| At 10:03 am Singapore time (0203 GMT), the ICE February Brent futures contract was up 21 cents/b (0.28%) from the previous close at $76.03/b, while the NYMEX January light sweet crude contract rose 28 cents/b (0.39%) at $72.64/b.
EIA week ending 12/3
Crude oil: -0.2M
SPR: -1.7M
Gasoline: +3.9M
Distillates: +2.7M
Refiner utilz: 89.8%
Impld mogas demand: 8.96Mbpd
Risk-on sentiment across financial markets continued to drive asset prices higher. Most recently, Pfizer and BioNTech said Dec. 8 that a three-shot course of their COVID-19 vaccine can neutralise the new omicron variant in a laboratory test. The latest news is likely to ease concerns over any risks omicron poses to oil demand, coming after a panic-driven selloff in late-November shaved 20% off oil prices. (S&P Global Platts)
US Energy Information Administration data Dec. 8 showed US crude oil inventories fell by a smaller-than-expected 240,000 barrels in the week ended Dec. 3 to 432.87 million barrels, as strengthened refinery demand offset rising production. Cushing, Oklahoma crude stocks, however, rose 2.37-million-barrel to a seven-week high of 30.92 million barrels. Nationwide gasoline stocks moved 3.88 million barrels higher to 219.3 million barrels, while distillate inventories climbed 2.73 million barrels to 126.6 million barrels. (S&P Global Platts)
Several countries in Europe continue to see rising COVID-19 cases, with the UK urging work-from-home as the norm and Denmark on Dec. 8 stating it will re-impose a lighter version of the lockdowns it had last winter. (S&P Global Platts)
OIL MARKET ROUND-UP: (Bloomberg)
* Trafigura Profit Soars to Record on Pandemic Price Swings
* Biden to Direct U.S. Government to Reach Net-Zero by 2050
* Oil Inventories at Key U.S. Hub Recover From 3-Year Low
* Gasoline Prices Slide at U.S. Stations on Fear of Omicron Impact
* India-to-Europe Clean Fuel Flows Are Set to Drop in December
* BTC Crude Shipments Set at 17.27M Bbl in January, Plan Shows
* OPEC+ Keeps Oil Market Alert After Year of Saudi Surprises
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