Brent crude futures fell 40 cents, or 0.8%, to $48.39 a barrel at 0455 GMT with Brent continuing to fall from 0600GMT down to lows of $48.09 after then pushing to $48.65 at 0830GMT, while U.S. West Texas Intermediate (WTI) crude futures fell 35 cents or 0.8%, to $45.41 a barrel. Both benchmark contracts lost around 1% on Monday.
The unease in the market seem to point at the increasing and renewed lockdowns as we enter the final part of the year and into 2021, with California entering into a period of lockdown at a key point in the year for driving as families look to visit loved ones across the country- bad news for gasoline demand.
Further, the Mayor of New York has hinted at the fact they as cases rise, indoor dining may be prohibited in order to keep the virus under control, causing further woes for the global economy at a pivotal point, with Denmark also announcing partial lockdowns across the country. (S&P Global Platts)
Whilst OPEC agreed to add 500,000 barrels per day to their output quota, the markets responded positively yet the news is now old and the current levels for Brent are weakening as the US-China tensions begin to escalate as the sanctions imposed on certain Chinese officials has caused a further rift. (OilPrice.com)
INDEX: (MTD Estimates)
* Sing 380: 290.27
* Rott 3.5%: 359.11
* Sing 0.5%: 361.56
* Rott 0.5%: 349.35
MARKETS NEWS:
* Exxon Mobil Mobilizes in Brazil, Doubling Down on Oil Age
* Asia’s Historic Trade Pact to Open Oil-Supply Route to China
* Chevron CEO Vows Higher Returns, Lower Carbon to Revive Big Oil
* Saudi Aramco Raises Light Crude OSPs From Sidi Kerir for Jan.
* U.S. Gasoline Imports From Europe at 2-Month High; Diesel Slips
* Sempra’s IEnova Starts Operating Veracruz, Mexico Fuel Terminal
* Colonial Pipe Extends Discount on Gasoline Blendstocks to April
* Caribbean-U.S. Aframaxes Drop; Baltic-Europe Clean Tankers Rise
* Adnoc Sold Naphtha Term Supplies for 1H at $16-$22/T Premiums
* U.S. Gasoline Demand Up 3.8% Last Week: GasBuddy
OTHER NEWS:
* Exxon Holds Back on Technology That Could Slow Climate Change
* Exxon Investor Backed by CalSTRS Threatens Board Shake-Up
* Hindustan Oil to Buy 10% Additional Stake in Mumbai High Block
* Superior Energy Files for Bankruptcy After Years of Losses
OIL PRODUCT NEWS:
* U.S.: Discount from Colonial, Warnings on Jet Fuel
* EUROPE: Gasoline Flow to U.S. Jumps; Total Donges
* ASIA: Citi Bullish on Diesel; Asia-Americas Flows
ECONOMIC DATA: (Times are London.)
* 9:30pm: API weekly U.S. oil inventory report
* EIA Short-Term Energy Outlook
* Enbridge investor day
ANALYST VIEWS/COLUMNS:
* OPEC+ Faces Challenges Unwinding Cuts in Full: Fitch Solutions
* U.S. Gasoline Halts Seven-Week Demand Plunge: Descartes Labs
OTHER FINANCIAL MARKETS:
* Asia Stocks Drift After U.S. Retreat; Bonds Steady: Markets Wrap
Singapore 380 INDIC
Jan21 284.00 / 286.00
Feb21 283.75 / 285.75
Mar21 283.50 / 285.50
Apr21 282.25 / 284.25
May21 280.75 / 282.75
Jun21 279.00 / 281.00
Q1-21 283.75 / 285.75
Q2-21 280.75 / 282.75
Q3-21 275.25 / 277.25
Q4-21 269.00 / 272.00
CAL21 274.25 / 280.25
Rotterdam 3.5% INDIC
Jan21 267.00 / 269.00
Feb21 267.00 / 269.00
Mar21 266.25 / 268.25
Apr21 264.50 / 266.50
May21 262.50 / 264.50
Jun21 260.50 / 262.50
Q1-21 266.75 / 268.75
Q2-21 262.50 / 264.50
Q3-21 256.00 / 258.00
Q4-21 248.25 / 251.25
CAL21 257.00 / 263.00
Singapore VLSFO 0.5% INDIC
Jan21 364.25 / 369.25
Feb21 364.50 / 369.50
Mar21 364.75 / 369.75
Apr21 365.25 / 370.25
May21 365.75 / 370.75
Jun21 366.25 / 371.25
Q1-21 364.50 / 369.50
Q2-21 365.75 / 370.75
Q3-21 366.25 / 372.25
Q4-21 367.00 / 373.00
CAL21 365.75 / 371.75
Rott VLSFO 0.5% INDIC
Jan21 342.00 / 347.00
Feb21 342.25 / 347.25
Mar21 342.50 / 347.50
Apr21 342.75 / 347.75
May21 343.00 / 348.00
Jun21 343.25 / 348.25
Q1-21 342.25 / 347.25
Q2-21 343.00 / 348.00
Q3-21 343.25 / 349.25
Q4-21 343.50 / 349.50
CAL21 342.75 / 348.75
Sing 10ppm GO INDIC
Jan21 53.73 / 53.87
Feb21 53.79 / 53.99
Mar21 53.92 / 54.12
Apr21 54.08 / 54.28
May21 54.24 / 54.44
Jun21 54.40 / 54.60
Q1-21 53.75 / 54.05
Q2-21 54.19 / 54.49
Q3-21 54.72 / 55.02
Q4-21 55.03 / 55.33
CAL21 54.37 / 54.77
ICE Gasoil 10ppm INDIC
Jan21 400.55 / 402.55
Feb21 402.73 / 404.73
Mar21 404.52 / 406.52
Apr21 405.89 / 407.89
May21 407.17 / 409.17
Jun21 408.90 / 410.90
Q1-21 402.60 / 404.60
Q2-21 407.32 / 409.32
Q3-21 412.47 / 414.47
Q4-21 417.85 / 419.85
CAL21 410.06 / 412.06
Rott Hi5 Sing Hi5
Jan21 77 82
Feb21 77 82
Mar21 78 83
Apr21 80 85
May21 82 87
Jun21 84 89
Q1-21 77 82
Q2-21 82 87
Q3-21 89 93
Q4-21 97 99
CAL21 86 91
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