Brent crude futures for January climbed 94 cents, or 2.4%, to $40.39 a barrel by 0710 GMT, while U.S. West Texas Intermediate crude for December was at $38.07, up 93 cents, or 2.5%. This increase came after a 4% fall on Friday as a result of continuing uncertainty over the race for the White House.
It appears Biden has declared himself as the President-elect of the United States of America as he narrowly defeated Trump in the race to win Pennsylvania, a triumph that has left the Trump camp scrambling to launch lawsuits at the alleged miscounts of votes across the region, with the world media keeping a keen eye on the POTUS’ twitter account.
Libyan oil supply has reached the one million barrel per day mark after the eight-month blockade was lifted earlier in the year. Output was scheduled to meet the one million barrel per day mark in mid-November, but production has since surged to be able to produce the one million mark from the OPEC nation. (S&P Global Platts)
Oil market participants are cautious of the fact a new democratic president intent on reducing the reliance on oil in the US will bring about renewed frustrations, as foe-turned-ally Trump went from being a critic of the cartel, to facilitating record cuts from the oil producing nation in a bid to sustain prices for producers. If Biden were to favour a relaxation out output, it could spell even more trouble for members who are looking to balance supply and demand in the market. (Reuters)
The Singapore VLSFO opened up largely stable from the tail end of last week, with the demand for the HSFO expected to increase over the course of the next few weeks according to bunker suppliers in Singapore. (S&P Global Platts)
INDEX: (MTD Estimates)
* Sing 380: 249.88
* Rott 3.5%: 237.65
* Sing 0.5%: 310.90
* Rott 0.5%: 292.85
MARKETS NEWS:
* China Crude Imports May Rise 10% in 2020, Sinopec Executive Says
* China’s Oct. Crude Oil Imports -12.22% M/m to 42.56m Tons
* U.S. Oil Rig Count Up 5 to 226, Baker Hughes Says
* Iraqi Kurds Resume Oil Exports via Turkey After Pipeline Fixed
* Tunisian Energy Output Resumes in Southern Area as Protests End
* World’s Biggest Oil Storage Company Has No Room at Main Hubs
* Mexican Main Oil Ports Shut for 9th Day on Storm Eta
OTHER NEWS:
* Commodities Must Juggle Biden’s Win With OPEC, Powell and Dollar
* China’s Commodities Imports Decline as Seasonal Slump Weighs
* China’s Softer Commodities Imports Belie Strong 2020 Demand
* Japan Eyes Replacing Oil With Hydrogen Amid Carbon Neutral Push
* Tropical Storm Eta Set to Strike Florida Keys Within Hours
* Venezuela Assembly Bill Opens Up Oil to Private Sector: Lawmaker
* Americans to Keep Driving Despite Lockdowns, Ethanol Makers Say
OIL PRODUCT NEWS:
* U.S.: Margin Goes Over $9 While Refiners Step Out
* ASIA: China’s Fuel Price Floor; Asian LPG Dilemma
* EUROPE: ICE Gasoil Contango Narrowest Since March
ECONOMIC DATA: (Times are London)
* ADIPEC 2020 Virtual Strategic Conference, first day of four;
** Speakers include Saudi Energy Minister Prince Abdulaziz Bin Salman, Russia Energy Minister Alexander Novak
* EARNINGS: Occidental Petroleum, Oil India
Rotterdam 3.5% INDIC
Dec20 232.25 / 234.25
Jan21 231.25 / 233.25
Feb21 231.75 / 233.75
Mar21 232.25 / 234.25
Apr21 232.50 / 234.50
May21 232.50 / 234.50
Q1-21 231.75 / 233.75
Q2-21 232.50 / 234.50
Q3-21 232.50 / 234.50
Q4-21 231.75 / 234.75
CAL21 231.50 / 234.50
Singapore 380 INDIC
Dec20 246.75 / 248.75
Jan21 245.75 / 247.75
Feb21 246.00 / 248.00
Mar21 246.50 / 248.50
Apr21 247.00 / 249.00
May21 247.50 / 249.50
Q1-21 246.25 / 248.25
Q2-21 247.50 / 249.50
Q3-21 248.75 / 250.75
Q4-21 249.50 / 252.50
CAL21 247.75 / 250.75
Rott VLSFO 0.5% INDIC
Dec20 296.00 / 301.00
Jan21 296.00 / 301.00
Feb21 297.00 / 302.00
Mar21 298.25 / 303.25
Apr21 299.75 / 304.75
May21 301.25 / 306.25
Q1-21 297.25 / 302.25
Q2-21 301.25 / 306.25
Q3-21 305.50 / 311.50
Q4-21 309.75 / 315.75
CAL21 303.25 / 309.25
Singapore VLSFO 0.5% INDIC
Dec20 314.00 / 319.00
Jan21 313.50 / 318.50
Feb21 314.00 / 319.00
Mar21 314.75 / 319.75
Apr21 316.25 / 321.25
May21 317.75 / 322.75
Q1-21 314.25 / 319.25
Q2-21 317.75 / 322.75
Q3-21 321.75 / 327.75
Q4-21 326.00 / 332.00
CAL21 319.75 / 325.75
Sing 10ppm GO INDIC
Dec20 44.20 / 44.34
Jan21 44.49 / 44.69
Feb21 44.83 / 45.03
Mar21 45.23 / 45.43
Apr21 45.65 / 45.85
May21 46.04 / 46.24
Q1-21 44.85 / 45.05
Q2-21 46.04 / 46.24
Q3-21 47.35 / 47.55
Q4-21 48.28 / 48.48
CAL21 46.53 / 46.93
ICE Gasoil 10ppm INDIC
Dec20 329.09 / 331.09
Jan21 332.60 / 334.60
Feb21 336.24 / 338.24
Mar21 339.74 / 341.74
Apr21 342.85 / 344.85
May21 346.37 / 348.37
Q1-21 336.20 / 338.20
Q2-21 345.63 / 347.63
Q3-21 356.90 / 358.90
Q4-21 362.31 / 364.31
CAL21 350.26 / 352.26