Brent futures rose 0.58% on Tuesday at 0625GMT or up to $41.43 dollar per barrel with the WTI up 24 cents to $39.46 per barrel at 0435GMT.
Oil rebounded yesterday after the news broke that Trump was being discharged from hospital after being treated for COVID-19. Oil prices hit highs of $41.65 per barrel during Monday, or up 5.98%, going some way to recover the 4.6% loss on Friday for Brent as the president was tested positive for the Virus.
Both Brent and Gasoil prices have risen, driving with them the prices of fuel oils. VLSFO has moved up some $8 since yesterday London open, and HSFO $10-12 as Brent was pushed up over the $41 mark. Fuel spreads have, on the whole, seemed better bid, but the market is still down on normal volumes due to the long Chinese holiday.
Strikes in the Norwegian oil fields are set to continue as a conclusion has yet to be reached over the disputes regarding pay for workers. The fields in question are responsible for 8% of total petroleum output or 300,000 barrel per day, but analysts have said that there is not a cause for concern on tightening of supply as there is increasing supply from Libya as their 8-month blockade came to an end with output now scheduled to be topping 290,000 from three main ports from the region. (Reuters)
Over to South America, Venezuela have been boosted with their exports of oil as the US deadline for trade with the sanctioned nation approaches has sparked last minute purchases from the country. Deadline range from October and November, which has allowed a handful of clients to schedule final cargoes from the OPEC+ nation. The PDVSA reported 24 cargoes departing from the country or 690,000 bpd which was the highest level since April. Exported average of oil in Q3 was 503,000 bpd, the lowest level in 70 years. (Reuters)
Further up the coast towards the Caribbean, there is a storm brewing south of Jamaica which is on course to develop in the Gulf Coast, which would threaten the oil platform rich region, which was stuck in early September with various weather systems. (Reuters)
INDEX: (Estimates)
* Sing 380: 235.74
* Rott 3.5%: 218.67
* Sing 0.5%: 312.50
* Rott 0.5%: 289.00
MARKETS NEWS:
* Delta Becomes a Hurricane as It Aims for Mexico, U.S. Coast
* Strikes in Norway still Unresolved
* Main North Crude Loadings to Rise to 3-Year High in November
* Escalante Discounts Widen as Pandemic Blunts Fuel Demand
* U.S. Gasoline Demand +0.6% to 8.893M B/D Last Week: Descartes
* U.S. Imports of European Gasoline Jump to Highest in Over a Year
* Gabon to Boost Exports of Oguendjo Crude to 63K B/d in November
* OIL OPTIONS: Heavy Volume of Brent Puts Traded for 2nd Day
* Colombia Tanker Tracker: Oil Exports at 3-Month Low on China
OTHER NEWS:
* Exxon’s Plans for Emissions Surge Revealed in Leaked Documents
** Exxon Mobil Says Bloomberg Emissions Story Inaccurate
* Exxon Mobil May Cut Up to 1,600 European Jobs By End of 2021
* Saudi Arabia Foils Terrorist Attack in South Red Sea: State TV
* JPMorgan Agrees to Buy Bankrupt Shale Explorer Nobody Wanted
OIL PRODUCT NEWS:
* U.S.: P66 Lake Charles May Restart Within 2 Wks
* EUROPE: U.S. Gasoline Imports Soar; Gasoil Bets
* ASIA: Oct. Jet Fuel Flows to Americas Increase
ECONOMIC EVENTS: (Times are London.)
* 1:30pm: U.S. Census crude export data for August
* 9:30pm: API weekly oil inventory report
* EIA releases Short-Term Energy Outlook, with forecasts on U.S. oil production, world supply and demand
Singapore 380 INDIC
Nov20 240.00 / 242.00
Dec20 241.00 / 243.00
Jan21 242.50 / 244.50
Feb21 244.50 / 246.50
Mar21 246.50 / 248.50
Apr21 248.00 / 250.00
Q1-21 244.50 / 246.50
Q2-21 249.50 / 251.50
Q3-21 253.50 / 255.50
Q4-21 256.50 / 259.50
CAL21 250.00 / 256.00
Rotterdam 3.5% INDIC
Nov20 226.00 / 228.00
Dec20 226.75 / 228.75
Jan21 228.50 / 230.50
Feb21 230.25 / 232.25
Mar21 232.00 / 234.00
Apr21 233.75 / 235.75
Q1-21 230.25 / 232.25
Q2-21 235.50 / 237.50
Q3-21 239.25 / 241.25
Q4-21 240.50 / 243.50
CAL21 234.25 / 240.25
Singapore VLSFO 0.5% INDIC
Nov20 314.75 / 319.75
Dec20 313.75 / 318.75
Jan21 313.50 / 318.50
Feb21 314.00 / 319.00
Mar21 315.00 / 320.00
Apr21 316.25 / 321.25
Q1-21 314.00 / 319.00
Q2-21 317.25 / 322.25
Q3-21 320.75 / 326.75
Q4-21 324.25 / 330.25
CAL21 318.75 / 324.75
Rott VLSFO 0.5% INDIC
Nov20 294.50 / 299.50
Dec20 294.25 / 299.25
Jan21 294.75 / 299.75
Feb21 295.75 / 300.75
Mar21 297.00 / 302.00
Apr21 298.25 / 303.25
Q1-21 295.75 / 300.75
Q2-21 299.75 / 304.75
Q3-21 303.50 / 309.50
Q4-21 307.50 / 313.50
CAL21 301.25 / 307.25
Sing 10ppm GO INDIC
Nov20 44.95 / 45.09
Dec20 45.33 / 45.53
Jan21 45.74 / 45.94
Feb21 46.19 / 46.39
Mar21 46.66 / 46.86
Apr21 47.15 / 47.35
Q1-21 46.15 / 46.45
Q2-21 47.54 / 47.84
Q3-21 48.88 / 49.18
Q4-21 49.70 / 50.00
CAL21 48.02 / 48.42
ICE Gasoil 10ppm INDIC
Nov20 334.93 / 336.93
Dec20 338.91 / 340.91
Jan21 343.89 / 345.89
Feb21 348.69 / 350.69
Mar21 352.33 / 354.33
Apr21 356.32 / 358.32
Q1-21 348.30 / 350.30
Q2-21 358.63 / 360.63
Q3-21 370.50 / 372.50
Q4-21 377.07 / 379.07
CAL21 363.62 / 365.62
Rott Hi5 Sing Hi5
Nov20 70 76
Dec20 69 74
Jan21 68 72
Feb21 67 71
Mar21 66 70
Apr21 66 69
Q1-21 67 71
Q2-21 66 69
Q3-21 66 69
Q4-21 68 69
CAL21 67 69