| At 9:55 am Singapore time (0155 GMT), the ICE February Brent futures contract was up 35 cents/b (0.46%) from the previous close at $75.64/b, while the NYMEX February light sweet crude contract rose 34 cents/b (0.47%) at $73.10/b.
Brent Feb 22 Morning Technical Comment – 60 Min 23/12/21 https://fisapp.com/wp-content/uploads/2021/12/FIS-Morning-Technical-Brent-23-12-21.pdf
EIA
Crude: -4,715
Cushing: 1,463
Distillate: 0,396
Gasoline: 5,533
Production: -100
A South African study released Dec. 22 showed that those infected with the omicron variant were less likely to get hospitalized than those with the delta variant. Meanwhile, the US has authorized Pfizer’s orally-administered antiviral COVID-19 pill for people aged 12 and older at risk of severe illness from the virus. The at-home treatment pill is expected to ease the strain on hospitals. (S&P Global Platts)
Also aiding sentiment was news of a draw in US crude oil stocks last week, which sent both front-month crude oil benchmarks settling higher by 1.7-2.3% overnight. Both benchmarks have now advanced up to 6% in the last two days alone. In the US, Energy Information Administration data showed US crude oil stocks falling 4.72 million barrels to 423.57 million barrels in the week to Dec. 17, pushing stocks more than 8% behind the five-year average for this time of year — the tightest since mid-September. (S&P Global Platts)
Oil is heading for a yearly gain following a strong rebound from the pandemic but there are bearish headwinds mounting for the market including the omicron variant of the virus. However, an energy crunch in Europe and disruptions to supply in Libya and Nigeria have led to some tightening. Gasoline and diesel use surged this year as consumers resumed travel and business activity picked up. For 2022, crude consumption is expected to reach 99.53 million barrels per day (bpd), up from 96.2 million bpd this year, according to the International Energy Agency. That would be a hair short of 2019’s daily consumption of 99.55 million barrels. (Bloomberg)
OIL MARKET ROUND-UP:
* Jet Fuel Joins Oil Recovery at Last as Air Travel Strengthens
* Crude Stocks, Production Fall; U.S. Net Exporter: EIA Takeaways
* European Gasoline Shipments to U.S. Extend Drop Before Holiday
* Portugal’s ENSE Says Gasoline Consumption Rose 19% in November
* U.S. Imports of Canadian Crude Oil Fall 19%: EIA |
