Brent crude futures were up 107 cents, or 2.43% to $44.67 a barrel at 0738 GMT, while U.S. West Texas Intermediate (WTI) crude futures also rose 48 cents, or 1.2%, to $41.84 a barrel at 0455GMT. Both benchmarks gained nearly 3% on Tuesday.
BP and Orsted have collaborated on a joint project to look at producing clean hydrogen at Orsted’s 82,000 bpd refinery in Northwest Germany, involving renewable power from the North Sea wind farm to power a 50MW electrolyser at the refinery. (Argus Media)
ICE have signed an memorandum of understanding with Chevron, Trafigura and Occidental to explore using the upcoming Murban futures contract in order to Price US oil heading to Asia. Ice plan to launch the contract on march 29th in Abu Dhabi, after the Pandemic brought an abrupt halt to the proceedings.
“As one of the largest exporters of US crude to Asia, we are pleased to explore opportunities to utilize the new price benchmark for light sweet crude oil that Murban Futures will provide” Fred Forthuber, president of Oxy Energy Services, said in an ICE statement. (S&P Global Platts)
Record levels or renewable energy forms are set to come online through the end of the year and into next as the shift from traditional forms of energy advances, accelerated by the pandemic report the IEA. Renewables are set to account for 90% of the increase in total power capacity worldwide this year. In 2025, Renewables are set to become the largest source of electricity generation worldwide. (Reuters)
INDEX: (MTD Estimates)
* Sing 380: 254.10
* Rott 3.5%: 241.50
* Sing 0.5%: 316.31
* Rott 0.5%: 299.79
MARKETS NEWS:
* Top Oil Trader Vitol Predicts Demand Recovery by Autumn 2021
* API Reports U.S. Crude Stockpiles Fell 5.15M Bbl Last Week
* Libya Plans to Ship 927K B/D of Crude, Condensate in Nov.: Plan
* Nigeria Oil Exports of 19 Grades Set to Drop 5.1% in December
* Saudi, Iraq Affirm Full Commitment on OPEC+ Deal Decisions: SPA
* EIA Cuts 2020, 2021 WTI and Brent Price Forecasts
* EIA Raises 2021 U.S. Crude Output Forecast to 11.1m b/d
* OIL OPTIONS: WTI APO Fences Trade for Full Year 2022
* USG Sweet Crude Margins Rise to Multi-Week High on Diesel Gains
OTHER NEWS:
* Tropical Storm Eta to Develop Near-Hurricane Strength: NHC
* Occidental Is First U.S. Oil Major to Target Net Zero Emissions
* Shell Wants Biden to Reverse Methane Emissions Rollback
* Total Sells 15% Stake in Mexico Oil Blocks to Qatar Petroleum
* ONGC Videsh Acquires Stakes in Oil, Gas Fields Off Senegal
OIL PRODUCT NEWS:
* U.S.: Diesel Has Sweet Crude Margin at 4-Week High
* EUROPE: Grangemouth to Mothball CDU; Gasoil Crack
* ASIA: China’s Fuel Demand; Middle Distillate Relief
ECONOMIC DATA: (Times are London. )
* OPEC releases Monthly Oil Market Report
* Genscape weekly ARA crude inventory report
* ADIPEC 2020 Virtual Strategic Conference, third day of four; speakers include Nigeria Minister of State for Petroleum Resources Timipre Sylva, Indonesia Minister of Energy and Mineral Resources Arifin Tasrif
Singapore 380 INDIC
Dec20 273.00 / 275.00
Jan21 270.75 / 272.75
Feb21 270.00 / 272.00
Mar21 269.75 / 271.75
Apr21 269.50 / 271.50
May21 269.50 / 271.50
Q1-21 270.25 / 272.25
Q2-21 269.50 / 271.50
Q3-21 269.50 / 271.50
Q4-21 268.75 / 271.75
CAL21 271.00 / 277.00
Rotterdam 3.5% INDIC
Dec20 255.50 / 257.50
Jan21 254.75 / 256.75
Feb21 254.75 / 256.75
Mar21 254.50 / 256.50
Apr21 254.50 / 256.50
May21 254.25 / 256.25
Q1-21 254.75 / 256.75
Q2-21 254.25 / 256.25
Q3-21 253.00 / 255.00
Q4-21 250.25 / 253.25
CAL21 252.00 / 258.00
Singapore VLSFO 0.5% INDIC
Dec20 346.25 / 351.25
Jan21 345.00 / 350.00
Feb21 345.25 / 350.25
Mar21 345.75 / 350.75
Apr21 346.75 / 351.75
May21 348.00 / 353.00
Q1-21 345.50 / 350.50
Q2-21 348.00 / 353.00
Q3-21 351.75 / 357.75
Q4-21 355.75 / 361.75
CAL21 350.00 / 356.00
Rott VLSFO 0.5% INDIC
Dec20 327.75 / 332.75
Jan21 327.50 / 332.50
Feb21 328.00 / 333.00
Mar21 328.75 / 333.75
Apr21 329.75 / 334.75
May21 330.75 / 335.75
Q1-21 328.00 / 333.00
Q2-21 330.75 / 335.75
Q3-21 333.50 / 339.50
Q4-21 336.50 / 342.50
CAL21 331.75 / 337.75
Sing 10ppm GO INDIC
Dec20 49.39 / 49.53
Jan21 49.52 / 49.72
Feb21 49.82 / 50.02
Mar21 50.15 / 50.35
Apr21 50.51 / 50.71
May21 50.86 / 51.06
Q1-21 49.80 / 50.10
Q2-21 50.79 / 51.09
Q3-21 51.98 / 52.28
Q4-21 52.80 / 53.10
CAL21 51.29 / 51.69
ICE Gasoil 10ppm INDIC
Dec20 367.10 / 369.10
Jan21 371.15 / 373.15
Feb21 374.60 / 376.60
Mar21 377.30 / 379.30
Apr21 380.46 / 382.46
May21 383.64 / 385.64
Q1-21 374.35 / 376.35
Q2-21 382.89 / 384.89
Q3-21 392.55 / 394.55
Q4-21 391.26 / 393.26
CAL21 385.26 / 387.26
Rott Hi5 Sing Hi5
Dec20 74 75
Jan21 74 76
Feb21 75 77
Mar21 76 78
Apr21 77 79
May21 78 80
Q1-21 75 77
Q2-21 78 80
Q3-21 83 85
Q4-21 88 89
CAL21 80 79