Brent crude futures rose 45 cents, or 0.9%, to $51.53 a barrel at 0436 GMT. Oil then pushed to 9-month highs reaching $51.83 at 0720GMT, while U.S. West Texas Intermediate (WTI) crude futures rose by 46 cents, or nearly 1%, to $48.28 a barrel. Both benchmarks hit their highest since early March.
US crude inventories fell in the latest EIA figures released yesterday, with a draw of over 3 million barrels pushing the Brent oil market to the highest levels in nine-months. The US are also stepping closer to a stimulus package that would see a $900 billion injection into the economy to kick-start activity following the pandemic. (Reuters)
In the last full week of trading for the year, oil prices are on track at current levels to register a 7th consecutive gain on brent as the market turns bullish as vaccines are continuing to be rolled out. The expectations following the API figures late on Tuesday were of a crude build for EIA figures and oil was trending lower.
Saudi Aramco may have to sell more assets and borrow more money in the era of uncertain oil prices. The Government still own 98.2% of the company and profits have sunk due to falling oil prices this year. The selling of assets and more fiscal aid is in response to the companies word that they will be going ahead with the $75 billion dividend payment. (Reuters)
INDEX: (MTD Estimates)
* Sing 380: 292.39
* Rott 3.5%: 271.29
* Sing 0.5%: 371.71
* Rott 0.5%: 355.31
MARKETS NEWS:
* Physical Oil Rally Powers on Amid Strong Chinese, Indian Demand
* Iran Breaks Silence on Saudi Port Attack, Condemns It as Threat
* U.S. Crudes Rally as Asia Snaps Up Barrels Before Output Decline
* U.S. Drivers Spending More to Fill Up in Wake of Oil’s Rally
* U.S. Crude Inventories Fall, Gasoline Stocks Rise: EIA Takeaways
* U.S. Oil Output Falls for First Time Since Late October: TOPLive
* Traffic in Key European Nations Inched Higher Last Week: Data
* Fuel Stocks Jump to Highest Since August at Middle Eastern Hub
* Pemex Crude Oil Output Expected to Increase From 2020 Onwards
* Angola to Cut Oil Exports to 1.1M B/D in February: Prelim. Plan
OTHER NEWS:
* Covid Sparks Gas Boom in India With Oil Refiners at Full Tilt
* Shipping Sheds Its Dirty Problem With a Little Help From Covid
* Virus Spreads in Canada Oil Patch With Outbreak at Chevron Site
* Saudis Stop Disclosing Oil Revenue Following Aramco’s Listing
* Electric Cars Closing In on Gas Guzzlers as Battery Costs Plunge
OIL PRODUCT NEWS:
* U.S.: Gasoline Pump Price, Stockpiles Both Rising
* EUROPE: French Road Fuel Sales Slump; Ineos Lavera
* ASIA: India Diesel Sales, Korean Crude Imports Drop
ECONOMIC DATA: (Times are London. )
* JODI-Oil world database update, with figures for October
* 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
ANALYST VIEWS/COLUMNS:
* China’s Oil Demand May Peak by 2025-2026: Sinopec Research
* Biden’s Energy Pick Threads Green Ideals, Reality: Liam Denning
* Bankruptcy-Hit U.S. Drillers Could Lose 25% of 2021 Oil: Rystad
* Canadian Fuel Standard to Remove Downside Risk for Biofuel: CS
Singapore 380 INDIC
Jan21 307.75 / 309.75
Feb21 306.25 / 308.25
Mar21 305.00 / 307.00
Apr21 302.75 / 304.75
May21 300.25 / 302.25
Jun21 297.75 / 299.75
Q1-21 306.25 / 308.25
Q2-21 300.25 / 302.25
Q3-21 292.75 / 294.75
Q4-21 285.50 / 288.50
CAL21 293.50 / 299.50
Rotterdam 3.5% INDIC
Jan21 289.25 / 291.25
Feb21 289.00 / 291.00
Mar21 288.00 / 290.00
Apr21 285.25 / 287.25
May21 282.50 / 284.50
Jun21 279.50 / 281.50
Q1-21 288.75 / 290.75
Q2-21 282.50 / 284.50
Q3-21 273.50 / 275.50
Q4-21 265.00 / 268.00
CAL21 274.75 / 280.75
Singapore VLSFO 0.5% INDIC
Jan21 389.00 / 394.00
Feb21 389.75 / 394.75
Mar21 390.50 / 395.50
Apr21 391.00 / 396.00
May21 391.25 / 396.25
Jun21 391.50 / 396.50
Q1-21 389.75 / 394.75
Q2-21 391.25 / 396.25
Q3-21 391.50 / 397.50
Q4-21 391.75 / 397.75
CAL21 390.75 / 396.75
Rott VLSFO 0.5% INDIC
Jan21 371.00 / 376.00
Feb21 371.50 / 376.50
Mar21 372.00 / 377.00
Apr21 372.25 / 377.25
May21 372.50 / 377.50
Jun21 372.75 / 377.75
Q1-21 371.50 / 376.50
Q2-21 372.50 / 377.50
Q3-21 372.25 / 378.25
Q4-21 371.75 / 377.75
CAL21 371.75 / 377.75
Sing 10ppm GO INDIC
Jan21 57.51 / 57.65
Feb21 57.98 / 58.18
Mar21 58.48 / 58.68
Apr21 58.73 / 58.93
May21 58.98 / 59.18
Jun21 59.23 / 59.43
Q1-21 57.95 / 58.25
Q2-21 58.93 / 59.23
Q3-21 59.35 / 59.65
Q4-21 58.68 / 58.98
CAL21 58.68 / 59.08
ICE Gasoil 10ppm INDIC
Jan21 429.42 / 431.42
Feb21 432.04 / 434.04
Mar21 433.50 / 435.50
Apr21 434.65 / 436.65
May21 435.71 / 437.71
Jun21 436.83 / 438.83
Q1-21 431.65 / 433.65
Q2-21 435.73 / 437.73
Q3-21 439.31 / 441.31
Q4-21 439.67 / 441.67
CAL21 436.59 / 438.59
Rott Hi5 Sing Hi5
Jan21 83 83
Feb21 84 85
Mar21 85 87
Apr21 88 90
May21 91 92
Jun21 95 95
Q1-21 84 85
Q2-21 91 92
Q3-21 101 101
Q4-21 108 108
CAL21 97 97
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