January Brent crude futures, which will expire later on Monday, dropped 94 cents, or 1.95%, to $47.24 a barrel by 0740GMT. The more actively traded February Brent contract was at $47.34 a barrel, down 90 cents.
The news of the weekend centred around the story that Iraq will not seek to file an exemption from the planned oil cuts, with ministers saying that the joint effort in a bid to reduce the gap between total global supply and demand will have a positive effect on prices going into the new year and beyond, with the expectation that oil may reach $50 per barrel. (Reuters)
The OPEC cartel are due to meet tomorrow to finalise the roadmap for production for members going into the new year, with many expecting the current cuts of 7 million barrels per day due to be extended. The OPEC group are set to meet at 1300GMT today in preparation for the key talks over the beginning of this week.
The tail-end of last week proved to be a slow news week as the start of the festive season was welcomed in by millions of Americans across the globe celebrating thanksgiving.
The Asian low-sulphur market was set to trade firm into the end of December as the end-user of the 0.5% product usually remains firm into the end of the year, boding well for the upstream market traders. (S&P Global Platts)
MARKETS NEWS:
* Saudis to Raise Arab Light OSP by 65C to Asia for Jan.: Survey
* OPEC Faces Seismic Demand Split as Cartel Plots Next Move
* Iraq Didn’t Ask for OPEC+ Oil-Cuts Exemption, Al-Sabah Says
* Iraq Says OPEC+ Compliance Improves as Bad Weather Cuts Exports
* Kuwait Says Oil Market ‘On the Road to Rebalancing’ Due to OPEC+
* Rocket Attack At Oil Refinery in Iraq Causes Fire: Arabiya
* Asia-Americas fuel: November Flows Above October; Unchanged W/w
* China Seeks to Import Jet Fuel Ahead of Lunar New Year Holidays
OTHER NEWS:
* U.S. to Add China’s SMIC, CNOOC to Blacklist, Reuters Says
* ‘Citgo 6’ U.S. Oil Executives to Appeal Venezuela Conviction
OIL PRODUCT NEWS:
* U.S.: Airport Traffic Highest Since Pandemic Start
* EUROPE: Flows From Americas Slump; Donges Strike
* ASIA: Low Refinery Runs; CAO Seeking Jet Fuel
ECONOMIC DATA: (Times are London.)
* OPEC conference; ministers to meet virtually
* Bloomberg to publish crude oil tanker trackers for November, for nations including Saudi Arabia, Iraq, Libya, UAE; others to follow throughout the week
* CFTC to release Commitments of Traders report, delayed from previous week due to Thanksgiving holiday
* EIA issues Petroleum Supply Monthly, with September production data
* Atlantic hurricane season officially ends, though more storms could still emerge
* OIL WEEKLY AGENDA: OPEC’s Virtual Meeting, Tanker Tracking, PSM
OTHER FINANCIAL MARKETS:
* Stocks Swing as Record Month Nears End; Oil Slips: Markets Wrap
Rotterdam 3.5% INDIC
Dec20 264.50 / 266.50
Jan21 265.25 / 267.25
Feb21 265.50 / 267.50
Mar21 265.00 / 267.00
Apr21 264.25 / 266.25
May21 263.25 / 265.25
Q1-21 265.25 / 267.25
Q2-21 263.00 / 265.00
Q3-21 258.00 / 260.00
Q4-21 252.00 / 255.00
CAL21 260.00 / 263.00
Singapore 380 INDIC
Dec20 284.25 / 286.25
Jan21 281.75 / 283.75
Feb21 281.25 / 283.25
Mar21 280.50 / 282.50
Apr21 279.75 / 281.75
May21 279.00 / 281.00
Q1-21 281.00 / 283.00
Q2-21 278.75 / 280.75
Q3-21 275.00 / 277.00
Q4-21 271.00 / 274.00
CAL21 276.75 / 279.75
Rott VLSFO 0.5% INDIC
Dec20 335.00 / 340.00
Jan21 335.75 / 340.75
Feb21 336.50 / 341.50
Mar21 337.00 / 342.00
Apr21 337.50 / 342.50
May21 338.00 / 343.00
Q1-21 336.50 / 341.50
Q2-21 338.00 / 343.00
Q3-21 339.00 / 345.00
Q4-21 339.75 / 345.75
CAL21 338.25 / 344.25
Singapore VLSFO 0.5% INDIC
Dec20 359.50 / 364.50
Jan21 358.50 / 363.50
Feb21 358.25 / 363.25
Mar21 358.25 / 363.25
Apr21 358.25 / 363.25
May21 358.25 / 363.25
Q1-21 358.50 / 363.50
Q2-21 358.50 / 363.50
Q3-21 359.00 / 365.00
Q4-21 360.50 / 366.50
CAL21 359.00 / 365.00
Sing 10ppm GO INDIC
Dec20 51.92 / 52.06
Jan21 52.04 / 52.24
Feb21 52.31 / 52.51
Mar21 52.62 / 52.82
Apr21 52.95 / 53.15
May21 53.22 / 53.42
Q1-21 52.30 / 52.50
Q2-21 53.22 / 53.42
Q3-21 54.07 / 54.27
Q4-21 54.61 / 54.81
CAL21 53.45 / 53.85
ICE Gasoil 10ppm INDIC
Dec20 386.54 / 388.54
Jan21 390.48 / 392.48
Feb21 394.24 / 396.24
Mar21 396.68 / 398.68
Apr21 399.09 / 401.09
May21 401.30 / 403.30
Q1-21 393.80 / 395.80
Q2-21 401.31 / 403.31
Q3-21 407.81 / 409.81
Q4-21 414.48 / 416.48
CAL21 404.35 / 406.35