Brent crude climbed 23 cents, or 0.5%, to $51.09 a barrel, as of 0410 GMT and U.S. West Texas Intermediate (WTI) crude futures added 23 cents, or 0.5%, to $47.85 a barrel.
Many participants of the oil market have noted the choppiness of the oil price as we head into the finale of 2020, with the impending OPEC meetings in the new yar brining a sense of uncertainty as the second wave of the virus sweeps through the globe. Although stock and shares are increasing, oil remains stuck below a glass ceiling due to the sheer weight that the increasing cases of the virus brings.
Japanese shares rose to the highest levels in thirty years as investor risk appetite increases, just as the UK recorded the highest daily rise in virus cases in a 24-hour period. OPEC+ is tapering record oil output cuts made this year to support the market. The group is set to boost output by 500,000 barrels per day (bpd) in January and Russia supports another increase of the same amount in February. Russian Deputy Prime Minister Alexander Novak said on Monday he expected there would be 5 million to 6 million bpd additional oil demand in 2021, which has not fully recovered from the pandemic. (Reuters)
Novak said Russia supported a gradual production rise to avoid jolting the market. OPEC+ had initially agreed to increase its production by 2 million bpd starting from January but decided on a smaller increase at its meeting earlier this month. OPEC+ agreed to cut its combined output by an unprecedented almost 10 million bpd, or 10% of global pre-crisis demand, in April. Of that, Russia pledged to cut more than 2 million bpd. (Reuters)
INDEX: (MTD Estimates)
* Sing 380: 296.43
* Rott 3.5%: 276.49
* Sing 0.5%: 376.47
* Rott 0.5%: 360.46
*Rotterdam 3.5% INDIC*
Jan21 285.50 / 287.50
Feb21 284.25 / 286.25
Mar21 283.25 / 285.25
Apr21 281.25 / 283.25
May21 279.00 / 281.00
Jun21 276.50 / 278.50
Q1-21 284.25 / 286.25
Q2-21 278.75 / 280.75
Q3-21 270.25 / 272.25
Q4-21 261.50 / 264.50
CAL21 271.50 / 277.50
*Singapore 380 INDIC*
Jan21 302.00 / 304.00
Feb21 300.75 / 302.75
Mar21 300.00 / 302.00
Apr21 298.00 / 300.00
May21 296.00 / 298.00
Jun21 294.25 / 296.25
Q1-21 300.75 / 302.75
Q2-21 296.00 / 298.00
Q3-21 290.25 / 292.25
Q4-21 284.00 / 287.00
CAL21 290.25 / 296.25
*Rott VLSFO 0.5% INDIC*
Jan21 364.25 / 369.25
Feb21 363.25 / 368.25
Mar21 363.00 / 368.00
Apr21 362.75 / 367.75
May21 362.75 / 367.75
Jun21 362.75 / 367.75
Q1-21 363.50 / 368.50
Q2-21 362.75 / 367.75
Q3-21 362.25 / 368.25
Q4-21 360.50 / 368.50
CAL21 362.50 / 370.50
*Singapore VLSFO 0.5% INDIC*
Jan21 383.00 / 388.00
Feb21 383.50 / 388.50
Mar21 384.25 / 389.25
Apr21 386.25 / 391.25
May21 388.75 / 393.75
Jun21 390.75 / 395.75
Q1-21 383.50 / 388.50
Q2-21 388.50 / 393.50
Q3-21 394.75 / 400.75
Q4-21 399.50 / 407.50
CAL21 382.25 / 390.25
*Sing 10ppm GO INDIC*
Jan21 57.11 / 57.25
Feb21 56.98 / 57.18
Mar21 57.02 / 57.22
Apr21 57.17 / 57.37
May21 57.37 / 57.57
Jun21 57.50 / 57.70
Q1-21 56.98 / 57.28
Q2-21 57.30 / 57.60
Q3-21 57.97 / 58.27
Q4-21 58.51 / 58.81
CAL21 57.64 / 58.04
*ICE Gasoil 10ppm INDIC*
Jan21 426.46 / 428.46
Feb21 428.43 / 430.43
Mar21 429.48 / 431.48
Apr21 430.28 / 432.28
May21 431.13 / 433.13
Jun21 432.29 / 434.29
Q1-21 428.10 / 430.10
Q2-21 431.23 / 433.23
Q3-21 434.78 / 436.78
Q4-21 437.20 / 439.20
CAL21 432.83 / 434.83
Rott Hi5 Sing Hi5
Jan21 80.21 82.46
Feb21 80.46 84.21
Mar21 81.21 85.71
Apr21 82.96 89.71
May21 85.21 94.21
Jun21 87.71 97.96
Q1-21 80.60 84.15
Q2-21 85.29 93.96
Q3-21 93.79 106.37
Q4-21 101.37 117.79
CAL21 90.30 100.50
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