil
* Marathon Petroleum CFO to Leave Company in January
OIL PRODUCT NEWS:
* U.S.: Total Refinery Returns After Unit Upsets
* EUROPE: U.S. Pulls Bigger Tankers; Margins Rise
* ASIA: Demand Stalls; Shell Cuts Refining Capacity
ECONOMIC DATA: (Times are London)
* 9pm: IEA releases monthly Oil Market Report
* 4pm: EIA weekly U.S. oil inventory data; TOPLive blog begins 3:50pm
* Singapore onshore oil-product stockpile weekly data
* Insights Global weekly report on European refined product inventories in ARA region
* ADIPEC 2020 Virtual Strategic Conference, final day; speakers include Sudan Minister of Energy and Mining Khairy Abdel Rahman
* EARNINGS: ONGC
Rotterdam 3.5% INDIC
Dec20 251.75 / 253.75
Jan21 250.75 / 252.75
Feb21 250.25 / 252.25
Mar21 250.00 / 252.00
Apr21 249.50 / 251.50
May21 249.00 / 251.00
Q1-21 250.50 / 252.50
Q2-21 249.00 / 251.00
Q3-21 246.75 / 248.75
Q4-21 243.00 / 246.00
CAL21 247.75 / 250.75
Singapore 380 INDIC
Dec20 270.25 / 272.25
Jan21 267.25 / 269.25
Feb21 266.00 / 268.00
Mar21 265.25 / 267.25
Apr21 264.50 / 266.50
May21 264.00 / 266.00
Q1-21 266.25 / 268.25
Q2-21 264.00 / 266.00
Q3-21 262.50 / 264.50
Q4-21 261.25 / 264.25
CAL21 264.25 / 267.25
Rott VLSFO 0.5% INDIC
Dec20 318.75 / 323.75
Jan21 318.25 / 323.25
Feb21 318.50 / 323.50
Mar21 319.25 / 324.25
Apr21 320.25 / 325.25
May21 321.25 / 326.25
Q1-21 318.50 / 323.50
Q2-21 321.25 / 326.25
Q3-21 324.25 / 330.25
Q4-21 328.00 / 334.00
CAL21 322.75 / 328.75
Singapore VLSFO 0.5% INDIC
Dec20 338.50 / 343.50
Jan21 337.00 / 342.00
Feb21 336.75 / 341.75
Mar21 337.25 / 342.25
Apr21 338.25 / 343.25
May21 339.50 / 344.50
Q1-21 337.00 / 342.00
Q2-21 339.50 / 344.50
Q3-21 342.75 / 348.75
Q4-21 346.00 / 352.00
CAL21 341.00 / 347.00
Sing 10ppm GO INDIC
Dec20 48.51 / 48.65
Jan21 48.65 / 48.85
Feb21 48.97 / 49.17
Mar21 49.35 / 49.55
Apr21 49.74 / 49.94
May21 50.10 / 50.30
Q1-21 49.00 / 49.20
Q2-21 50.08 / 50.28
Q3-21 51.31 / 51.51
Q4-21 52.16 / 52.36
CAL21 50.53 / 50.93
ICE Gasoil 10ppm INDIC
Dec20 360.19 / 362.19
Jan21 364.49 / 366.49
Feb21 368.37 / 370.37
Mar21 371.78 / 373.78
Apr21 374.70 / 376.70
May21 377.79 / 379.79
Q1-21 368.20 / 370.20
Q2-21 377.17 / 379.17
Q3-21 387.26 / 389.26
Q4-21 395.14 / 397.14
CAL21 381.94 / 383.94
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