Good morning all,
Brent futures were flat at $48.60 a barrel by 0730 GMT, after rising around 1.6% in the previous session, in which Brent Crude futures reached highs of $49.09 per barrel
EIA Report
Crude: -0,754
Cushing: -1,721
Distillate: -1,441
Gasoline: 2,179
Production: 100
ExxonMobil have released a revision of its oil price forecast for the next decade, citing that prices could be 10% to 17% lower than originally forecast prior to the pandemic. (Reuters)
The CFTC have been criticized for the lack of answers given over the day that oil plunged into negative territory for a day in April, then rebounding quickly in the next trading day. A report gave minimal guidance on the occurrence and commissioners have stated that the it is incomplete and inadequate. (Reuters)
Tullow has gone back to basics, as it looks to circumnavigate the current oil price depression by focusing its time and efforts into West African assets as opposed to the exploration on other fronts. It will now look to invest 90% of its total exploration volumes into West Africa in order to generate $7 billion of operational cash flow. (S&P Global Platts)
A suspected mine offshore of Saudi Arabia has damaged a tanker, with little further knows about the severity of the damage or cause of the strike. (Energy Voice)
INDEX: (MTD Estimates)
* Sing 380: 272.09
* Rott 3.5%: 251.21
* Sing 0.5%: 336.60
* Rott 0.5%: 313.85
MARKETS NEWS:
* Iraq Voices Frustration With OPEC Days Before Crunch Meeting
* Oil’s Surge Toward $50 Risks Giving OPEC+ Yet Another Headache
* Iraq Extends Bid Deadline for Oil Pre-Payment Deal by One Week
* Flurry of Asian Buy Tenders Adds Froth to Bullish Oil Market
* Stronger Oil Curve Points to Glut Relief at U.S. Storage Hub
* U.S. Oil Rig Count Up 10 to 241, Baker Hughes Says
* U.S. Gasoline Demand Falls to Lowest Level Since June: EIA
* Canadian Oil Sands Covid Outbreak Grows With Cold Lake Cases
* Canadian Crude-by-Rail Exports Rise 46% M/M to 94k b/d in Sept.
OTHER NEWS:
* Trump’s Economic Havoc in Iran Will Take More Than Biden to Fix
* Yemen Houthis Say They Signed Pact With UN on Decaying Tanker
* Brexit Deal Will Leave Carbon Market Question Wide Open
* Venezuelan Businessman Indicted in PDVSA KickbackScheme
* Ecuador Saving $620m on Diesel Subsidy Thanks to New Rules: Pozo
* Banks Aim to Slow Effort to Ban Bias Against Oil, Gun Firms
* Tullow Unveils Plan to Bolster Cash by $7 Billion, End Debt
OIL PRODUCT NEWS:
* U.S.: Vehicle Miles Up, U.S. Pulling Europe Diesel
* EUROPE: U.S. Pulls Diesel as Reverse Arb in Focus
* ASIA: China’s Gasoline Exports Seen Surging in Dec.
ECONOMIC EVENTS: (Times are London. )
* Singapore onshore oil-product stockpile weekly data
* Insights Global weekly report on European refined product inventories in ARA region
* Thanksgiving holiday in the U.S.
** CME trading for energy contracts including WTI crude halts at 6pm, resuming at 11pm
* ICE Futures Europe trading for Brent crude, low-sulfur gasoil closes at 6:30pm
ANALYST COLUMNS:
* Morgan Stanley Closes Long Brent Timespread Position Post-Rally
* Physical Oil Tightness Not Seen Until 2Q 2021: JBC
* OPEC+ Likely to Delay Production Increase Plan by 3 Months: UBS
Rotterdam 3.5% INDIC
Dec20 272.25 / 274.25
Jan21 272.25 / 274.25
Feb21 272.00 / 274.00
Mar21 271.50 / 273.50
Apr21 270.75 / 272.75
May21 269.50 / 271.50
Q1-21 272.00 / 274.00
Q2-21 269.50 / 271.50
Q3-21 264.25 / 266.25
Q4-21 258.00 / 261.00
CAL21 265.75 / 268.75
Singapore 380 INDIC
Dec20 291.00 / 293.00
Jan21 288.25 / 290.25
Feb21 287.25 / 289.25
Mar21 286.75 / 288.75
Apr21 285.75 / 287.75
May21 284.75 / 286.75
Q1-21 287.50 / 289.50
Q2-21 284.75 / 286.75
Q3-21 280.75 / 282.75
Q4-21 276.50 / 279.50
CAL21 282.50 / 285.50
Rott VLSFO 0.5% INDIC
Dec20 345.25 / 350.25
Jan21 346.25 / 351.25
Feb21 347.00 / 352.00
Mar21 347.50 / 352.50
Apr21 348.00 / 353.00
May21 348.50 / 353.50
Q1-21 347.00 / 352.00
Q2-21 348.50 / 353.50
Q3-21 349.50 / 355.50
Q4-21 350.50 / 356.50
CAL21 348.50 / 354.50
Singapore VLSFO 0.5% INDIC
Dec20 371.25 / 376.25
Jan21 369.50 / 374.50
Feb21 369.00 / 374.00
Mar21 368.75 / 373.75
Apr21 368.75 / 373.75
May21 368.75 / 373.75
Q1-21 369.00 / 374.00
Q2-21 368.75 / 373.75
Q3-21 369.25 / 375.25
Q4-21 370.50 / 376.50
CAL21 369.00 / 375.00
Sing 10ppm GO INDIC
Dec20 53.30 / 53.44
Jan21 53.35 / 53.55
Feb21 53.58 / 53.78
Mar21 53.85 / 54.05
Apr21 54.13 / 54.33
May21 54.40 / 54.60
Q1-21 53.60 / 53.80
Q2-21 54.39 / 54.59
Q3-21 55.24 / 55.44
Q4-21 55.82 / 56.02
CAL21 54.66 / 55.06
ICE Gasoil 10ppm INDIC
Dec20 395.89 / 397.89
Jan21 399.41 / 401.41
Feb21 402.81 / 404.81
Mar21 405.10 / 407.10
Apr21 407.47 / 409.47
May21 409.59 / 411.59
Q1-21 402.45 / 404.45
Q2-21 409.59 / 411.59
Q3-21 415.77 / 417.77
Q4-21 420.10 / 422.10
CAL21 411.97 / 413.97
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