Morning Oil Report 17/12/20

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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