Brent crude oil futures fell 18 cents, or 0.3%, to $55.88 a barrel by 0425 GMT, while U.S. West Texas Intermediate (WTI) slipped by 11 cents, or 0.2%, to $52.80 a barrel.
EIA week ending 1/8
Crude oil: -3.2M
Gasoline: +4.4M
Distillates: +4.8M
Refiner utilz: 82.0%
Impld mogas demand: 7.53 Mbpd
Robust Chinese data and a drawdown in US crude inventories supported the slight fall in crude prices overnight, as mounting coronavirus cases and increasing lockdowns are proving to have a downwards pressure on the price of oil, as demand concerns resurface amidst this second wave of the virus globally.
Trading volumes in Asia for fuel oil, a key shipping fuel, nearly halved in 2020 to the lowest levels in at least five years as stricter emission rules for marine fuel altered trade patterns and as the COVID-19 pandemic hurt demand, yet regarding the paper side open interest (OI) volumes on ICE for cash-settled outright HSFO contracts fell 42% in 2020 from the previous year, while the new ICE 0.5% MFO contract, launched in February 2019, was up 450% as the industry switched hedging tools, ICE data showed. (Reuters)
China’s crude imports fell to a 27-month low of 9.096 million b/d or 38.47 million mt in December-the lowest level since September 2018- but total imports over 2020 were up 7% year on year at 10.86 million b/d, General Administration of Customs data released Jan. 14 showed in what is bullish news coming from a very uncertain 2020. (S&P Global Platts)
INDEX: (MTD Estimates)
* Sing 380: 322.73
* Rott 3.5%: 309.34
* Sing 0.5%: 418.99
* Rott 0.5%: 392.09
MARKETS NEWS:
* Biggest Oil Trader Sees No Travel Rebound Till Third Quarter
* Freezing Conditions Prompt Fuel Oil Frenzy in Power-Starved Asia
* Oil Allocations: Iraq Gives Full Feb. Crude Supply to 2 in Asia
* Oil’s Fate Has Become More Tied to the Dollar This Year: Chart
* EIA: Crude -3,248k Bbl, Median Est. -3,000k Bbl
* U.S. Diesel Stockpiles Swell as Global Fuel Demand Falters
* China Posts Record Commodities Imports Including Surge in Energy
** China’s Dec. Crude Oil Imports -15.18% M/m to 38.47m Tons
* Mideast-China Oil Supertankers’ Decline Deepens; Gulf-Japan Gain
OTHER NEWS:
* Wall Street Warms to Exxon as Oil Rally Supports Shaky Dividend
* Traders Win in LNG’s Bitcoin-Beating Rally Driven by Cold
* Trump Officials Halt Travel on Worry Over White House Chaos
* Iran Tells Monitors It’s Restarting Fuel Production for Reactor
* Gazprom, SABIC Resumed Talks on Yamal Project, Vedomosti Says
OIL PRODUCT NEWS:
* U.S.: Diesel Supplies Swell; Citgo, Valero Work
* EUROPE: BP Buys 4 Diesel Cargoes; Peru Pulls VLCC
ECONOMIC DATA: (Times are London.)
* OPEC Monthly Oil Market Report
* 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 COLUMNS:
* JPMorgan Boosts Crude Forecasts, Seeing Covid Price Shock Over
* Oil Demand’s 1M B/D Boost From Cold to Offset Lockdowns: Goldman
* Why Big Oil Isn’t Slashing Its Republican Ties Yet: Liam Denning
Sing VLSFO 0.5% INDIC
Feb-21 426.50 / 429.50
Mar-21 424.00 / 427.00
Apr-21 422.00 / 426.00
May-21 421.00 / 425.00
Jun-21 420.00 / 424.00
Jul-21 418.50 / 423.50
Q2-21 420.50 / 425.50
Q3-21 417.75 / 422.75
Q4-21 415.00 / 421.00
Q1-22 413.75 / 419.75
CAL22 411.00 / 417.00
Rott VLSFO 0.5% INDIC
Feb-21 405.00 / 408.00
Mar-21 403.50 / 406.50
Apr-21 401.75 / 405.75
May-21 400.50 / 404.50
Jun-21 399.25 / 403.25
Jul-21 397.50 / 402.50
Q2-21 400.00 / 405.00
Q3-21 396.50 / 401.50
Q4-21 393.00 / 399.00
Q1-22 391.25 / 397.25
CAL22 390.25 / 396.25
Sing 10ppm GO INDIC
Feb-21 61.22 / 61.38
Mar-21 61.41 / 61.57
Apr-21 61.48 / 61.68
May-21 61.47 / 61.67
Jun-21 61.46 / 61.66
Jul-21 61.54 / 61.74
Q2-21 61.49 / 61.69
Q3-21 61.48 / 61.88
Q4-21 61.34 / 61.74
Q1-22 61.25 / 61.65
CAL22 61.27 / 61.67
ICE Gasoil 10ppm INDIC
Feb-21 460.25 / 461.25
Mar-21 461.75 / 462.75
Apr-21 462.50 / 463.50
May-21 462.50 / 464.00
Jun-21 463.25 / 464.75
Jul-21 464.00 / 465.50
Q2-21 462.50 / 466.25
Q3-21 464.25 / 466.50
Q4-21 463.75 / 466.00
Q1-22 463.00 / 465.50
CAL22 462.50 / 465.50
Sing 380 cst INDIC
Feb-21 328.75 / 330.75
Mar-21 329.50 / 331.50
Apr-21 328.50 / 330.50
May-21 326.50 / 328.50
Jun-21 324.25 / 326.25
Jul-21 321.75 / 323.75
Q2-21 325.75 / 328.75
Q3-21 318.50 / 322.00
Q4-21 310.50 / 314.50
Q1-22 304.50 / 309.00
CAL22 299.00 / 304.00
Rotterdam 3.5% INDIC
Feb-21 316.75 / 318.75
Mar-21 316.00 / 318.00
Apr-21 314.25 / 316.25
May-21 311.25 / 313.25
Jun-21 308.00 / 310.00
Jul-21 304.50 / 306.50
Q2-21 310.50 / 313.50
Q3-21 299.75 / 303.25
Q4-21 288.25 / 292.25
Q1-22 281.50 / 286.00
CAL22 275.50 / 280.50
Sing hi5 Rdam hi5
Feb-20 98.00 89.00
Mar-20 95.00 88.00
Apr-20 95.00 89.00
May-20 96.00 90.00
Jun-20 97.00 92.00
Jul-20 98.00 95.00
Q2-21 96.00 91.00
Q3-21 100.00 98.00
Q4-21 106.00 106.00
Q1-22 110.00 111.00
Cal 22 113.00 115.00
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