| At 10:43 am Singapore time (0243 GMT), the ICE January Brent futures contract was up 75 cents/b (0.91%) from the previous close at $82.80/b, while the NYMEX December light sweet crude contract rose 58 cents/b (0.72%) to $81.46/b.
The daily charts for both front-month contracts showed oil prices printing a hammer formation in the last trading session, indicating a potential reversal in price direction. Oil prices in recent days have pared steep intra-day losses to close near their opening levels as buyer support rushed in despite a recent spate of bearish headlines. CEO of Western trading house Vitol Russell Hardy said Nov. 15 that global oil market fundamentals will likely remain tight over the coming year as oil demand continues to build after having mostly fully recovered to 2019 pre-pandemic levels. (S&P Global Platts)
Oil demand for industrial usage has already exceeded 2019 levels while jet fuel demand for aviation continues to lag pre-pandemic levels, meaning global oil demand is “pretty much caught up with 2019,” Hardy said at a conference in Abu Dhabi. Nonetheless, analysts cautioned that risks to the near-term outlook for prices remained. Europe was now battling its fourth wave of COVID-19 infections, while oil consuming giant China is also tackling a fresh outbreak though daily caseloads appeared to be falling. The country’s National Health Commission reported 32 locally transmitted cases as of Nov. 14, down by 38 on the day. (S&P Global Platts)
OIL MARKET ROUND-UP: (Bloomberg)
* Russia Joins OPEC+ Pushback on U.S. Calls to Boost Oil Output
* Russia Says ‘Everybody Predicting’ Oil Surplus: Adipec Update
* Vitol CEO Says Any U.S. SPR Release Unlikely to Affect Prices
* U.S. Boosts Gasoline Flows From Europe to 5-Week High; Diesel Up
* U.S. Sees Record Permian Oil Production in December
* France’s October Road Fuel Sales Drop Below Pre-Pandemic Levels
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