U.S. West Texas Intermediate (WTI) crude futures slipped 17 cents or 0.4%, to $48.19 a barrel at 0513 GMT, while Brent crude futures fell 26 cents, or 0.5%, to $51.24 a barrel. The price of oil trades to a fresh monthly high ($48.80) as fresh data prints coming out of the US instill an improved outlook for crude consumption, with traders optimistic about progress toward a U.S. fiscal stimulus deal and record-breaking refining demand in China and India.
Oil prices eased on Friday as a result of lack of progress on the $900 billion stimulus package yet to be agreed by US law makers and the thought of weakening fuel demand over the usually busy driving season.
More than 73.65 million people have been reported to be infected by the novel coronavirus globally and 1,654,920 have died, according to a Reuters tally on Friday. The spike in cases is leading to tough restrictions on travel, weighing on near-term fuel demand and market sentiment, analysts said.
Sinopec see china becoming the world’s largest refiner at a staggering 1 billion metric tonnes per year or 20 million barrels per day by 2025. China’s refining capacity is 880 million mt/year currently in 2020 and would be 905 million mt/year in 2021. (S&P Global Platts)
INDEX: (MTD Estimates)
* Sing 380: 293.91
* Rott 3.5%: 272.69
* Sing 0.5%: 373.02
* Rott 0.5%: 356.77
MARKETS NEWS:
* Nigeria Reopens Borders After Shutdown Raised Prices
* Libya’s Sirte Oil Co. Produced Record 100,000 B/D: NOC
* California Set to Get First Libyan Crude Oil Since 2016: Vortexa
* China Nov. Gasoline Output Fell 0.7% Y/y to 11.74m Tons
* Unipec Buys First Cargo of Mexican Crude Maya in Six Months
* Europe Air Traffic Climbs as Airlines Add Capacity: Eurocontrol
* Colombia’s Heavy Oil Prices Underpinned by Strong Asian Demand
* Mideast-China VLCC Rates Rise; Caribbean-U.S. Dirty Tankers Jump
* OIL OPTIONS: Dec. 2021-2022 Box Call Spreads Bet on Price Surge
* Gasoil Stockpiles Rise in Europe’s ARA Region: Insights Global
OTHER NEWS:
* Lloyd’s of London Plans to Exit Fossil-Fuel Insurance by 2030
* Biden Unveils Team ‘Ready on Day One’ to Fight Climate Change
* What Happens When Tycoons Abandon Their Own Giant Cargo Ships
* Saudi Economy Contracts for Fifth Straight Quarter Amid Oil Cuts
* Venezuela’s Maduro Appoints New Officials at Oil Ministry
* Junk Oil Explorer Dangles 12% Coupon Amid Yield-Chase Alarm
OIL PRODUCT NEWS:
* U.S.: Exxon Baton Rouge Restarting FCC
* EUROPE: Mideast Flows Rise; Urals Margins Gain
* OIL TENDER: Tatneft Offers Diesel Cargo for January Loading
* ASIA: LPG, Mogas Lift Indian Runs; Singapore Fuels
ECONOMIC DATA: (Times are London. )
* Shanghai exchange weekly commodities inventory
* 6pm: Baker Hughes weekly rig count
* 6:30pm: ICE Commitments of Traders report
* 8:30pm: CFTC Commitments of Traders report
ANALYST VIEWS/COLUMNS:
* Oil a Vaccine Trade With Strong 2H 2021 Demand Expected: Goldman
* More Declines Likely for U.S. Shale Oil in 2021: BNEF Chart
OTHER FINANCIAL MARKETS:
* Stocks Struggle for Traction; Dollar Strengthens: Markets Wrap
Rotterdam 3.5% INDIC
Jan21 288.25 / 290.25
Feb21 287.50 / 289.50
Mar21 286.00 / 288.00
Apr21 283.25 / 285.25
May21 280.25 / 282.25
Jun21 277.25 / 279.25
Q1-21 287.25 / 289.25
Q2-21 280.25 / 282.25
Q3-21 271.25 / 273.25
Q4-21 262.75 / 265.75
CAL21 273.75 / 279.75
Singapore 380 INDIC
Jan21 307.25 / 309.25
Feb21 305.50 / 307.50
Mar21 304.00 / 306.00
Apr21 301.25 / 303.25
May21 298.50 / 300.50
Jun21 295.75 / 297.75
Q1-21 305.50 / 307.50
Q2-21 298.50 / 300.50
Q3-21 290.75 / 292.75
Q4-21 283.50 / 286.50
CAL21 292.50 / 298.50
Rott VLSFO 0.5% INDIC
Jan21 367.25 / 372.25
Feb21 367.75 / 372.75
Mar21 368.00 / 373.00
Apr21 368.25 / 373.25
May21 368.50 / 373.50
Jun21 368.75 / 373.75
Q1-21 367.75 / 372.75
Q2-21 368.50 / 373.50
Q3-21 368.50 / 374.50
Q4-21 366.75 / 374.75
CAL21 365.75 / 373.75
Singapore VLSFO 0.5% INDIC
Jan21 385.75 / 390.75
Feb21 386.50 / 391.50
Mar21 387.25 / 392.25
Apr21 387.75 / 392.75
May21 388.00 / 393.00
Jun21 388.25 / 393.25
Q1-21 386.50 / 391.50
Q2-21 388.00 / 393.00
Q3-21 388.25 / 394.25
Q4-21 387.75 / 395.75
CAL21 385.50 / 393.50
Sing 10ppm GO INDIC
Jan21 57.15 / 57.29
Feb21 57.25 / 57.45
Mar21 57.41 / 57.61
Apr21 57.56 / 57.76
May21 57.71 / 57.91
Jun21 57.83 / 58.03
Q1-21 57.21 / 57.51
Q2-21 57.65 / 57.95
Q3-21 58.03 / 58.33
Q4-21 58.20 / 58.50
CAL21 57.72 / 58.12
ICE Gasoil 10ppm INDIC
Jan21 427.76 / 429.76
Feb21 430.20 / 432.20
Mar21 431.55 / 433.55
Apr21 432.57 / 434.57
May21 433.41 / 435.41
Jun21 434.63 / 436.63
Q1-21 429.85 / 431.85
Q2-21 433.54 / 435.54
Q3-21 437.30 / 439.30
Q4-21 439.65 / 441.65
CAL21 435.08 / 437.08