Brent crude futures for February rose 38 cents, or 0.8%, to $50.35 a barrel by 0454 GMT before ticking up by over 50 cents to $50.61 to 0741, while U.S. West Texas Intermediate crude futures for January were up 32 cents, or 0.7%, at $46.89 a barrel.
Iran and its ministers are looking to produce up to 4.5 million barrels a day of oil and condensates if current sanctions are lifted by the US. The figure produced by the Iran energy ministers are set to mean oil revenues for the state will amount to over $17 billion if Iran can begin exporting once again. Trump cut off over 2 million barrels a day of oil from Iran back in 2018, but Biden has stated that he would be more open to negotiating a deal and holding talks between the two nations. (S&P Global Platts)
Reports from S&P Global Platts see oil demand rising back by over six million barrels per day in later 2021, but this level will not reach that seen in 2019 due to transport fuels such as Jet fuel still lagging 2019 levels by quite some margin. Although the optimism surrounding the successful roll-out of the vaccine is high, there remains some unsurmountable obstacles to address, namely the increasing lockdowns across the US and Europe as the virus case count continues to rise which will undoubtedly affect gasoline demand. (S&P Global Platts)
Equinor has agreed to buy a 49% interest in Russian onshore petroleum assets from Rosneft for $550 million, the Norwegian oil company said on Friday. The payment is for a stake in limited liability company LLC KrasGeoNaC (KGN), which holds 12 conventional onshore exploration and production licences in eastern Siberia, Equinor said. (Reuters)
INDEX: (MTD Estimates)
* Sing 380: 289.70
* Rott 3.5%: 268.92
* Sing 0.5%: 368.97
* Rott 0.5%: 352.39
MARKETS NEWS:
Fuel Tanker Hit by Explosion Off Saudi Arabia Near Jeddah
Iran Sends Ship to Load Venezuela Oil in Defiance of Sanctions
OIL ALLOCATION: Iraq Gives Full Jan. Vol to 2, Cuts to 1 in Asia
Equinor Will More Than Double Output in Russia With Rosneft Deal
Supertanker Tracker: Ships to U.S. at 3-Month High; China Slide
What to Watch in Commodities: OPEC+, Gold, Iron Ore, Husky, Fed
OTHER NEWS:
Bank of China Sues BP, Lim Family for $313 Million on Oil Deals
Oil’s Female Trading Trio Belies Industry’s Gender Gap
Carbon to Rise Past Record on Tighter EU Climate Goals
Lawmakers to Unveil $908 Billion Pandemic Relief Plan Monday
OIL PRODUCT NEWS:
ASIA: Asian Naphtha Imports to Rise; HSFO Weakens
EUROPE: Ineos Lavera Unit Shut; Vitol Sells Diesel
U.S.: Fewer Turnpike Tolls Point to Sluggish Demand
ECONOMIC DATA: (Times are London. )
OPEC Monthly Oil Market Report
EIA monthly Drilling Productivity Report
See OIL WEEKLY AGENDA for this week’s events
ANALYST VIEWS/COLUMNS:
Oil Volatility May Rise as OPEC Regains Clout: S&P Global Platts
Oil Rally May Face 2021 Hiccups From Lockdowns, OPEC Rifts: TD
Rotterdam 3.5% INDIC
Jan21 277.00 / 279.00
Feb21 277.50 / 279.50
Mar21 277.00 / 279.00
Apr21 276.50 / 278.50
May21 274.75 / 276.75
Jun21 273.00 / 275.00
Q1-21 277.25 / 279.25
Q2-21 274.75 / 276.75
Q3-21 268.50 / 270.50
Q4-21 260.25 / 263.25
CAL21 266.50 / 272.50
Singapore 380 INDIC
Jan21 294.25 / 296.25
Feb21 294.00 / 296.00
Mar21 293.75 / 295.75
Apr21 292.25 / 294.25
May21 290.75 / 292.75
Jun21 289.00 / 291.00
Q1-21 294.00 / 296.00
Q2-21 290.50 / 292.50
Q3-21 285.25 / 287.25
Q4-21 279.25 / 282.25
CAL21 285.25 / 291.25
Rott VLSFO 0.5% INDIC
Jan21 359.75 / 364.75
Feb21 360.25 / 365.25
Mar21 361.50 / 366.50
Apr21 362.00 / 367.00
May21 362.25 / 367.25
Jun21 362.50 / 367.50
Q1-21 360.50 / 365.50
Q2-21 362.25 / 367.25
Q3-21 362.25 / 368.25
Q4-21 361.00 / 369.00
CAL21 358.50 / 366.50
Singapore VLSFO 0.5% INDIC
Jan21 378.50 / 383.50
Feb21 379.50 / 384.50
Mar21 380.50 / 385.50
Apr21 381.25 / 386.25
May21 381.75 / 386.75
Jun21 382.25 / 387.25
Q1-21 379.50 / 384.50
Q2-21 381.75 / 386.75
Q3-21 382.25 / 388.25
Q4-21 381.25 / 389.25
CAL21 380.75 / 388.75
Sing 10ppm GO INDIC
Jan21 56.08 / 56.22
Feb21 56.10 / 56.30
Mar21 56.15 / 56.35
Apr21 56.25 / 56.45
May21 56.33 / 56.53
Jun21 56.43 / 56.63
Q1-21 56.05 / 56.35
Q2-21 56.29 / 56.59
Q3-21 56.66 / 56.96
Q4-21 56.87 / 57.17
CAL21 56.42 / 56.82
ICE Gasoil 10ppm INDIC
Jan21 418.58 / 420.58
Feb21 421.11 / 423.11
Mar21 422.35 / 424.35
Apr21 423.24 / 425.24
May21 423.95 / 425.95
Jun21 425.04 / 427.04
Q1-21 420.70 / 422.70
Q2-21 424.08 / 426.08
Q3-21 427.48 / 429.48
Q4-21 429.10 / 431.10
CAL21 425.33 / 427.33
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