Brent crude was down by 10 cents at $47.70 by 0602 GMT, having fallen 1.7% overnight. WTI was down by 86 cents, or 1.9%, at $44.85. U.S. crude prices did not settle on Thursday due to the Thanksgiving holiday.
Vaccine news dominated the headlines this week as AstraZeneca could have a vaccine that is up to 90% effective that would help in the fight against the worst pandemic in the century, with the vaccine in a second round of trials in a bid to verify the efficacy after some scientists have noted the results are not as robust as would have hoped. (Reuters)
OPEC are leaning towards delays the output cut relaxations in the new year, with the output due to be raised in January to 2 million barrels per day or the equivalent of 2% of global oil consumption. OPEC ministers are due to convene on Monday with the objective of confirming the roadmap for the next few months of production. (S&P Global Platts)
Venezuela have begun exporting oil to China after a year of underground trade as a result of the US sanctions imposed on the nation. (Reuters)
INDEX: (MTD Estimates)
* Sing 380: 273.33
* Rott 3.5%: 252.04
* Sing 0.5%: 338.20
* Rott 0.5%: 315.25
MARKETS NEWS:
* OPEC-Watchers Expect Group to Delay Supply Boost by Three Months
* OPEC Panel Sees Oil Stocks Rising in 1Q If Output Hike Proceeds
* Libya’s Oil Comeback Has Legs Even If Reliability Is in Doubt
* Russia Energy Min. Thanks Iraq for Constructive Work in OPEC+
* Venezuela Resumes Oil Shipments to China Despite Sanction: Rtrs
* Crude Freight Rates Jump in NW Europe; Benchmark VLCCs Also Rise
* Colombia Oct. Oil Output Rose 0.3% M/M to 751,374 barrels/day
* Gasoil Stockpiles Rise in Europe’s ARA Region: Insights Global
OTHER NEWS:
* BP to Invest More in Middle East’s ‘World-Leading’ Oil Fields
* Repsol to Boost Renewables Fivefold, Cuts Dividend For 2021
* Exxon Mobil Halts Sale Process for Bass Strait Fields: SMH
* Equinor Halts Drilling on Oseberg Due to Covid-19: E24
* Pemex About to Start Contracting Its 2021 Oil Hedge: Reuters
OIL PRODUCT NEWS:
* EUROPE: Mideast Flows Drop; Air Traffic Falls Again
* ASIA: Singapore’s Residual Fuel Stockpiles Expand
ECONOMIC DATA: (Times are London. )
* Shanghai exchange weekly commodities inventory
* North Sea loading programs for January to emerge
* 6:30pm: ICE Commitments of Traders report
* NOTE: CFTC Commitments of Traders report, usually released on Fridays, will be issued on Monday, Nov. 30, due to Thanksgiving holiday
* 6:45pm: CME trading for energy including WTI closes
* 7pm: ICE Futures Europe trading for Brent, low-sulfur gasoil closes
ANALYST VIEWS:
* OPEC Is Too Slow For Covid’s Ever-Changing World: Julian Lee
* China Oil Sector Valuations Still Attractive After Rally: Citi
* Weak Gasoline Demand to Keep Runs Low to at Least 2Q 2021: FGE
* ARA Diesel Stockpiles Rise as Outflows to U.S. Wane: IG
Singapore 380 INDIC
Dec20 286.50 / 288.50
Jan21 283.75 / 285.75
Feb21 283.25 / 285.25
Mar21 282.50 / 284.50
Apr21 281.50 / 283.50
May21 280.25 / 282.25
Q1-21 283.00 / 285.00
Q2-21 280.25 / 282.25
Q3-21 276.50 / 278.50
Q4-21 272.25 / 275.25
CAL21 276.25 / 282.25
Rotterdam 3.5% INDIC
Dec20 267.00 / 269.00
Jan21 267.00 / 269.00
Feb21 266.75 / 268.75
Mar21 266.00 / 268.00
Apr21 265.00 / 267.00
May21 263.75 / 265.75
Q1-21 266.50 / 268.50
Q2-21 263.75 / 265.75
Q3-21 258.75 / 260.75
Q4-21 252.75 / 255.75
CAL21 259.50 / 265.50
Singapore VLSFO 0.5% INDIC
Dec20 360.25 / 365.25
Jan21 359.00 / 364.00
Feb21 358.75 / 363.75
Mar21 358.75 / 363.75
Apr21 358.75 / 363.75
May21 358.75 / 363.75
Q1-21 358.75 / 363.75
Q2-21 358.75 / 363.75
Q3-21 359.75 / 365.75
Q4-21 361.00 / 367.00
CAL21 359.25 / 365.25
Rott VLSFO 0.5% INDIC
Dec20 336.25 / 341.25
Jan21 337.00 / 342.00
Feb21 337.75 / 342.75
Mar21 338.25 / 343.25
Apr21 338.75 / 343.75
May21 339.25 / 344.25
Q1-21 337.50 / 342.50
Q2-21 339.25 / 344.25
Q3-21 340.00 / 346.00
Q4-21 341.00 / 347.00
CAL21 339.25 / 345.25
Sing 10ppm GO INDIC
Dec20 52.14 / 52.28
Jan21 52.25 / 52.45
Feb21 52.52 / 52.72
Mar21 52.82 / 53.02
Apr21 53.12 / 53.32
May21 53.40 / 53.60
Q1-21 52.50 / 52.80
Q2-21 53.34 / 53.64
Q3-21 54.21 / 54.51
Q4-21 54.84 / 55.14
CAL21 53.67 / 54.07
ICE Gasoil 10ppm INDIC
Dec20 388.70 / 390.70
Jan21 392.41 / 394.41
Feb21 396.08 / 398.08
Mar21 398.48 / 400.48
Apr21 400.84 / 402.84
May21 403.05 / 405.05
Q1-21 395.65 / 397.65
Q2-21 403.03 / 405.03
Q3-21 409.38 / 411.38
Q4-21 414.86 / 416.86
CAL21 405.73 / 407.73
Rott Hi5 Sing Hi5
Dec20 71 75
Jan21 71 77
Feb21 72 77
Mar21 74 78
Apr21 75 79
May21 77 80
Q1-21 72 77
Q2-21 77 80
Q3-21 83 85
Q4-21 90 90
CAL21 80 83
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