Brent crude futures were up 4 cents, or 0.10%, at $39.16 a barrel. U.S. West Texas Intermediate (WTI) crude futures edged up 7 cents, or 0.19%, to $37.46 a barrel by 0517 GMT. Brent lost over 4.5% during Wednesday’s session.
Hurricane Zeta looked like it was about to bring a welcome break in supply of oil over the next few days, but the expectation was short-lived with the hurricane strength tapering off and with that, bringing back online some of the supply in the Gulf Coast on top of the continuing supply from Libya after the lifting of the 8-month blockade on oil exports. It is expected to produce levels at around 1 million barrels per day in November. (Reuters)
EIA data released showed a crude build of 4.3 million barrels to corroborate the figures released by the API earlier in the week, which undoubtedly spooked market participants with oil falling below the $39 per barrel mark.
Breaking news last night also reported of lockdowns in both Germany and France as the two nations look to get a hold of the rising COVID cases in the nation. The UK coronavirus situation is becoming ever more precarious with cases now doubling every nine days. The resurgence of the pandemic is putting more and more pressure on OPEC who are still going ahead with plans to relax output cuts on January 1st, even though some members have expressed concerns.
INDEX: (MTD Estimates)
• Sing 380: 251.52
• Rott 3.5%: 236.99
• Sing 0.5%: 320.26
• Rott 0.5%: 300.55
MARKETS NEWS:
• Saudis May Cut Arab Light OSP Slightly to Asia for Dec.: Survey
• Japanese Kerosene Demand to Rise 24% Y/y in October: ENEOS
• U.S. Oil Fund Sept. Total Loss $283.8M Vs. Profit $204.1M M/M
• Repsol Targets Canadian Oil for Any Venezuela, Mexico Shortfall
• U.S. Gulf Shuts in 1.23M B/D or 66.6% Oil Production: BSEE
• North Sea Johan Sverdrup Exports at Record 484k b/d in December
• Nigeria Dec. Oil Exports From 11 Grades Set to Drop by 112K B/D
• Flotilla of Supertankers to Load North Sea Crude in Coming Weeks
• Eq. Guinea to Boost Exports of Ceiba Crude to 61K B/D in Dec.
OTHER NEWS:
• China’s Energy Shift in Focus As Five-Year Goals to be Unveiled
• Oil Market Faces Iran Shock If Biden Win Points to Nuclear Deal
• Philippines Paves Way to Ending Oil Exploration Row With China
• Maduro Says Iranian Flights Brought Refinery Parts to Venezuela
• Exxon to Announce U.S. Workforce Overhaul Tomorrow: Bus. Insider
• Posts Profit After Peso Rally Eased Fuel Import Costs
OIL PRODUCT NEWS:
• U.S.: Zeta Nears Category 3; Citgo Refinery Resumes
• EUROPE: Flow to Americas Falls; Eni and Sour Crude
• ASIA: E-Commerce Is Demand Lifeline; Adnoc Cuts
ECONOMIC EVENTS:
• Singapore onshore oil-product stockpile weekly data
• Insights Global weekly report on European refined product inventories in ARA region
• EARNINGS: ConocoPhillips, Royal Dutch Shell, Equinor, Repsol
(News/data FIS & Bloomberg)
Rotterdam 3.5% INDIC
Nov20 230.00 / 232.00
Dec20 226.00 / 228.00
Jan21 224.00 / 226.00
Feb21 224.00 / 226.00
Mar21 224.00 / 226.00
Apr21 224.00 / 226.00
Q1-21 224.00 / 226.00
Q2-21 224.00 / 226.00
Q3-21 224.00 / 226.00
Q4-21 223.00 / 226.00
CAL21 222.25 / 228.25
Singapore 380 INDIC
Nov20 242.00 / 244.00
Dec20 239.25 / 241.25
Jan21 238.00 / 240.00
Feb21 238.00 / 240.00
Mar21 238.25 / 240.25
Apr21 238.50 / 240.50
Q1-21 238.25 / 240.25
Q2-21 239.00 / 241.00
Q3-21 240.25 / 242.25
Q4-21 241.25 / 244.25
CAL21 238.25 / 244.25
Rott VLSFO 0.5% INDIC
Nov20 281.00 / 286.00
Dec20 280.50 / 285.50
Jan21 280.50 / 285.50
Feb21 281.50 / 286.50
Mar21 282.75 / 287.75
Apr21 284.00 / 289.00
Q1-21 281.50 / 286.50
Q2-21 285.50 / 290.50
Q3-21 289.50 / 295.50
Q4-21 292.75 / 300.75
CAL21 286.25 / 294.25
Singapore VLSFO 0.5% INDIC
Nov20 300.00 / 305.00
Dec20 299.75 / 304.75
Jan21 300.00 / 305.00
Feb21 300.75 / 305.75
Mar21 301.75 / 306.75
Apr21 303.00 / 308.00
Q1-21 300.75 / 305.75
Q2-21 304.25 / 309.25
Q3-21 307.50 / 313.50
Q4-21 310.25 / 318.25
CAL21 305.25 / 313.25
Sing 10ppm GO INDIC
Nov20 42.12 / 42.26
Dec20 42.60 / 42.80
Jan21 43.05 / 43.25
Feb21 43.51 / 43.71
Mar21 43.98 / 44.18
Apr21 44.45 / 44.65
Q1-21 43.46 / 43.76
Q2-21 44.84 / 45.14
Q3-21 46.18 / 46.48
Q4-21 47.10 / 47.40
CAL21 45.73 / 46.13
ICE Gasoil 10ppm INDIC
Nov20 315.50 / 317.50
Dec20 319.27 / 321.27
Jan21 323.72 / 325.72
Feb21 327.91 / 329.91
Mar21 331.58 / 333.58
Apr21 334.73 / 336.73
Q1-21 327.75 / 329.75
Q2-21 337.43 / 339.43
Q3-21 348.51 / 350.51
Q4-21 356.07 / 358.07
CAL21 345.53 / 347.53