Brent crude oil futures were down 20 cents, or 0.4%, at $49.05 a barrel by 0401 GMT, while West Texas Intermediate oil futures fell 20 cents, or 0.4%, to $46.06 a barrel. Both benchmarks gained for a fifth consecutive week last week. Oil seems to have stalled this morning as fresh lockdowns in the world’s largest oil producer loom, especially in states such as California.
Key news that came from the previous week was the bombshell news that the European Union’s largest oil producer will no longer be issuing any oil drilling permits in the future in a bid to phase out all oil and gas production by 2050 as the nation looks to turn to greener forms of energy in a shift away from fossil fuels. (Bloomberg)
Brent nearly reached levels of $50 per barrel as hopes of a US stimulus package nears as the peaceful transfer of office to a Biden administration looks increasingly likely. EIA crude stocks again reported a 700k barrel draw and local lockdowns are signifying gasoline demand to begin to rebound, yet kerosene and jet-fuel demand remains week as international travel is still plagued with border closures.
Eni is looking to follow suit of many other oil companies in the shift towards green energy, and so had pledged to invest in green energy. Eni, which currently has a renewable energy capacity of only 350 megawatts, has pledged to reach 15 gigawatts by 2030 and 55 GW by 2050 – by building its own capacity. (Reuters)
MARKET NEWS
* Saudis Raise Crude Price to Asia as Vaccines Buoy Oil Market
* Oil From U.S.-Sanctioned Sellers Becoming Less Taboo in Asia
* Iran Prepares to Raise Oil Production as Biden Presidency Nears
* Iraq to Honor OPEC Oil-Cut Decisions as Monthly Exports Rise
* Top Oil Trader Vitol Backs OPEC+ Plan to Raise Output Gradually
* Saudi Arab Heavy Crude OSP Set at Parity to Lighter Oil for Jan.
* Biggest Iranian Flotilla Yet En Route to Venezuela With Fuel
* UAE’s Oil Ambitions Highlight Tensions at the Heart of OPEC
* China November Crude Oil Imports 45.356m Tons: Customs
* ASIA-AMERICAS FUEL: Idemitsu Books Ship to Send Dec. Jet Fuel
* Petronas, Sarawak Reach Agreement on State Taxes on Oil Products
OTHER NEWS:
* Oman Starts New Energy Company as It Seeks to Leverage Oil Block
* China’s Exports Surge in Year-End Rush; Surplus Hits Record
* Russia Starts Preparing for Life After Peak Fossil Fuels
OIL PRODUCT NEWS:
* ASIA: China Aviation Buys Jet; Shandong Stockpiles
* EUROPE: Pull on Diesel From Mideast And India Ebbs
* U.S.: Northern California Traffic Slows
ECONOMIC DATA:
* OIL WEEKLY AGENDA: China Trade Data; EIA Short-Term Outlook
ANALYST VIEWS/COLUMNS:
* Heavy, Sour Oil Market Seen Balanced Amid China Stocking: Citi
* OPEC+ Needed a SWAT Team. It Got 23 Battalions: Julian Lee
Singapore 380 INDIC
Jan21 288.50 / 290.50
Feb21 288.00 / 290.00
Mar21 287.25 / 289.25
Apr21 285.50 / 287.50
May21 283.75 / 285.75
Jun21 282.00 / 284.00
Q1-21 287.75 / 289.75
Q2-21 283.75 / 285.75
Q3-21 278.25 / 280.25
Q4-21 272.00 / 275.00
CAL21 278.75 / 284.75
Rotterdam 3.5% INDIC
Jan21 272.00 / 274.00
Feb21 271.50 / 273.50
Mar21 270.25 / 272.25
Apr21 268.00 / 270.00
May21 266.00 / 268.00
Jun21 264.00 / 266.00
Q1-21 271.25 / 273.25
Q2-21 266.00 / 268.00
Q3-21 259.50 / 261.50
Q4-21 251.50 / 254.50
CAL21 261.50 / 267.50
Singapore VLSFO 0.5% INDIC
Jan21 371.50 / 376.50
Feb21 371.75 / 376.75
Mar21 372.25 / 377.25
Apr21 372.50 / 377.50
May21 372.75 / 377.75
Jun21 373.00 / 378.00
Q1-21 371.75 / 376.75
Q2-21 372.75 / 377.75
Q3-21 373.00 / 379.00
Q4-21 373.75 / 379.75
CAL21 372.50 / 378.50
Rott VLSFO 0.5% INDIC
Jan21 345.50 / 350.50
Feb21 345.75 / 350.75
Mar21 346.00 / 351.00
Apr21 346.25 / 351.25
May21 346.50 / 351.50
Jun21 346.75 / 351.75
Q1-21 345.75 / 350.75
Q2-21 346.50 / 351.50
Q3-21 346.75 / 352.75
Q4-21 347.50 / 353.50
CAL21 346.25 / 352.25
Sing 10ppm GO INDIC
Jan21 54.36 / 54.50
Feb21 54.53 / 54.73
Mar21 54.76 / 54.96
Apr21 55.00 / 55.20
May21 55.23 / 55.43
Jun21 55.44 / 55.64
Q1-21 54.50 / 54.80
Q2-21 55.17 / 55.47
Q3-21 55.80 / 56.10
Q4-21 56.15 / 56.45
CAL21 55.35 / 55.75
ICE Gasoil 10ppm INDIC
Jan21 401.98 / 403.98
Feb21 404.53 / 406.53
Mar21 406.68 / 408.68
Apr21 408.50 / 410.50
May21 410.00 / 412.00
Jun21 411.86 / 413.86
Q1-21 404.40 / 406.40
Q2-21 410.12 / 412.12
Q3-21 415.37 / 417.37
Q4-21 419.37 / 421.37
CAL21 412.32 / 414.32
Rott Hi5 Sing Hi5
Jan21 75 85
Feb21 76 85
Mar21 77 87
Apr21 80 89
May21 82 91
Jun21 84 93
Q1-21 76 85
Q2-21 82 91
Q3-21 89 97
Q4-21 97 103
CAL21 85 94