Brent crude was down 26 cents, or 0.5% at $47.62 a barrel by 0550 GMT, after dropping more than 1% on Monday. West Texas Intermediate was down by 23 cents, or 0.5% at $45.11 a barrel, having dropped 0.4% in the previous session. Brent crude picked up 70 cents from 0800GMT this morning after a flurry of buying activity.
The news of a vaccine over the November period sparked a 27% increase in the prices of both crude contracts, as the economic environment looked bullish as a recovery from the pandemic shone through.
Yet the key oil news of the week would center around the OPEC+ talks that are looking to address the output quotas for the beginning of 2021 which some sources have said that the current quotas will remain in place, although the talks have been delayed until Thursday of this week as some major leaders have continued to disagree with talks.
ExxonMobil is about to incur the biggest write down in its modern history as it looks to write down the value of some of its oil and gas fields by the sum of around $17 billion. (World Oil)
INDEX: (MTD Estimates)
* Sing 380: 275.09
* Rott 3.5%: 252.48
* Sing 0.5%: 340.65
* Rott 0.5%: 316.15
MARKETS NEWS:
OPEC+ Seeks Compromise on Plan to Delay Output Hike
Algeria Optimistic That OPEC+ Will Extend Oil Cuts Into 1Q: APS
Abu Dhabi’s Murban Crude OSP to Gain by 55C M/m for Jan.: Survey
Petronas Sets MCO Crude Official Price at $42.66/Bbl for Nov.
Venezuela Oil Exports Almost Triple Even as U.S. Adds Sanctions
India Diesel Sales Take a Dip With Festive Cheer Fading Fast
Dirty Fuel Demand Jumps With More Ships Running Pollution Kits
Thanksgiving Gasoline Slump Foreshadows Bleak Christmas
U.S. Monthly Oil Output Rose 2.7% to 10.86M B/D/ in Sept.: EIA
U.S. Gasoline Demand Down More Than 25% Y/Y Last Week: GasBuddy
OTHER NEWS:
BMO Is Exiting the U.S. Oil And Gas Investment Banking Business
Exxon Is Facing Historic Writedown After Energy Markets Implode
Brazil Prosecutors Sue Trafigura in Petrobras Graft Probe
OIL PRODUCT NEWS:
U.S.: Gasoline Slump Foreshadows Bleak Christmas
EUROPE: Repsol Halts Bilbao CDU; ICE Gasoil Bets
ASIA: India’s Fuel Sales Rise; U.S. Targets CNOOC
ECONOMIC DATA/EVENTS: (Times are London. )
Bloomberg survey on OPEC’s November crude production
API weekly U.S. oil inventory report, 4:30pm
Rotterdam 3.5% INDIC
Jan21 264.75 / 266.75
Feb21 265.00 / 267.00
Mar21 264.75 / 266.75
Apr21 264.00 / 266.00
May21 263.00 / 265.00
Jun21 261.75 / 263.75
Q1-21 265.00 / 267.00
Q2-21 263.00 / 265.00
Q3-21 258.75 / 260.75
Q4-21 253.25 / 256.25
CAL21 260.25 / 263.25
Singapore 380 INDIC
Jan21 281.25 / 283.25
Feb21 280.75 / 282.75
Mar21 280.25 / 282.25
Apr21 279.75 / 281.75
May21 279.00 / 281.00
Jun21 278.00 / 280.00
Q1-21 280.75 / 282.75
Q2-21 279.00 / 281.00
Q3-21 275.50 / 277.50
Q4-21 271.25 / 274.25
CAL21 277.00 / 280.00
Rott VLSFO 0.5% INDIC
Jan21 338.25 / 343.25
Feb21 339.25 / 344.25
Mar21 340.00 / 345.00
Apr21 340.75 / 345.75
May21 341.50 / 346.50
Jun21 342.25 / 347.25
Q1-21 339.00 / 344.00
Q2-21 341.50 / 346.50
Q3-21 343.25 / 349.25
Q4-21 345.00 / 351.00
CAL21 342.50 / 348.50
Singapore VLSFO 0.5% INDIC
Jan21 359.75 / 364.75
Feb21 360.00 / 365.00
Mar21 360.25 / 365.25
Apr21 360.75 / 365.75
May21 361.25 / 366.25
Jun21 362.00 / 367.00
Q1-21 360.00 / 365.00
Q2-21 361.25 / 366.25
Q3-21 363.00 / 369.00
Q4-21 364.50 / 370.50
CAL21 362.25 / 368.25
Sing 10ppm GO INDIC
Jan21 52.55 / 52.69
Feb21 52.75 / 52.95
Mar21 53.06 / 53.26
Apr21 53.38 / 53.58
May21 53.65 / 53.85
Jun21 53.92 / 54.12
Q1-21 52.80 / 53.00
Q2-21 53.65 / 53.85
Q3-21 54.35 / 54.55
Q4-21 54.58 / 54.78
CAL21 53.92 / 54.32
ICE Gasoil 10ppm INDIC
Jan21 393.41 / 395.41
Feb21 396.90 / 398.90
Mar21 399.23 / 401.23
Apr21 401.59 / 403.59
May21 403.80 / 405.80
Jun21 405.96 / 407.96
Q1-21 396.50 / 398.50
Q2-21 403.78 / 405.78
Q3-21 410.20 / 412.20
Q4-21 415.37 / 417.37
CAL21 408.44 / 410.44
Rott Hi5 Sing Hi5
Jan21 75 80
Feb21 75 80
Mar21 76 81
Apr21 78 82
May21 80 83
Jun21 82 85
Q1-21 76 81
Q2-21 80 84
Q3-21 86 89
Q4-21 93 95
CAL21 84 87
CAL22 99 95
Data source FIS and Bloomberg
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