U.S. West Texas Intermediate (WTI) crude futures dropped 53 cents, or 1%, to $52.60 a barrel at 0445 GMT, after slipping 18 cents on Thursday. Brent crude futures fell 45 cents, or 0.8%, to $55.65 a barrel, erasing a 2-cent gain on Thursday. EIA data is due today, two day later than normal, due to the two US holiday this week of Martin Luther King Day and the Inauguration of Joe Biden.
Oil fell from 11-month highs last week as growing concerns surrounding the coronavirus pandemic bubbles, with special attention to the increasing cases in China, the shining light in oil demand which is causing oil market participants concern as this could lead to less buy-side activity from China on crude, with oil prices softening as a result. Data from the US points to a directionless movement in oil prices with a build in API data but uncertain supply is adding to the inexact supply figures.
Support for current levels on oil are still coming from the expectation of a $1.9 trillion support package in the US under the new Biden Administration and the weakening dollar.
INDEX: (MTD Estimates)
* Sing 380: 324.28
* Rott 3.5%: 311.00
* Sing 0.5%: 425.11
* Rott 0.5%: 397.96
MARKETS NEWS:
* China Imports Oil Doctored to Skirt U.S. Sanctions on Venezuela
* New York Traffic Thins as Virus Shunts Hopes for Prompt Recovery
* Libya to Lean on Foreign Oil Firms to Fix Rotting Infrastructure
* Enterprise, Magellan to Develop Oil Futures for Houston
* Nigeria to Reduce Qua Iboe Crude Loadings to 153K B/D in March
* Gasoil Stockpiles Rise in Europe’s ARA Region: Insights Global
* Nigeria To Cut Bonny Light Oil Loadings in March; Bonga to Gain
* Benchmark Tanker Earnings Move Higher But Remain Negative
* Nigeria to Ship 254K b/d of Forcados Crude in March: Plan
OTHER NEWS:
* Biden Poised to Freeze Oil and Coal Leasing on Federal Land
* Texas Regulator Takes Over Oilfield Wastewater Permits
* Indiana DOR Announces Gasoline Use Tax Rate for February
OIL PRODUCT NEWS:
* U.S.: NYC Traffic Slipping, Airlines Lose Travelers
* EUROPE: Diesel Weakens; Pernis Halts VDU; Wesseling
* ASIA: Singapore Fuel Stockpiles Up; Japan Kerosene
ECONOMIC DATA: (Times are London.)
* 4pm: EIA weekly U.S. oil inventory report
* 6pm: Baker Hughes weekly rig count
* 6:30pm: ICE Brent weekly commitment of traders at
* 8:30pm: CFTC weekly commitment of traders data
* Shanghai exchange weekly commodities inventory
* EARNINGS: Schlumberger
Sing VLSFO 0.5% INDIC
Feb-21 425.75 / 428.75
Mar-21 422.75 / 425.75
Apr-21 420.25 / 424.25
May-21 418.25 / 422.25
Jun-21 416.50 / 420.50
Jul-21 414.25 / 419.25
Q2-21 418.25 / 422.25
Q3-21 413.00 / 417.50
Q4-21 408.75 / 413.75
Q1-22 405.00 / 411.00
CAL22 402.25 / 408.25
Rott VLSFO 0.5% INDIC
Feb-21 402.25 / 405.25
Mar-21 400.00 / 403.00
Apr-21 397.50 / 401.50
May-21 395.50 / 399.50
Jun-21 393.75 / 397.75
Jul-21 391.50 / 396.50
Q2-21 395.50 / 399.50
Q3-21 390.00 / 394.50
Q4-21 384.75 / 389.75
Q1-22 381.25 / 387.25
CAL22 379.00 / 385.00
Sing 10ppm GO INDIC
Feb-21 60.30 / 60.46
Mar-21 60.45 / 60.61
Apr-21 60.51 / 60.71
May-21 60.52 / 60.72
Jun-21 60.52 / 60.72
Jul-21 60.61 / 60.81
Q2-21 60.54 / 60.74
Q3-21 60.56 / 60.96
Q4-21 60.48 / 60.88
Q1-22 60.32 / 60.72
CAL22 60.33 / 60.73
ICE Gasoil 10ppm INDIC
Feb-21 451.25 / 452.25
Mar-21 453.75 / 454.75
Apr-21 455.00 / 456.00
May-21 455.50 / 457.00
Jun-21 456.25 / 457.75
Jul-21 457.50 / 459.00
Q2-21 455.50 / 460.00
Q3-21 458.00 / 460.50
Q4-21 457.75 / 460.00
Q1-22 457.00 / 459.00
CAL22 456.50 / 459.50
Sing 380 cst INDIC
Feb-21 323.25 / 325.25
Mar-21 323.50 / 325.50
Apr-21 322.25 / 324.25
May-21 320.25 / 322.25
Jun-21 317.75 / 319.75
Jul-21 315.25 / 317.25
Q2-21 319.50 / 322.50
Q3-21 311.50 / 315.00
Q4-21 303.00 / 307.00
Q1-22 296.75 / 301.25
CAL22 290.75 / 295.75
Rotterdam 3.5% INDIC
Feb-21 311.25 / 313.25
Mar-21 311.00 / 313.00
Apr-21 309.00 / 311.00
May-21 306.25 / 308.25
Jun-21 303.00 / 305.00
Jul-21 299.50 / 301.50
Q2-21 305.50 / 308.50
Q3-21 294.75 / 298.25
Q4-21 283.00 / 287.00
Q1-22 276.25 / 280.75
CAL22 270.50 / 275.50
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