Brent crude oil futures slipped 10 cents, or 0.2%, to $55.56 a barrel by 0500 GMT before hitting highs of $55.93 at 0700GMT, while U.S. West Texas Intermediate (WTI) fell 8 cents, or 0.2%, to $52.17 a barrel.
Worldwide coronavirus cases surpassed 90 million on Monday, according to a Reuters tally, as nations around the globe scramble to procure vaccines and continue to extend or reinstate lockdowns to fight new coronavirus variants. “The vaccine news has turbo-charged the rally and oil has benefitted from the million barrel per day reduction in output. With so much good news priced in and near-term risks piling up, it wouldn’t be surprising to see some profit taking kick in,” said Craig Erlam, Senior Market Analyst at OANDA. (S&P Global Platts)
Many news reports are focussing on the stronger dollar and the effect this is having on oil prices, yet oil has rallied nearly 50 cents this morning as it hit $56 again for the second consecutive day as oil market participants remain bullish on output cuts and vaccine news.
INDEX: (MTD Estimates)
* Sing 380: 319.22
* Rott 3.5%: 305.33
* Sing 0.5%: 413.70
* Rott 0.5%: 386.96
MARKETS NEWS:
* ‘Big Chunk’ of Shale Profitable at Current Prices: IEA’s Birol
* Brent Curve Looks Strong, But a Rally Will Need Patience: Chart
* Nigeria to Boost Exports of Brass Crude to 95K B/D in February
* Canadian Heavy Crude Surges Amid Speculation of Production Cuts
* Crude Ship Discharges at U.S. Virgin Islands After 2-Month Wait
* 1st VLCC to Load at Buckeye South Texas Oil Site Heads to Asia
* PetroVietnam Says 2020 Oil Output of 11.5m Tons Beat Goal by 8%
OTHER NEWS:
* Oil Workers Lack Job Security as Industry Recovers, Survey Says
* Mexico’s First Case of UK Covid Strain is Oil Worker: Loret
OIL PRODUCT NEWS:
* U.S.: Valero Houston Refinery Restarts Units
* EUROPE: ICE Gasoil Bets Rise; Exxon Fos Halts CDU
* ASIA: India Fuel Demand Crash; Formosa to Shut RFCC
ECONOMIC DATA: (Times are London.)
* 9:30pm: API weekly U.S. oil inventory report
* EIA Short-Term Energy Outlook
* Pioneer Natural Resources/Parsley Energy shareholder meeting to approve merger.
ANALYST VIEWS/COLUMNS:
* Goldman Brings Forward $65 Forecast for Brent Oil to July
* LSFO Boosted by Electricity Demand, Less China Export Quota: FGE
* Goldman: Commodity Markets Now Have Tighter Medium-Term Outlook
* Oil Tankers in Floating Storage Drop to Multi-Month Low: Braemar
Sing VLSFO 0.5% INDIC
Feb-21 425.25 / 428.25
Mar-21 422.75 / 425.75
Apr-21 420.75 / 424.75
May-21 419.50 / 423.50
Jun-21 418.25 / 422.25
Jul-21 416.75 / 421.75
Q2-21 419.00 / 424.00
Q3-21 415.75 / 420.75
Q4-21 413.00 / 419.00
Q1-22 411.75 / 417.75
CAL22 410.25 / 416.25
Rott VLSFO 0.5% INDIC
Feb-21 403.25 / 406.25
Mar-21 401.25 / 404.25
Apr-21 399.25 / 403.25
May-21 398.00 / 402.00
Jun-21 396.75 / 400.75
Jul-21 395.25 / 400.25
Q2-21 397.50 / 402.50
Q3-21 394.25 / 399.25
Q4-21 391.00 / 397.00
Q1-22 389.75 / 395.75
CAL22 388.50 / 394.50
Sing 10ppm GO INDIC
Feb-21 60.78 / 60.94
Mar-21 60.94 / 61.10
Apr-21 60.97 / 61.17
May-21 60.99 / 61.19
Jun-21 61.01 / 61.21
Jul-21 61.09 / 61.29
Q2-21 60.99 / 61.19
Q3-21 61.04 / 61.44
Q4-21 60.98 / 61.38
Q1-22 60.95 / 61.35
CAL22 61.14 / 61.54
ICE Gasoil 10ppm INDIC
Feb-21 455.00 / 456.00
Mar-21 456.75 / 457.75
Apr-21 457.75 / 458.75
May-21 458.00 / 459.50
Jun-21 459.00 / 460.50
Jul-21 460.00 / 461.50
Q2-21 458.25 / 462.50
Q3-21 460.50 / 463.00
Q4-21 460.25 / 463.00
Q1-22 460.00 / 462.75
CAL22 460.00 / 463.00
Sing 380 cst INDIC
Feb-21 329.25 / 331.25
Mar-21 329.50 / 331.50
Apr-21 327.75 / 329.75
May-21 325.00 / 327.00
Jun-21 322.00 / 324.00
Jul-21 319.25 / 321.25
Q2-21 324.25 / 327.25
Q3-21 315.50 / 319.00
Q4-21 306.00 / 310.00
Q1-22 300.75 / 305.25
CAL22 295.75 / 300.75
Rotterdam 3.5% INDIC
Feb-21 316.75 / 318.75
Mar-21 315.50 / 317.50
Apr-21 313.25 / 315.25
May-21 310.25 / 312.25
Jun-21 306.75 / 308.75
Jul-21 303.00 / 305.00
Q2-21 309.50 / 312.50
Q3-21 298.25 / 301.75
Q4-21 286.50 / 290.50
Q1-22 279.50 / 284.00
CAL22 273.00 / 278.00
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