Brent crude oil futures were down by 41 cents, or 0.9%, at $47.01 a barrel by 0358 GMT, while West Texas Intermediate crude was down by 46 cents, or 1%, at $44.09.
The oil markets have been left in limbo as the OPEC meetings have been rescheduled until Thursday as major leaders were still at loggerheads over the way in which the output should be managed into the new year. The fragility of the situation at hand has led many oil market participants to take a step back, with large Sell offs on Friday afternoon of last week, and noticeably less activity throughout the day in the lead up to the festive period and year end.
Goldman Sachs released an updated view of the oil prices yesterday in a report from Reuters, in which the bank said that is possible we could see the dizzy heights of $65 per barrel at some point in 2021, even though the supply-side fundamentals are not certain as of yet, with a lot resting on the OPEC+ nations to limit supply of oil. (Reuters)
India’s Oil minister has hinted that he would like to see more buying options when looking to procure oil supplies, with Venezuela and Iran potential suppliers as Biden takes office in January. (Reuters)
Russia produced the equivalent of 10 million barrels per day in November according to the Russian energy minister, daily output was steady but total output fell slightly. (S&P Global Platts)
INDEX: (MTD Estimates)
* Sing 380: 288.13
* Rott 3.5%: 260.25
* Sing 0.5%: 365.64
* Rott 0.5%: 340.00
MARKETS NEWS:
* Oil-Hungry Asia Lures Armada of Tankers Carrying U.S. Crude
* While OPEC+ Fights, Mexico Wins Over $2 Billion With Oil Hedge
* API Reports U.S. Crude Stockpiles Rose 4.15M Bbl Last Week
* More Shale Deals Needed for U.S. Output to Recover: Occidental
* Oil Producers Ramping Up Hedging After Forward Prices Rally
* Brazil October Oil Output -3% y/y, to 2.874m Barrels/Day: ANP
* Transatlantic Clean Tanker Rates Slump; Benchmark VLCCs Gain
OTHER NEWS:
* The Era of Peak Oil Is Suddenly Upon Us
* Big Oil Writedowns Hit a Record $70 Billion as Virus Forces Cuts
* Oil Trader Trafigura Denies Brazil Prosecutor Bribery Claims
* Exxon Suspends Employee Bonuses After Oil-Market Collapse
* Conoco Warns of 500 Houston Job Cuts as Concho Deal Nears
* China’s Scorching Commodities Rally Forges a Fresh Set of Highs
* Rosneft Plans to Buy Payakha Field From Neftegazholding: RBC
OIL PRODUCT WRAPS:
* U.S.: Colonial Tariffs, Buckeye Halts Service
* EUROPE: Primorsk Loadings Up; Total Halts Donges
* ASIA: Dirty Fuel Demand; Kuwait Sells Jet Fuel
ECONOMIC DATA: (Times are London.)
* Genscape weekly ARA crude inventory report
* Russian monthly oil production data for November published by the energy ministry
* 3:30pm: EIA weekly U.S. oil inventory report
ANALYST VIEWS:
* Fitch Solutions Boosts 2021 Brent Oil Est. on Vaccine Rollout
* Oil Market Underestimating Bearish Risks of OPEC+ Delays: FGE
* OIL MKT RESEARCH: BNP and WoodMac See 3-Month OPEC+ Extension
(Data/News FIS and Bloomberg)
Singapore 380 INDIC
Jan21 279.75 / 281.75
Feb21 279.00 / 281.00
Mar21 278.50 / 280.50
Apr21 278.00 / 280.00
May21 277.00 / 279.00
Jun21 276.00 / 278.00
Q1-21 279.25 / 281.25
Q2-21 277.00 / 279.00
Q3-21 273.50 / 275.50
Q4-21 269.25 / 272.25
CAL21 270.00 / 276.00
Rotterdam 3.5% INDIC
Jan21 263.25 / 265.25
Feb21 263.25 / 265.25
Mar21 262.75 / 264.75
Apr21 261.50 / 263.50
May21 260.25 / 262.25
Jun21 258.50 / 260.50
Q1-21 263.25 / 265.25
Q2-21 260.00 / 262.00
Q3-21 254.75 / 256.75
Q4-21 248.50 / 251.50
CAL21 253.25 / 259.25
Singapore VLSFO 0.5% INDIC
Jan21 354.00 / 359.00
Feb21 355.25 / 360.25
Mar21 356.50 / 361.50
Apr21 357.50 / 362.50
May21 358.50 / 363.50
Jun21 359.50 / 364.50
Q1-21 355.25 / 360.25
Q2-21 358.50 / 363.50
Q3-21 360.75 / 366.75
Q4-21 362.25 / 368.25
CAL21 359.00 / 365.00
Rott VLSFO 0.5% INDIC
Jan21 332.25 / 337.25
Feb21 333.25 / 338.25
Mar21 334.25 / 339.25
Apr21 335.25 / 340.25
May21 336.00 / 341.00
Jun21 336.75 / 341.75
Q1-21 333.25 / 338.25
Q2-21 336.00 / 341.00
Q3-21 337.75 / 343.75
Q4-21 339.50 / 345.50
CAL21 336.50 / 342.50
Sing 10ppm GO INDIC
Jan21 52.01 / 52.15
Feb21 52.27 / 52.47
Mar21 52.58 / 52.78
Apr21 52.90 / 53.10
May21 53.18 / 53.38
Jun21 53.44 / 53.64
Q1-21 52.25 / 52.55
Q2-21 53.12 / 53.42
Q3-21 53.97 / 54.27
Q4-21 54.56 / 54.86
CAL21 53.42 / 53.82
ICE Gasoil 10ppm INDIC
Jan21 389.75 / 391.75
Feb21 392.75 / 394.75
Mar21 395.39 / 397.39
Apr21 397.73 / 399.73
May21 399.71 / 401.71
Jun21 402.08 / 404.08
Q1-21 392.65 / 394.65
Q2-21 399.84 / 401.84
Q3-21 406.30 / 408.30
Q4-21 412.21 / 414.21
CAL21 402.74 / 404.74
Rott Hi5 Sing Hi5
Jan21 70 76
Feb21 71 78
Mar21 73 79
Apr21 75 81
May21 77 83
Jun21 80 85
Q1-21 72 78
Q2-21 77 83
Q3-21 85 89
Q4-21 93 95
CAL21 83 89
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