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WTI crude futures fell 64 cents, or 1.63%, to $38.51 a barrel at 0440 GMT, while Brent crude futures dropped 68 cents, or 1.65%, to $40.55 a barrel, with $0.2 rise at 750 GMT. Both contracts had jumped around 4% on Wednesday following the choppiness and uncertainty surrounding the continuing US elections.
With a result still yet to be reached, today could be the day we get the all-important indications of who will be in the white house for the next four years. The Republicans have retained the oil state of Texas at the polls overnight, with also more bullish news for oil that any reconciliation with Iran should be put on the backburner for the time being. (Reuters)
Much of the news is centering around the still tentative election news, of which we have no certainty, albeit it looks as if Biden has pulled ahead slightly after he won back the Blue Wall, states that could prove to be pivotal in his quest for the White House.
US crude exports averaged 3.24 million barrels in September, slightly lower than the figure of 3.25 million barrels per day in August. China was the top buyer of the US crude for a fifth consecutive month. Exports were steady even though supply was slightly hampered by hurricane disruptions in around September in the US gulf. (Argus Media)
Malaysian Oil company Petronas have pledged to become net zero emissions by 2050 in the countries efforts to become more environmentally friendly and increase investments in renewable energies. (Reuters)
INDEX: (MTD Estimates)
* Sing 380: 245.36
* Rott 3.5%: 238.08
* Sing 0.5%: 304.56
* Rott 0.5%: 290.42
MARKETS NEWS:
* Apache Boosts Permian Fracking Amid 45% Tumble in Service Price
* China Is Top American Crude Buyer for Fifth Month: Census Bureau
* CHINA TANKER TRACKER: Saudi, Iraq Muscle in as U.S. Volumes Drop
* Crude Stockpiles Fall, Gasoline Inventories Rise: EIA Takeaways
* North Sea Floating Glut Lingers With Cargo Demand Still Subdued
* Libya’s Al Sarir Starts Production at 20K B/d or 29% of Capacity
* Nigeria Oil Flows Look Set to Drop as Final Dec. Programs Known
* U.S. East Coast Crude Oil Imports Fall 20%: EIA
OTHER NEWS:
* Biden’s Wins in Michigan, Wisconsin Put Him on Brink of Victory
* Trump Unleashes Legal Onslaught Over Battleground-State Votes
* Daily Deaths Set Record; England Enters Lockdown: Virus Update
* Gunvor Hires Ex-Unipec Crude Trader Ivan Wang in Singapore
OIL PRODUCT NEWS:
* U.S.: Diesel Strength Seen in WTI Margins
* EUROPE: Americas Pull More Diesel; Bilbao CDU Back
* ASIA: Gasoil Demand Growth in 4Q; Fuel Oil Soars
ECONOMIC DATA: (Times are London)
* Release of Saudi official crude selling prices for December cargoes
* Singapore onshore oil-product stockpile weekly data
* Insights Global weekly report on European refined product inventories in ARA region
* EARNINGS: Hellenic Petroleum, HollyFrontier Corp.
Rotterdam 3.5% INDIC
Dec20 232.25 / 234.25
Jan21 230.75 / 232.75
Feb21 231.00 / 233.00
Mar21 231.50 / 233.50
Apr21 232.00 / 234.00
May21 232.50 / 234.50
Q1-21 231.25 / 233.25
Q2-21 232.50 / 234.50
Q3-21 233.00 / 235.00
Q4-21 232.00 / 235.00
CAL21 231.75 / 234.75
Singapore 380 INDIC
Dec20 246.50 / 248.50
Jan21 245.25 / 247.25
Feb21 245.50 / 247.50
Mar21 246.00 / 248.00
Apr21 246.50 / 248.50
May21 247.00 / 249.00
Q1-21 245.75 / 247.75
Q2-21 247.00 / 249.00
Q3-21 248.25 / 250.25
Q4-21 248.75 / 251.75
CAL21 248.00 / 251.00
Rott VLSFO 0.5% INDIC
Dec20 295.50 / 300.50
Jan21 295.50 / 300.50
Feb21 296.50 / 301.50
Mar21 298.00 / 303.00
Apr21 299.50 / 304.50
May21 301.00 / 306.00
Q1-21 296.75 / 301.75
Q2-21 301.25 / 306.25
Q3-21 305.75 / 311.75
Q4-21 310.25 / 316.25
CAL21 303.25 / 309.25
Singapore VLSFO 0.5% INDIC
Dec20 315.25 / 320.25
Jan21 315.00 / 320.00
Feb21 315.75 / 320.75
Mar21 316.75 / 321.75
Apr21 318.25 / 323.25
May21 319.75 / 324.75
Q1-21 316.00 / 321.00
Q2-21 319.75 / 324.75
Q3-21 324.25 / 330.25
Q4-21 329.00 / 335.00
CAL21 322.00 / 328.00
(Rott Hi5) Sing Hi5
Dec20 (63.77) 68.77
Jan21 (65.27) 69.77
Feb21 (66.02) 70.27
Mar21 (67.02) 70.77
Apr21 (68.02) 71.77
May21 (69.02) 72.77
Q1-21 (66.10) 70.25
Q2-21 (69.10) 72.77
Q3-21 (73.52) 76.52
Q4-21 (78.69) 80.19
CAL21 (73.50) 77.00
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