Brent crude futures slipped 18 cents, or 0.4%, to $48.66 a barrel by 0450 GMT before gaining 40 cents by 0730GMT to print $48.93, having gained 5 cents the previous day. U.S. West Texas Intermediate (WTI) crude futures dropped 15 cents, or 0.3%, to $45.45, after shedding 16 cents on Tuesday.
API figures released last night at 2130GT shows a crude build in stocks, after a sharp rise in other products too. Analysts has predicted a draw of 1.42 million barrels in crude, but figures released showed a build of 1.14 million barrels, with the EIA figures set to be released this afternoon. The figures provoked an air of caution within the market and has prompted the unwinding of long positions ahead of the EIA data according to analysts at Sunward trading. (Reuters)
The EIA said on Tuesday that U.S. crude oil production is expected to slide next year by 240,000 barrels per day (bpd) to 11.10 million bpd, a smaller decline than its previous forecast for a slide of 290,000 bpd. (Reuters)
The UAE’s biggest oil company, ADNOC, has told some buyers it will reduce shipments for January, Reuters has reported, citing sources in the know. The biggest cut will be in shipments of ADNOC’s flagship grade, Murban. The company will also cut supplies of the Upper Zakum and Das grades by 15 percent, the sources said. (OilPrice.com)
INDEX: (MTD Estimates)
* Sing 380: 289.42
* Rott 3.5%: 268.04
* Sing 0.5%: 360.39
* Rott 0.5%: 349.83
MARKETS NEWS:
* New York Traffic Eases in Sign of Further Dwindling Fuel Demand
* U.S. Crude Output to Fall More Than Previously Forecast: Chart
* Chinese Teapot Luqing Buys at Least 4M Bbls Crude for Jan.- March
* Brazil Is a Lone Bright Spot for Oil Demand Outside of Asia
* U.S. Imports of Saudi Crude Rise After 30-Year Slump: Customs
* Canada’s Oil Heartland Locks Down, Shuts Firms to Quell Outbreak
* DEMAND MONITOR: Road Fuel Usage on a Bumpy Path to Recovery
* Benchmark VLCC Rates Up; Baltic-Europe Clean Tankers Extend Gain
* BTC Azeri Crude Loadings to Dip M/m to 529K B/D in January
OTHER NEWS:
* Gulf Oil Agrees to Acquire Lim’s Ocean Tankers’ Singapore Assets
* India Hopes to Achieve 9% Ethanol-Blending in Gasoline This Year
* ‘Widowmaker’ Natural Gas Trade Collapses on Mild Winter
OIL PRODUCT NEWS:
* U.S.: New York Traffic Dip Signals Gasoline Woes
* EUROPE: California Pulls Gas; EGPC Seeks 10 Cargoes
* ASIA: Trade Pact to Aid China Imports; Clean Fuels
ECONOMIC DATA/EVENTS: (Times are London.)
* 3:30pm: EIA weekly U.S. oil inventory report
* Genscape weekly ARA crude inventory report
ANALYST VIEWS/COLUMNS:
* China Is Snapping Up Many of Oil Market’s Missing Barrels: OIES
* Natural Gas on Road to Broader Recovery: BI Commodity
Sing VLSFO 0.5% INDIC
Jan-21 367.50 / 370.50
Feb-21 368.00 / 371.00
Mar-21 368.00 / 372.00
Apr-21 368.50 / 372.50
May-21 369.00 / 373.00
Jun-21 369.00 / 374.00
Q1-21 367.00 / 372.00
Q2-21 368.50 / 373.50
Q3-21 369.00 / 375.00
Q4-21 369.75 / 375.75
CAL21 368.25 / 374.25
Rott VLSFO 0.5% INDIC
Jan-21 347.50 / 350.50
Feb-21 348.00 / 351.00
Mar-21 348.00 / 352.00
Apr-21 348.50 / 352.50
May-21 349.00 / 353.00
Jun-21 349.00 / 354.00
Q1-21 347.00 / 352.00
Q2-21 348.50 / 353.50
Q3-21 349.25 / 355.25
Q4-21 350.25 / 356.25
CAL21 348.50 / 354.50
Sing 10ppm GO INDIC
Jan-21 54.37 / 54.53
Feb-21 54.44 / 54.60
Mar-21 54.58 / 54.78
Apr-21 54.76 / 54.96
May-21 54.94 / 55.14
Jun-21 55.11 / 55.31
Q1-21 54.47 / 54.67
Q2-21 54.84 / 55.24
Q3-21 55.33 / 55.73
Q4-21 55.65 / 56.05
CAL21 55.05 / 55.45
ICE Gasoil 10ppm INDIC
Jan-21 406.00 / 407.00
Feb-21 408.25 / 409.25
Mar-21 410.00 / 411.00
Apr-21 411.00 / 412.50
May-21 412.00 / 413.50
Jun-21 413.75 / 415.25
Q1-21 407.75 / 413.75
Q2-21 411.75 / 419.75
Q3-21 417.00 / 423.00
Q4-21 420.00 / 426.00
CAL21 414.00 / 417.00
Sing 380 cst INDIC
Jan-21 287.25 / 289.25
Feb-21 287.00 / 289.00
Mar-21 286.75 / 288.75
Apr-21 285.50 / 287.50
May-21 284.00 / 286.00
Jun-21 282.25 / 284.25
Q1-21 286.50 / 289.50
Q2-21 283.00 / 286.50
Q3-21 277.50 / 281.50
Q4-21 271.75 / 276.25
CAL21 279.00 / 284.00
Rotterdam 3.5% INDIC
Jan-21 270.00 / 272.00
Feb-21 270.25 / 272.25
Mar-21 269.75 / 271.75
Apr-21 268.50 / 270.50
May-21 266.75 / 268.75
Jun-21 264.75 / 266.75
Q1-21 269.50 / 272.50
Q2-21 265.75 / 269.25
Q3-21 259.00 / 263.00
Q4-21 251.75 / 256.25
CAL21 260.75 / 265.75
Rott Hi5 Sing Hi5
Jan21 78 81
Feb21 78 82
Mar21 79 82
Apr21 81 84
May21 83 86
Jun21 85 88
Q1-21 78 82
Q2-21 83 86
Q3-21 90 93
Q4-21 98 99
CAL21 87 90
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