Brent crude futures for March rose 20 cents, or 0.4%, to $54.95 a barrel by 0351 GMT after slipping 35 cents in the previous session. U.S. West Texas Intermediate crude was at $52.19 a barrel, down 17 cents, or 0.3%. There was no settlement on Monday as U.S. markets were closed for a public holiday. Front-month February WTI futures expire on Wednesday. (Reuters)
Chinese demand remains to be the shining light on the oil market, with figures showing that the top importer of crude oil had raised its refinery output by 3% in 2020 despite the tough economic environment to hit record highs as the nation was one of the only to not experience a contraction in its economy, with come figures even suggesting that economic growth could be higher than that of before the pandemic, as the economy looks to boom.
Trump prepares for his last day in the White House before the inauguration of Joe Biden on Wednesday, who will look to provide a state aid package to the tune of $1.9 trillion which could provide the key to the post-pandemic recovery.
Recovery from the pandemic seems to come from the rollout of vaccines in which the UK ranks fourth, in terms of percentage of the population vaccinated. However, some analysts are predicting a slowdown in oil demand as cases of the virus in Asia continues to climb.
MARKETS NEWS:
* Refiner SK Buys About 2M Bbls of U.S. Crude for 2H March Arrival
* Sonangol Sells Three Cargoes of February Crude to Spot Buyers
* U.S. Imports of European Gasoline Recover, Diesel Dips: Data
* German Oil Imports Fell in November as Russia, U.S. Shipped Less
OTHER NEWS:
* Keystone XL May Be Sold for Scrap If Biden Moves to Kill Project
* ONGC Offers JV to Exxon Mobil in Exploration Blocks, ET Reports
* Indonesia May Import 140M Barrels of Gasoline in 2021: Ministry
* Nigeria’s Oil, Gas Revenue Rose to $120.5 Million in September
* Californians Suffer Unprecedented Fire Blackouts in January
OIL PRODUCT NEWS:
* EUROPE: Diesel VLCC Heads East; ICE Gasoil Bets
* ASIA: Cold Snap Boosts LPG; India Fuel Demand Shaky
ECONOMIC DATA: (Times are London. )
* 9am: IEA monthly Oil Market Report
* EIA Drilling Productivity Report, with output forecasts for February
* Atlantic Council Global Energy Forum, day 1 of 3
** Speakers include UAE Energy Minister Suhail Al Mazrouei, Adnoc CEO Sultan Al Jaber, IEA Executive Director Fatih Birol, OPEC Secretary General Mohammad Barkindo
ANALYST VIEWS/COLUMNS:
* Jet Fuel Stored at Sea Near Singapore Falls 64% W/w: Kpler
* China’s 2021 Oil Imports Seen Robust Amid Plant Expansions: Citi
OTHER FINANCIAL MARKETS:
* Stocks Climb With Treasury Yields; Dollar Dips: Markets Wrap
Sing VLSFO 0.5% INDIC
Feb-21 425.50 / 428.50
Mar-21 422.75 / 425.75
Apr-21 420.25 / 424.25
May-21 418.75 / 422.75
Jun-21 417.50 / 421.50
Jul-21 415.75 / 420.75
Q2-21 418.25 / 423.25
Q3-21 414.75 / 419.75
Q4-21 411.25 / 417.25
Q1-22 408.50 / 414.50
CAL22 405.00 / 411.00
Rott VLSFO 0.5% INDIC
Feb-21 403.50 / 406.50
Mar-21 401.75 / 404.75
Apr-21 399.50 / 403.50
May-21 397.75 / 401.75
Jun-21 396.25 / 400.25
Jul-21 394.25 / 399.25
Q2-21 397.25 / 402.25
Q3-21 393.00 / 398.00
Q4-21 388.75 / 394.75
Q1-22 387.00 / 393.00
CAL22 385.75 / 391.75
Sing 10ppm GO INDIC
Feb-21 60.72 / 60.88
Mar-21 60.85 / 61.01
Apr-21 60.91 / 61.11
May-21 60.91 / 61.11
Jun-21 60.89 / 61.09
Jul-21 60.96 / 61.16
Q2-21 60.93 / 61.13
Q3-21 61.00 / 61.40
Q4-21 60.86 / 61.26
Q1-22 60.84 / 61.24
CAL22 60.93 / 61.33
ICE Gasoil 10ppm INDIC
Feb-21 455.50 / 456.50
Mar-21 457.00 / 458.00
Apr-21 458.00 / 459.00
May-21 458.25 / 459.75
Jun-21 459.25 / 460.75
Jul-21 460.25 / 461.75
Q2-21 458.50 / 462.75
Q3-21 460.75 / 463.25
Q4-21 460.50 / 463.00
Q1-22 460.00 / 462.75
CAL22 460.25 / 463.25
Sing 380 cst INDIC
Feb-21 319.75 / 321.75
Mar-21 320.75 / 322.75
Apr-21 320.50 / 322.50
May-21 319.25 / 321.25
Jun-21 317.25 / 319.25
Jul-21 315.00 / 317.00
Q2-21 318.50 / 321.50
Q3-21 312.00 / 315.50
Q4-21 304.50 / 308.50
Q1-22 298.75 / 303.25
CAL22 293.75 / 298.75
Rotterdam 3.5% INDIC
Feb-21 307.75 / 309.75
Mar-21 307.75 / 309.75
Apr-21 306.75 / 308.75
May-21 304.50 / 306.50
Jun-21 301.50 / 303.50
Jul-21 298.25 / 300.25
Q2-21 303.75 / 306.75
Q3-21 294.25 / 297.75
Q4-21 284.00 / 288.00
Q1-22 278.00 / 282.50
CAL22 272.75 / 277.75
Sing hi5 Rdam hi5
Feb-20 106.00 96.00
Mar-20 102.00 94.00
Apr-20 101.00 94.00
May-20 100.00 94.00
Jun-20 101.00 96.00
Jul-20 102.00 97.00
Q2-21 101.00 94.00
Q3-21 103.00 99.00
Q4-21 108.00 106.00
Q1-22 110.00 110.00
Cal 22 112.00 113.00
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