Brent crude was down 28 cents, or 0.5%, at $55.60 by 0431 GMT, while U.S. crude fell 25 cents, or 0.5%, to $52.52. Both rose nearly 1% on Monday.
The continuing theme of oil being capped comes from the rising coronavirus cases globally, but also the dwindling hope of a stimulus package in the US to try and restart the economy.
On the supply side, the Organization of the Petroleum Exporting Countries and its allies’ compliance with pledged oil output curbs is averaging 85% in January, tanker tracker Petro-Logistics said on Monday. The findings suggest the group has improved compliance supply curb commitments. (Reuters)
US commercial inventories are expected to have declined 1.7 million barrels to around 484.9 million barrels last week, according to analysts surveyed by Platts. The counter-seasonal draw down would leave stockpiles around 8% above the five-year average of US Energy Information Administration data, in from 9.3% the week prior and marking the narrowest supply overhang since late November. (S&P Global Platts)
INDEX: (MTD Estimates)
* Sing 380: 324.42
* Rott 3.5%: 310.88
* Sing 0.5%: 425.79
* Rott 0.5%: 398.93
MARKETS NEWS:
* Iran Oil Exports Creep Up as Trump’s Maximum Pressure Fades
* Pemex Misses 2020 Target as Oil Output Declines Further
* Hedge Fund Massar Sees Virus Keeping Oil Demand Weak in Winter
* Indonesia Seized Iran-Flagged Oil Tanker on Illegal Activities
* Canada Crude-by-Rail Exports Rise 87% to 173K B/D in Nov.
* OIL OPTIONS: 24 Million Barrel Bet on WTI Backwardation to Stay
* U.S. Gasoline Demand Rises Third Straight Week: Descartes Labs
* U.S. Imports More European Diesel; Gasoline Falls to 3-Mo. Low
OTHER NEWS:
* CEO of Oman’s State-Run Oil Firm OQ SAOC Resigns
* Total Gets Fastest Start on Clean Energy Among Europe Oil Majors
* Hess Raises Budget From 16-Year Low With Focus on Shale, Guyana
* NYC Pension Funds to Divest of ~$4b Related to Fossil Fuel Cos.
OIL PRODUCT NEWS:
* U.S.: Valero Delays Texas Refinery Work
* EUROPE: Gasoil Net-Longs Rise; BP Buys Diesel Cargo
* ASIA: Diesel Surplus; Fuel Oil Shipment to the U.S.
ECONOMIC DATA: (Times are London)
* Angola final crude-loading program for March and some other West African programs
* API weekly oil inventory report, 4:30pm
* ICE Brent crude March options expire
* HOLIDAYS: India, Australia
ANALYST VIEWS/COLUMNS:
* China’s Teapot Refiners to Cut Runs Marginally Until Feb.: FGE
* Time for Permian Drillers to Get Back to Work, Citigroup Says
* VLCCs Being Used for Oil Floating Storage Slide W/w: Braemar
Singapore 380 INDIC
Feb21 323.25 / 325.25
Mar21 323.00 / 325.00
Apr21 321.00 / 323.00
May21 319.00 / 321.00
Jun21 316.75 / 318.75
Jul21 314.25 / 316.25
Q2-21 318.75 / 320.75
Q3-21 311.50 / 313.50
Q4-21 303.50 / 305.50
Q1-22 297.50 / 300.50
CAL22 292.00 / 298.00
Rotterdam 3.5% INDIC
Feb21 310.25 / 312.25
Mar21 310.25 / 312.25
Apr21 308.25 / 310.25
May21 305.25 / 307.25
Jun21 302.00 / 304.00
Jul21 298.50 / 300.50
Q2-21 305.25 / 307.25
Q3-21 294.75 / 296.75
Q4-21 283.25 / 285.25
Q1-22 276.50 / 279.50
CAL22 271.00 / 277.00
Singapore VLSFO 0.5% INDIC
Feb21 425.00 / 430.00
Mar21 422.25 / 427.25
Apr21 420.50 / 425.50
May21 418.75 / 423.75
Jun21 417.25 / 422.25
Jul21 415.75 / 420.75
Q2-21 418.75 / 423.75
Q3-21 414.25 / 419.25
Q4-21 410.25 / 416.25
Q1-22 407.25 / 413.25
CAL22 404.25 / 410.25
Rott VLSFO 0.5% INDIC
Feb21 402.25 / 407.25
Mar21 400.00 / 405.00
Apr21 398.25 / 403.25
May21 396.50 / 401.50
Jun21 395.00 / 400.00
Jul21 393.50 / 398.50
Q2-21 396.50 / 401.50
Q3-21 392.00 / 397.00
Q4-21 387.50 / 393.50
Q1-22 386.75 / 392.75
CAL22 388.50 / 394.50
Sing 10ppm GO INDIC
Feb21 60.43 / 60.57
Mar21 60.57 / 60.77
Apr21 60.67 / 60.87
May21 60.71 / 60.91
Jun21 60.71 / 60.91
Jul21 60.81 / 61.01
Q2-21 60.65 / 60.95
Q3-21 60.81 / 61.11
Q4-21 60.78 / 61.08
Q1-22 60.81 / 61.11
CAL22 60.82 / 61.22
ICE Gasoil 10ppm INDIC
Feb21 451.23 / 453.23
Mar21 453.18 / 455.18
Apr21 454.36 / 456.36
May21 455.16 / 457.16
Jun21 456.13 / 458.13
Jul21 457.35 / 459.35
Q2-21 455.20 / 457.20
Q3-21 458.23 / 460.23
Q4-21 458.72 / 460.72
Q1-22 457.77 / 459.77
CAL22 457.89 / 459.89
Rott Hi5 Sing Hi5
Feb21 93 103
Mar21 91 101
Apr21 91 101
May21 93 101
Jun21 94 102
Jul21 96 103
Q2-21 93 101
Q3-21 99 104
Q4-21 106 109
Q1-22 112 111
CAL22 110 111
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