Brent was up 11 cents or 0.2% at $50.36 a barrel by 0427 GMT and then gaining an extra 30 cents from then until 0730GMT, after gaining nearly 3% on Thursday. U.S. oil was up 14 cents, or 0.3%, at $46.92 a barrel, having also risen almost 3% in the previous session on the positive vaccine news that the FDA have officially approved the jab.
Oil prices are set for an unprecedented six consecutive monthly gain even though cases of the virus continue to climb and death rates are showing no signs of slowing but on a positive note, oil prices are being sustained by the increasing demand for crude in both China and India. London is threatening to regress back into the highest of measures in order to control the spread of the virus in the lead up to the festive period.
The US stimulus package again continues to be a shining light on the demand recovery, but as of yet, a deal has not been struck.
The HSFO barge crack has tapered off over the course of December so far and has started this morning printing at -7.30 over lacklustre demand.
INDEX: (MTD Estimates)
* Sing 380: 289.52
* Rott 3.5%: 268.50
* Sing 0.5%: 367.84
* Rott 0.5%: 351.44
MARKETS NEWS:
* Aramco Said to Tap Moelis to Raise Billions From Asset Sales
* OIL ALLOCATIONS:Saudis Give Full Oil Supply to 6 in Asia
* Texas Oil Regulator Barred From Waiving Environmental Rules
* Brent Enters Overbought Territory After Shooting Past $50: Chart
* Europe Air Traffic Ticks Up, Airlines Add Flights: Eurocontrol
* Chinese Commodities Stage Remarkable Comeback as Demand Surges
* Commodities Hit 6-Year High With Rebound Lifting Oil, Copper
OTHER NEWS:
* The Essex Boys: How Nine Traders Hit a Gusher With Negative Oil
* Qatar Set for Biggest Budget Deficit Since Gulf Spat in 2017
* China Limits Gas to Industrial Users to Ensure Winter Supply
* Runaway Coal Market Tests China’s Control of Its Cheapest Fuel
OIL PRODUCT WRAPS:
* ASIA OIL PRODUCTS: Singapore’s Fuel Stocks Fall; Bahrain Naphtha
* EUROPE OIL PRODUCTS: Air Traffic Rises; Gasoil Deliveries Slump
* U.S. OIL PRODUCTS: 3-2-1 Crack Rises Above $10/Bbl
ECONOMIC DATA/EVENTS:
* Baker Hughes weekly rig count
* 6:30pm: ICE Commitments of Traders report
* 8:30pm: CFTC Commitments of Traders report
ANALYST VIEWS/COLUMNS:
* Canadian Oil Producers’ 2021 Outlook is ‘Positive’: Goldman
* Asia Middle Distillate Stocks May Gain on Limited Arbitrage: FGE
* OIL MKT RESEARCH: Iran Ramp-Up Risk; Diesel Hazard for Gasoline
*Rotterdam 3.5% INDIC*
Jan21 270.75 / 272.75
Feb21 271.25 / 273.25
Mar21 270.75 / 272.75
Apr21 269.25 / 271.25
May21 267.50 / 269.50
Jun21 265.50 / 267.50
Q1-21 270.75 / 272.75
Q2-21 267.25 / 269.25
Q3-21 260.50 / 262.50
Q4-21 252.75 / 255.75
CAL21 258.75 / 264.75
*Singapore 380 INDIC*
Jan21 287.75 / 289.75
Feb21 287.50 / 289.50
Mar21 287.25 / 289.25
Apr21 286.00 / 288.00
May21 284.50 / 286.50
Jun21 282.75 / 284.75
Q1-21 287.50 / 289.50
Q2-21 284.25 / 286.25
Q3-21 279.25 / 281.25
Q4-21 273.50 / 276.50
CAL21 277.50 / 283.50
*Rott VLSFO 0.5% INDIC*
Jan21 353.25 / 358.25
Feb21 353.75 / 358.75
Mar21 354.25 / 359.25
Apr21 354.75 / 359.75
May21 355.25 / 360.25
Jun21 355.50 / 360.50
Q1-21 353.75 / 358.75
Q2-21 355.00 / 360.00
Q3-21 355.50 / 361.50
Q4-21 355.00 / 363.00
CAL21 344.75 / 352.75
*Singapore VLSFO 0.5% INDIC*
Jan21 373.00 / 378.00
Feb21 373.75 / 378.75
Mar21 374.50 / 379.50
Apr21 375.25 / 380.25
May21 376.00 / 381.00
Jun21 376.75 / 381.75
Q1-21 373.75 / 378.75
Q2-21 376.00 / 381.00
Q3-21 377.25 / 383.25
Q4-21 376.50 / 384.50
CAL21 366.50 / 374.50
*Sing 10ppm GO INDIC*
Jan21 55.14 / 55.28
Feb21 55.19 / 55.39
Mar21 55.27 / 55.47
Apr21 55.38 / 55.58
May21 55.48 / 55.68
Jun21 55.59 / 55.79
Q1-21 55.14 / 55.44
Q2-21 55.44 / 55.74
Q3-21 55.80 / 56.10
Q4-21 55.95 / 56.25
CAL21 55.53 / 55.93
*ICE Gasoil 10ppm INDIC*
Jan21 412.33 / 414.33
Feb21 414.78 / 416.78
Mar21 415.98 / 417.98
Apr21 416.95 / 418.95
May21 417.79 / 419.79
Jun21 418.92 / 420.92
Q1-21 414.35 / 416.35
Q2-21 417.88 / 419.88
Q3-21 421.72 / 423.72
Q4-21 426.18 / 428.18
CAL21 420.04 / 422.04
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