U.S. West Texas Intermediate (WTI) crude futures rose 25 cents, or 0.6%, to $45.77 a barrel at 0500 GMT, while Brent crude futures climbed 22 cents, or 0.5%, to $49.08 a barrel but eased a touch as liquidity came into the market up to 0730GMT, from then on, brent pushed to highs of $49.33 at 0935GMT. Prices were little changed overnight.
EIA week ending 12/4
Crude oil: +15.2 mb
Gasoline: +4.2 mb
Distillates: +5.2 mb
Refiner utilz: 79.9%
Impld mogas demand: 7.6 Mbpd
Canada becomes the next country to officially approve the COVID-19 vaccine with the roll-out due to commence within the next week, and as such oil seems to have been supported by the increasing number of countries that are supporting the roll-out of said vaccine. Yet analysts seemed surprised at the resilience of the oil market after the news of a 15 million barrel build according to the EIA data yesterday, with a bounce back to $49 per barrel mark less than an hour and a half after the 90 cents drop.
On Tuesday, the EIA reduced its demand forecast for 2021 oil demand by 110,000 barrels per day as a result of the pandemic, revising the figures to 5.78 million barrels per day. (Reuters)
INDEX: (MTD Estimates)
* Sing 380: 289.63
* Rott 3.5%: 267.64
* Sing 0.5%: 367.68
* Rott 0.5%: 349.75
MARKETS NEWS:
- China’s Early Start to Oil Buying Keeping Physical Market Robust
- U.S. Gasoline Stocks Rise Most Since Dog Days of Market Crash
- Heavy Canadian Crude Rebounds Amid Surge in Exports to U.S.
- Trump Charts Sale of Offshore Oil Rights From California to Gulf
- Egypt Buys ‘Huge’ Oil Hedge to Lock In Gains from Price Rout
- Trafigura Posts Record Trading Profit on Virus Volatility
- Kazakhstan’s Oil Output Totals 78.5m Tons in Jan.-Nov.
- Mideast-Japan Clean Tankers Reach 6-Month High; Benchmark Gains
- UAE Taps Occidental to Boost Oil Capacity as OPEC Cuts Rankle
OTHER NEWS:
- D.E. Shaw Is Said to Push Exxon Mobil to Cut Spending, Costs
- Family of Ex-Trafigura CEO Dauphin No Longer Shareholders
- China’s Old-Economy Commodities Rally With Shortages to Persist
OIL PRODUCT NEWS:
- U.S.: Swell in Gasoline, Valero Delays Turnaround
- EUROPE: Italy’s ISAB North Halts Unit; Donges Plans
- ASIA: Ocean Tankers Sells Assets; Naphtha Spread
ECONOMIC DATA/EVENTS:
- Singapore onshore oil-product stockpile weekly data
- Russian weekly refinery outage data from ministry
- Insights Global weekly report on European product inventories in ARA region
- See OIL WEEKLY AGENDA for this week’s events
ANALYST VIEWS/COLUMNS:
- OPEC+ ‘Underdelivered’ With Production Agreement, StanChart Say
- $11B of Australian Gas Projects to Get Go-Ahead in 2021: WoodMac
Singapore 380 INDIC
Jan21 287.00 / 289.00
Feb21 287.00 / 289.00
Mar21 286.75 / 288.75
Apr21 285.50 / 287.50
May21 284.00 / 286.00
Jun21 282.50 / 284.50
Q1-21 286.75 / 288.75
Q2-21 284.00 / 286.00
Q3-21 279.00 / 281.00
Q4-21 273.25 / 276.25
CAL21 278.50 / 284.50
Rotterdam 3.5% INDIC
Jan21 270.25 / 272.25
Feb21 270.25 / 272.25
Mar21 269.75 / 271.75
Apr21 267.75 / 269.75
May21 266.00 / 268.00
Jun21 264.00 / 266.00
Q1-21 270.00 / 272.00
Q2-21 266.00 / 268.00
Q3-21 259.50 / 261.50
Q4-21 252.00 / 255.00
CAL21 259.75 / 265.75
Singapore VLSFO 0.5% INDIC
Jan21 368.00 / 373.00
Feb21 368.75 / 373.75
Mar21 369.50 / 374.50
Apr21 370.00 / 375.00
May21 370.50 / 375.50
Jun21 371.00 / 376.00
Q1-21 368.75 / 373.75
Q2-21 370.50 / 375.50
Q3-21 371.50 / 377.50
Q4-21 372.25 / 378.25
CAL21 370.50 / 376.50
Rott VLSFO 0.5% INDIC
Jan21 349.25 / 354.25
Feb21 350.00 / 355.00
Mar21 350.50 / 355.50
Apr21 351.00 / 356.00
May21 351.25 / 356.25
Jun21 351.50 / 356.50
Q1-21 350.00 / 355.00
Q2-21 351.25 / 356.25
Q3-21 351.50 / 357.50
Q4-21 352.00 / 358.00
CAL21 351.00 / 357.00
Sing 10ppm GO INDIC
Jan21 54.19 / 54.33
Feb21 54.31 / 54.51
Mar21 54.50 / 54.70
Apr21 54.69 / 54.89
May21 54.86 / 55.06
Jun21 55.02 / 55.22
Q1-21 54.25 / 54.55
Q2-21 54.81 / 55.11
Q3-21 55.34 / 55.64
Q4-21 55.64 / 55.94
CAL21 54.97 / 55.37
ICE Gasoil 10ppm INDIC
Jan21 405.73 / 407.73
Feb21 407.98 / 409.98
Mar21 409.61 / 411.61
Apr21 410.89 / 412.89
May21 411.92 / 413.92
Jun21 413.44 / 415.44
Q1-21 407.75 / 409.75
Q2-21 412.08 / 414.08
Q3-21 416.70 / 418.70
Q4-21 420.03 / 422.03
CAL21 414.14 / 416.14
Rott Hi5 Sing Hi5
Jan21 81 83
Feb21 81 83
Mar21 82 84
Apr21 85 86
May21 87 88
Jun21 89 90
Q1-21 81 83
Q2-21 87 88
Q3-21 94 94
Q4-21 101 100
CAL21 91 92
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