Brent crude was down 51 cents, or 1.17%, at $43.01 a barrel as of 0751 GMT, after dropping 0.6% on Thursday.
EIA data released on Thursday showed a larger than expected build of crude stocks of +4,3 million barrels in the week ending 6th November. This lead oil prices to fall slightly into Friday, even though oil was on track for a large weekly gain as a result of the news of a vaccine which produced a heavily bullish sentiment in the global markets, some oil participants were not expecting the oil markets to recover lost demand until at least well into 2021, the continuing coronavirus restrictions and case increases are weighing heavily on the market still.
India’s Crude oil imports fell 10% on September but a Q4 rebound in the festive period is due in the coming weeks. (S&P Global Platts)
The US election has clearly exhausted all reporters, with the news centering on the Coronavirus and election fallout, with the market sentiment still unbalanced over the current rows over the incumber President of the United States, and the President-elect as counting continues in the race for the White House, even though many world leaders have acknowledged a Biden win.
INDEX: (MTD Estimates)
* Sing 380: 260.06
* Rott 3.5%: 245.39
* Sing 0.5%: 323.24
* Rott 0.5%: 305.17
MARKETS NEWS:
* Oil Buying Frenzy Spurred by China Quota Jump and Iraqi Cuts
* Indian Oil Demand Posts First Annual Growth Since February
* IEA Cuts Oil-Demand Outlook as Vaccines Won’t Rescue Market
* Vaccine Hopes Fail to Spark Revival in Oil Demand Forecasts
* Surge in Singapore Stockpiles Show Fuel Glut Risk Remains: Chart
* Iran Cuts Light Oil Price to Asia by 10C M/m to -45C/B for Dec.
* Top Trader Vitol Strikes Deal to Buy Oil Liquids Made from Tires
* China Shandong Port Oil Stockpiles Rise to 3 Week High: SCI99
OTHER NEWS:
* Renting a Slice of U.S. Oil’s Hot Spot Is 70% Cheaper After Rout
* Commodity Bulls Face Uphill Battle in Key Week as Virus Surges
* Maersk Tankers Seeks Tougher Rules to Enforce Carbon Curbs
* Biden’s Path Back to Iran Nuclear Deal Won’t Be Easy or Fast
OIL PRODUCT NEWS:
* U.S.: Bullish News on Jet Stockpiles, Oil Demand
* EUROPE: Road Vehicle Usage Drops; Total Antwerp FCC
* ASIA: Middle-Distillate Stockpiles at 10-year High
ECONOMIC DATA: (Times are London)
* 6:00pm: Baker Hughes weekly rig count report
* 6:30pm: ICE Commitments of Traders report
* NOTE: CFTC Commitments of Traders report, usually released on Fridays, is scheduled for Monday, Nov. 16, due to U.S. federal holiday
Rotterdam 3.5% INDIC
Dec20 246.25 / 248.25
Jan21 245.25 / 247.25
Feb21 245.00 / 247.00
Mar21 244.75 / 246.75
Apr21 244.25 / 246.25
May21 243.75 / 245.75
Q1-21 245.00 / 247.00
Q2-21 243.75 / 245.75
Q3-21 241.50 / 243.50
Q4-21 237.50 / 240.50
CAL21 244.25 / 247.25
Singapore 380 INDIC
Dec20 263.50 / 265.50
Jan21 261.00 / 263.00
Feb21 260.00 / 262.00
Mar21 259.50 / 261.50
Apr21 259.00 / 261.00
May21 258.50 / 260.50
Q1-21 260.25 / 262.25
Q2-21 258.50 / 260.50
Q3-21 257.25 / 259.25
Q4-21 255.75 / 258.75
CAL21 260.75 / 263.75
Rott VLSFO 0.5% INDIC
Dec20 309.50 / 314.50
Jan21 309.00 / 314.00
Feb21 309.25 / 314.25
Mar21 310.00 / 315.00
Apr21 311.00 / 316.00
May21 312.00 / 317.00
Q1-21 309.50 / 314.50
Q2-21 312.00 / 317.00
Q3-21 314.75 / 320.75
Q4-21 318.50 / 324.50
CAL21 313.50 / 319.50
Singapore VLSFO 0.5% INDIC
Dec20 328.75 / 333.75
Jan21 327.25 / 332.25
Feb21 327.25 / 332.25
Mar21 327.75 / 332.75
Apr21 328.75 / 333.75
May21 329.75 / 334.75
Q1-21 327.50 / 332.50
Q2-21 329.75 / 334.75
Q3-21 332.75 / 338.75
Q4-21 336.25 / 342.25
CAL21 331.25 / 337.25
Sing 10ppm GO INDIC
Dec20 47.09 / 47.23
Jan21 47.22 / 47.42
Feb21 47.56 / 47.76
Mar21 47.97 / 48.17
Apr21 48.40 / 48.60
May21 48.78 / 48.98
Q1-21 47.60 / 47.80
Q2-21 48.77 / 48.97
Q3-21 49.98 / 50.18
Q4-21 50.83 / 51.03
CAL21 49.19 / 49.59
ICE Gasoil 10ppm INDIC
Dec20 349.57 / 351.57
Jan21 354.49 / 356.49
Feb21 358.24 / 360.24
Mar21 361.74 / 363.74
Apr21 365.33 / 367.33
May21 368.18 / 370.18
Q1-21 358.15 / 360.15
Q2-21 368.41 / 370.41
Q3-21 377.55 / 379.55
Q4-21 386.88 / 388.88
CAL21 372.75 / 374.75