Brent crude futures retreated 22 cents, or 0.5%, to $41.51 a barrel at 0328 GMT after sliding 3.3% on Wednesday. WTI crude futures fell 26 cents, or 0.7%, to $39.77 a barrel, after dropping 4% on Wednesday. The falling prices could be attributed to the worse than expected data from the EIA on Wednesday, with a 1.9 million barrel build in gasoline which is 1.6% above the 5-year average.
Today marks the final US debate happening between Trump and Biden in the race for the White House, with the host having the ability to mute microphones throughout the course of the event. Coronavirus cases in the US are mounting, as they are in the UK which is not boding well for fuel demand globally. (Reuters)
ExxonMobil are very close to disclosing the extent of job cuts over the next few days according to its CEO, as it battles with falling revenues and a market value loss of $1.7 billion in the first half of this year. The stock is trading at an 18-year low and the 20% loss in demand of oil has taken its toll on the company who looks to restructure. (Reuters)
Gasoline demand look very soft as the build comes as refineries were producing reduced outputs as a result of Hurricane Delta, analysts has predicted a 1.8 million barrel draw with the figures released, very bearish even though there was a crude draw of just over a million barrels. (S&P Global Platts)
A weaker dollar, rising inflation and demand driven by additional fiscal and monetary stimulus will spark the beginning of a bull market for commodities in 2021 according to Goldman Sachs, with inflation being the key cause for concern over the next few months. (Reuters)
INDEX: (MTD Estimates)
* Sing 380: 249.91
* Rott 3.5%: 234.35
* Sing 0.5%: 322.58
* Rott 0.5%: 301.40
MARKETS NEWS:
* Nigeria to Cut Oil Exports of Escravos to 123k B/D in December
* North Sea Oil Market Slumps and Traders Look to Asia for Relief
* Venezuela’s PDVSA Plans to Set 2021 Output Goal of 1.8M B/D
* South Korean Refiner Buys Brazil’s Tupi Crude for Jan. Arrival
* A Budding Recovery in West Coast Flight Traffic Is Good for Oil
* EIA: Crude -1,002k Bbl, Median Est. -1,375k Bbl
* Canadian Oil Cos. Restore 700K B/D of Production That Was Shut
* Benchmark VLCCs Steady; Europe-West Africa Clean Tankers Fall
OTHER NEWS:
* More Diesel in Ship Fuel Raising Risk It Could Turn Into Sludge
* PDVSA Plans to Offload Oil From Listing Vessel to Avert Spill
* Brazil Oil Junior Enauta Hunting for Deals During Down Market
* Pioneer-Parsley Merger Will Make CEO’s Son a Top Shareholder
ECONOMIC EVENTS: (Times are London.)
* Singapore onshore oil-product stockpile weekly data
* Insights Global weekly report on European refined product inventories in ARA region
* EARNINGS: Neste Oyj, Valero Energy Corp.
ANALYST COLUMNS:
* Commodities Moving Toward Structural Bull Market: Goldman Sachs
* Heavy Oil Scarcity to Boost Canadian Oil-Sands Prices Next Year
* Libyan Oil-Export Rise Appears to Be From Storage Draws: Kpler
* Global Diesel Market Showing Pockets of Strength: Energy Aspects
Singapore 380 INDIC
Nov20 253.25 / 255.25
Dec20 251.50 / 253.50
Jan21 251.25 / 253.25
Feb21 251.25 / 253.25
Mar21 251.50 / 253.50
Apr21 251.75 / 253.75
Q1-21 251.50 / 253.50
Q2-21 252.25 / 254.25
Q3-21 253.75 / 255.75
Q4-21 254.50 / 257.50
CAL21 252.75 / 255.75
Rotterdam 3.5% INDIC
Nov20 241.75 / 243.75
Dec20 238.25 / 240.25
Jan21 236.50 / 238.50
Feb21 236.25 / 238.25
Mar21 236.25 / 238.25
Apr21 236.50 / 238.50
Q1-21 236.50 / 238.50
Q2-21 236.75 / 238.75
Q3-21 237.25 / 239.25
Q4-21 236.75 / 239.75
CAL21 236.50 / 239.50
Rott VLSFO 0.5% INDIC
Nov20 294.25 / 299.25
Dec20 293.25 / 298.25
Jan21 293.25 / 298.25
Feb21 294.00 / 299.00
Mar21 295.00 / 300.00
Apr21 296.25 / 301.25
Q1-21 294.25 / 299.25
Q2-21 297.75 / 302.75
Q3-21 301.50 / 307.50
Q4-21 305.50 / 311.50
CAL21 299.50 / 305.50
Singapore VLSFO 0.5% INDIC
Nov20 313.00 / 318.00
Dec20 312.50 / 317.50
Jan21 312.50 / 317.50
Feb21 313.00 / 318.00
Mar21 313.75 / 318.75
Apr21 314.75 / 319.75
Q1-21 313.25 / 318.25
Q2-21 316.00 / 321.00
Q3-21 319.75 / 325.75
Q4-21 324.00 / 330.00
CAL21 318.00 / 324.00
Sing 10ppm GO INDIC
Nov20 44.20 / 44.34
Dec20 44.63 / 44.83
Jan21 45.11 / 45.31
Feb21 45.59 / 45.79
Mar21 46.07 / 46.27
Apr21 46.55 / 46.75
Q1-21 45.60 / 45.80
Q2-21 47.01 / 47.21
Q3-21 48.34 / 48.54
Q4-21 49.21 / 49.41
CAL21 47.44 / 47.84
ICE Gasoil 10ppm INDIC
Nov20 330.80 / 332.80
Dec20 335.28 / 337.28
Jan21 339.82 / 341.82
Feb21 344.40 / 346.40
Mar21 348.33 / 350.33
Apr21 351.48 / 353.48
Q1-21 344.20 / 346.20
Q2-21 354.18 / 356.18
Q3-21 365.40 / 367.40
Q4-21 372.25 / 374.25
CAL21 359.00 / 361.00