Brent crude settled at $42.43 a barrel, up 51 cents, or 1.22%, where WTI futures settled at $40.60 a barrel, rising 35 cents, or 0.87%.
On a quiet Monday, focus remains on continuing trepidation on the future 6 months of Crude and how the virus is going to play a key part in the demand side of consumption given that global deaths have surpassed the dreaded 1 million fatalities, with OPEC+ having a key role in the control of the supply side and only time will tell if it has the resources to be able to get a fair price for both producers and consumers.
Sudan and its neighbour South Sudan have struck an agreement to develop oil cooperation which involved resuming production from key oil fields with 15,000 bpd expected to come from block 5a very soon. South Sudan is landlocked and therefore relies heavily on the Sudanese infrastructure, but both will be relying on oil revenues for the coming months as a result of the pandemic induced devastation caused to the economy. (S&P Global Platts)
Up to a fifth of Norwegian oil and gas production could be under threat of shut down as early as 30th September as disputes over payments have arisen which could affect the Johan Sverdrup field. If talks do not produce a resolution, it could spell the reduction of 900,000 bpd from the Norwegian shelf, about 22% of total output production of oil and gas. Companies that could be affected as a result of such disputes are Equinor, ConocoPhillips, BP and Repsol. (S&P global Platts)
Elsewhere in Norway, Equinor have agreed to a $1.95 billion investment in Breidablikk oil field for its development. It is one of the largest underdeveloped oil fields in the Norwegian shelf and is expected to contain 200 million barrels with output scheduled to start in H1 of 2024. (Reuters)
Trafigura have announced their new partnership with IMF investors for the new renewable business called Nala Renewables that will be making investments into wind, solar and power storage projects with a view of gaining total capacity of 2 gigawatts in 5 years. (Reuters)
MARKETS NEWS:
* An Ominous Sign for Oil Markets Is Top U.S. Refiner Idling
Unit
* U.S. Gasoline Imports From Europe Drop to Lowest in Over a
Month
* Venezuela and Iran Resist U.S. Sanctions With Fuel Flotilla
* U.S. Gasoline Demand +1.2% to 8.841M B/D Last Week: Descartes
* Alberta Eyes Oil Export Route as Trump Approves Alaska Rail
Link
* Russian Primorsk Sept. Diesel Plan Revised Up: Petro-Logistics
* North Sea Johan Sverdrup Exports to Slip to 460k B/D in Nov.
OTHER NEWS:
* Pemex Loses Fuel Market Share to Oil Majors in Setback to AMLO
* Top Oil Traders Build Data Refineries to Process Waves of Info
* Egos Get in Way of More Shale M&A, Says CEO Touting His Deal
* Police Arrest Ex-CEO of Bank That Collects Libya’s Oil Wealth
* Devon to Buy WPX After Permian Investors Push for More M&A
PHYSICAL CRUDE NEWS:
* ASIA: Market in Muddle of Contradictions on Demand, Glut
* LATAM: Iranian Gasoline to Venezuela; St. Croix Restarts
* US/CANADA: USVI Refinery Restart; Alberta Oil Route
* NSEA: Troll, Johan Sverdrup Exports to Dip; Oseberg Stable
* MED: Glencore Sells Urals Higher; Surgut Awards 3 Cargoes
* WAF: Angola Final Program Steady; Sonangol Spot Offers
OIL PRODUCT NEWS:
* U.S.: Awash in Diesel, and Data Mining for Traders
* EUROPE: Gasoline Flow to U.S. Falls; Saras CDU Halt
* ASIA: Market in a Muddle; Shipments to Americas
ECONOMIC DATA/EVENTS: (Times are London.)
* 9:30pm: API weekly oil inventory report
* FT Summit, second day, with speakers including Mercuria CEO
Marco Dunand, Vitol CEO Russell Hardy, Trafigura CEO Jeremy Weir
and Glencore Chairman Tony Hayward
* Total SA presents energy outlook
** See OIL WEEKLY AGENDA for this week’s events
ANALYST VIEWS/COLUMNS:
* U.S. Gasoline Demand Declined 0.9% Last Week: GasBuddy
OTHER FINANCIAL MARKETS:
* Stocks Rally Pauses in Asia; Dollar Holds Losses: Markets Wrap
Singapore 380 INDIC
Oct20 242.25 / 244.25
Nov20 243.25 / 245.25
Dec20 244.75 / 246.75
Jan21 246.50 / 248.50
Feb21 248.25 / 250.25
Mar21 250.00 / 252.00
Q4-20 243.50 / 245.50
Q1-21 248.25 / 250.25
Q2-21 253.50 / 255.50
Q3-21 257.25 / 260.25
CAL21 254.75 / 257.75
Rotterdam 3.5% INDIC
Oct20 229.25 / 231.25
Nov20 229.75 / 231.75
Dec20 230.25 / 232.25
Jan21 231.75 / 233.75
Feb21 233.50 / 235.50
Mar21 235.25 / 237.25
Q4-20 229.75 / 231.75
Q1-21 233.50 / 235.50
Q2-21 238.75 / 240.75
Q3-21 241.25 / 244.25
CAL21 239.00 / 242.00
Singapore VLSFO 0.5% INDIC
Oct20 313.50 / 318.50
Nov20 313.00 / 318.00
Dec20 313.00 / 318.00
Jan21 313.50 / 318.50
Feb21 314.25 / 319.25
Mar21 315.50 / 320.50
Q4-20 313.25 / 318.25
Q1-21 314.50 / 319.50
Q2-21 317.75 / 323.75
Q3-21 322.25 / 328.25
CAL21 320.00 / 326.00
Rott VLSFO 0.5% INDIC
Oct20 295.75 / 300.75
Nov20 295.50 / 300.50
Dec20 295.50 / 300.50
Jan21 296.75 / 301.75
Feb21 298.25 / 303.25
Mar21 299.75 / 304.75
Q4-20 295.50 / 300.50
Q1-21 298.25 / 303.25
Q2-21 302.25 / 308.25
Q3-21 306.75 / 312.75
CAL21 304.25 / 310.25
Sing 10ppm GO INDIC
Oct20 44.56 / 44.70
Nov20 45.04 / 45.24
Dec20 45.52 / 45.72
Jan21 45.97 / 46.17
Feb21 46.44 / 46.64
Mar21 46.91 / 47.11
Q4-20 45.05 / 45.25
Q1-21 46.44 / 46.64
Q2-21 47.81 / 48.01
Q3-21 49.13 / 49.33
CAL21 48.23 / 48.63
ICE Gasoil 10ppm INDIC
Oct20 333.74 / 335.74
Nov20 338.36 / 340.36
Dec20 342.82 / 344.82
Jan21 347.56 / 349.56
Feb21 352.01 / 354.01
Mar21 355.35 / 357.35
Q4-20 338.30 / 340.30
Q1-21 351.64 / 353.64
Q2-21 361.08 / 363.08
Q3-21 373.00 / 375.00
CAL21 366.48 / 368.48
For more information please contact
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