WTI was down $1.06, or 2.7%, at $37.73 a barrel at 0538 GMT, after dropping 0.9% yesterday. Brent crude was off $1.05, or 2.6%, at $39.88, having fallen 0.7% in the previous session. The continuing falls seem to have exacerbated by the ongoing uncertainty in the US surrounding the presidential election, as well as the increasing supply factors and falling global demand and consumption. This has continued into early trading , with low volume on what could be a quiet Friday.
Biden looks like he is no course for a slim victory, yet it is likely that Trump will not concede without a fight, after tweeting his anger at the possibility of fraudulent mail in votes which he may take to the supreme court, meaning that the ongoing saga may last for many more days or even weeks and produce another sting in the tail.
The European Union has slashed its economic forecasts, as the virus has the economy in its grasp, with some predicting that that it won’t bounce back to pre-Covid levels until at least 2023. (Reuters)
Genesis Energy have released figures that this year, they have lost in the region of up to $50 million as a result of storms battering the US Gulf, with a record of 27 named storms having torn through the area. to put this into perspective, the average year would result in losses of just $8-$10 million dollars per year. (Reuters)
INDEX: (MTD Estimates)
* Sing 380: 248.34
* Rott 3.5%: 238.63
* Sing 0.5%: 308.80
* Rott 0.5%: 292.56
MARKETS NEWS:
* Saudis Cut Oil Prices for Asia as Virus Clouds Energy Market
* U.S. Energy Chiefs Mull What Biden Means for Oil, Renewables
* Libya Plans to Export at Least 805K B/D of Oil in November
* A Choked Canal Is Keeping Asia Reliant on Middle Eastern LPG
* China Cuts Back on Seaborne Energy Supplies as Import Pace Cools
* U.S. Crudes Dip Amid Shell Plans to Shut Convent Refinery
* New York Diesel Zooms to 3-Year High on Less Fuel From PADD 3
* OIL OPTIONS: 18 Million-Barrel Bet on 2021 WTI Contango to Widen
OTHER NEWS:
* Election-Roiled Commodities Head for Critical Week in Oil, Gold
* Trump Attacks Credibility of Election by Casting Doubt on Count
* How Close to a Race Call: Where Things Stand in Remaining States
* Michigan Judge Denies Trump’s Attempt to Halt Ballot Counting
* This Shale Driller Rejected 43% Takeover Premium for One at 2.6%
OIL PRODUCT NEWS:
* U.S.: Shell to Begin Shutting Convent Refinery
* EUROPE: Flow From Mideast Drops; German Heating Oil
* ASIA: Light Distillate Stockpiles Up; LG Chem Fire
ECONOMIC EVENTS: (Times are London)
* 6:00pm: Baker Hughes weekly rig count report
* 6:30pm: ICE Commitments of Traders report
* 8:30pm: CFTC Commitments of Traders report
* EARNINGS: MOL Hungarian Oil and Gas, Enbridge Inc.
ANALYST COLUMNS:
* Europe Air Traffic Unlikely to Recover by 2024: Eurocontrol
* OIL MKT RESEARCH: Demand Outlook Uncertainty; Biden’s Iran Plans
* Refineries Under Threat as Closures Surpass 1.5m b/d: BNEF
* U.K. and France Flights Are Worst Hit as Lockdowns Return : BNEF
(Data/news Bloomberg and FIS)
Singapore 380 INDIC
Dec20 246.50 / 248.50
Jan21 245.50 / 247.50
Feb21 245.75 / 247.75
Mar21 246.25 / 248.25
Apr21 246.75 / 248.75
May21 247.25 / 249.25
Q1-21 245.75 / 247.75
Q2-21 247.25 / 249.25
Q3-21 248.50 / 250.50
Q4-21 249.25 / 252.25
CAL21 246.25 / 252.25
Rotterdam 3.5% INDIC
Dec20 232.75 / 234.75
Jan21 231.50 / 233.50
Feb21 232.00 / 234.00
Mar21 232.25 / 234.25
Apr21 232.75 / 234.75
May21 232.75 / 234.75
Q1-21 232.00 / 234.00
Q2-21 232.75 / 234.75
Q3-21 232.50 / 234.50
Q4-21 231.25 / 234.25
CAL21 230.25 / 236.25
Singapore VLSFO 0.5% INDIC
Dec20 313.25 / 318.25
Jan21 313.00 / 318.00
Feb21 313.50 / 318.50
Mar21 314.50 / 319.50
Apr21 316.00 / 321.00
May21 317.50 / 322.50
Q1-21 313.50 / 318.50
Q2-21 317.50 / 322.50
Q3-21 322.25 / 328.25
Q4-21 326.75 / 332.75
CAL21 319.75 / 325.75
Rott VLSFO 0.5% INDIC
Dec20 294.00 / 299.00
Jan21 294.00 / 299.00
Feb21 295.00 / 300.00
Mar21 296.25 / 301.25
Apr21 297.50 / 302.50
May21 299.00 / 304.00
Q1-21 295.25 / 300.25
Q2-21 299.00 / 304.00
Q3-21 303.00 / 309.00
Q4-21 307.50 / 313.50
CAL21 301.00 / 307.00
Sing 10ppm GO INDIC
Dec20 44.16 / 44.30
Jan21 44.47 / 44.67
Feb21 44.87 / 45.07
Mar21 45.28 / 45.48
Apr21 45.69 / 45.89
May21 46.10 / 46.30
Q1-21 44.85 / 45.15
Q2-21 46.06 / 46.36
Q3-21 47.41 / 47.71
Q4-21 48.38 / 48.68
CAL21 46.62 / 47.02
ICE Gasoil 10ppm INDIC
Dec20 329.29 / 331.29
Jan21 333.23 / 335.23
Feb21 336.90 / 338.90
Mar21 339.90 / 341.90
Apr21 343.53 / 345.53
May21 347.07 / 349.07
Q1-21 336.70 / 338.70
Q2-21 346.28 / 348.28
Q3-21 357.75 / 359.75
Q4-21 365.41 / 367.41
CAL21 351.53 / 353.53
(Rott Hi5) Sing Hi5
Dec20 (63) 68
Jan21 (64) 69
Feb21 (65) 69
Mar21 (66) 70
Apr21 (67) 71
May21 (68) 72
Q1-21 (65) 69
Q2-21 (68) 72
Q3-21 (73) 76
Q4-21 (78) 79
CAL21 (71) 74