U.S. West Texas Intermediate (WTI) crude futures climbed 37 cents, or 0.7%, to $53.35 a barrel at 0427 GMT, building on a 1.2% rise on Tuesday. Brent crude futures rose 35 cents, or 0.6%, to $56.25 a barrel, adding to a 2.1% gain on Tuesday.
The day has come for the inauguration of Joe Biden as president of the United States, yet the atmosphere is far from joyous as the military is patrolling the area in fears that a replay for the Capitol riots may ensue. He has a huge job on his hands as he will be looking to reunite a divided nation in the midst of a global pandemic.
Lockdowns across the globe continue to thrive, with Germany announcing an extension to the current lockdown, with Beijing also announcing tougher restrictions as it records the highest daily case count in more than three weeks. This comes in the lead up to the Lunar New Year, in what will be a very different ceremony to usual as people have been asked to stay at home.
Traders will be watching out for U.S. crude and products inventory data due from the American Petroleum Institute on Wednesday and from the Energy Information Administration on Friday. Six analysts polled by Reuters estimated, on average, that crude stocks fell by 300,000 barrels in the week to Jan. 15, but expect gasoline stockpiles rose by 3.0 million barrels. Distillate inventories, which include diesel, heating oil and jet fuel, were seen up by 800,000 bbl. (Reuters)
INDEX: (MTD Estimates)
* Sing 380: 323.85
* Rott 3.5%: 310.17
* Sing 0.5%: 422.22
* Rott 0.5%: 395.61
MARKETS NEWS:
* China’s Virus Flare-Up Before Holiday Stokes Oil Demand Fear
* OIL DEMAND MONITOR: Beijing Traffic Levels Fall Amid Virus Fear
* Saudis’ Oil-Market Pessimism Vindicated as Demand Risks Grow
* OPEC and India Publicly Diverge Over Surprise Oil-Supply Curbs
* EIA Sees U.S. Shale-Oil Falling 89K B/D to 7.52M B/D in Feb.
* U.S. December Drilled, Uncompleted Wells Fall to 7,298: EIA
* U.S. Gasoline Demand Increased 1% Last Week: Descartes Labs
* Max Midstream to Begin Trading Texas Crude, Products in Europe
* Halliburton Expects Foreign Oil Work to Bottom This Quarter
OTHER NEWS:
* Trump Administration Gives 11th Hour Biofuel Waivers to Refiners
* Bernhardt Predicts Trump’s Arctic Oil Leases Will Survive Biden
* U.S. Sanctions Oil Traders, Ships Associated with Venezuela
* Trump Issues Arctic Oil Drilling Rights in Last-Minute Move
OIL PRODUCT NEWS:
* U.S.: LPG Flowing From Houston at Record Pace
* EUROPE: BP Buys More Diesel; Tupras Seeks ULSD
* ASIA: China’s Virus Resurgence; Fuel Exports Surge
ECONOMIC DATA: (Times are London.)
* 9am: SIEW Energy Insights webinar on Asia’s role in the energy transition
* 9:30pm: API weekly U.S. oil inventory report, a day later than usual due to U.S. holiday earlier in the week
* China December output data for oil products
* Atlantic Council Global Energy Forum, day 2 of 3
* Nymex WTI February futures expire
* Russia 10-day crude loading program for February
* Nigeria crude-loading program for March may emerge
* HOLIDAYS: U.S. (federal holiday for presidential inauguration;
trading unaffected), Azerbaijan
* EARNINGS: Kinder Morgan
ANALYST VIEWS/COLUMNS:
* Saudi Jizan Refinery May Start Commercial Runs in June: FGE
* Asphalt Market Set to Grow 4% Per Year 2020-2024: Technavio
* Oil Is ‘Ahead of the Curve’ With Limited Near-Term Upside: BofA
* Permian Oil Output to Hit Highest Since April Next Month: Rystad
OTHER FINANCIAL MARKETS:
* U.S. Stock Futures Tick Up, Dollar Extends Decline: Markets Wrap
Sing VLSFO 0.5% INDIC
Feb-21 433.25 / 436.25
Mar-21 430.25 / 433.25
Apr-21 427.50 / 431.50
May-21 425.25 / 429.25
Jun-21 423.25 / 427.25
Jul-21 421.00 / 426.00
Q2-21 425.25 / 429.25
Q3-21 419.75 / 424.25
Q4-21 415.00 / 420.00
Q1-22 411.50 / 417.50
CAL22 410.25 / 416.25
Rott VLSFO 0.5% INDIC
Feb-21 410.25 / 413.25
Mar-21 408.00 / 411.00
Apr-21 405.50 / 409.50
May-21 403.50 / 407.50
Jun-21 401.75 / 405.75
Jul-21 399.50 / 404.50
Q2-21 403.50 / 407.50
Q3-21 398.25 / 402.75
Q4-21 393.50 / 398.50
Q1-22 390.25 / 396.25
CAL22 389.00 / 395.00
Sing 10ppm GO INDIC
Feb-21 61.56 / 61.72
Mar-21 61.67 / 61.83
Apr-21 61.72 / 61.92
May-21 61.72 / 61.92
Jun-21 61.71 / 61.91
Jul-21 61.77 / 61.97
Q2-21 61.71 / 61.91
Q3-21 61.77 / 62.17
Q4-21 61.64 / 62.04
Q1-22 61.45 / 61.85
CAL22 61.53 / 61.93
ICE Gasoil 10ppm INDIC
Feb-21 461.25 / 462.25
Mar-21 463.00 / 464.00
Apr-21 464.00 / 465.00
May-21 464.00 / 465.50
Jun-21 465.00 / 466.50
Jul-21 466.00 / 467.50
Q2-21 464.25 / 468.50
Q3-21 466.50 / 468.75
Q4-21 466.00 / 468.50
Q1-22 465.50 / 468.00
CAL22 465.50 / 468.50
Sing 380 cst INDIC
Feb-21 328.25 / 330.25
Mar-21 329.00 / 331.00
Apr-21 328.00 / 330.00
May-21 326.25 / 328.25
Jun-21 323.75 / 325.75
Jul-21 321.25 / 323.25
Q2-21 325.50 / 328.50
Q3-21 317.75 / 321.25
Q4-21 309.75 / 313.75
Q1-22 304.25 / 308.75
CAL22 299.00 / 304.00
Rotterdam 3.5% INDIC
Feb-21 316.25 / 318.25
Mar-21 315.75 / 317.75
Apr-21 314.00 / 316.00
May-21 311.25 / 313.25
Jun-21 308.00 / 310.00
Jul-21 304.50 / 306.50
Q2-21 310.75 / 313.75
Q3-21 300.00 / 303.50
Q4-21 289.00 / 293.00
Q1-22 283.25 / 287.75
CAL22 278.00 / 283.00
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