Brent fell 0.2% to $41.93 per barrel after a 1.5% fall on Monday, whereas WTI fell 76 cents or 1.9% to $39.01 per barrel at 0433 GMT.
Reuters reports show that there has been a rise in infections in 22 of the 50 US states as large gatherings on Labor Day occur, concerning figures in the run up to the election. This increase sees further rises in the number of cases in the UK and India, with India now the 2nd worst affected country due to the virus by case numbers.
Further market concerns touch upon the levels of fuel demand as the end of the US driving season concludes for the year, and what a squeeze in demand will mean for the oil prices and import levels.
Oil producers have already been preparing for a Biden win, with many stockpiling drilling permits as a Democratic win could mean a clamp down in the oilfield activity. The Shale boom boosted output in the country to 12 million bpd, which came at a cost to the environment according to many against the controversial method.
Trading firms enjoyed an oil boom in the first half of this year due to the extreme volatility that Covid-19 bought with it, but a fractious recovery and high oil stocks threatens the second half performance. The demand and subsequent draw of oil stocks very much depends on the performance of China and how it continues to consume towards the end of 2020 and the start of 2021.
Oil continues to drop after Saudi announce price cuts for October crude sales as demand is stuck below pre-Covid levels report Bloomberg. And finally, the previously extinguished fire on the IOC chartered NEW DIAMOND off the coast of India has caught fire once again due to high winds and warm weather in the region.
OIL FUTURES:
Oil Stuck Near Two-Month Low on Bleak Short-Term Demand Outlook
MARKETS NEWS:
* Two New Supertankers Hauling Fuels From Asia Reach The Americas
* U.S. Gets More European Jet Fuel; Gasoline Flows Surge: Customs
* Mideast-China VLCC Rates Advance; Cross-Med Clean Tankers Jump
* Suncor Revises Production Guidance to 680,000–710,000 Boe/d
* Ivory Coast Plans to Export 31K B/D of Baobab Crude in October
* Jordan to Resume Importing Iraq Oil After Halting Due to Virus
* Indonesia Raises Avg. Oil Price to $41.63/Bbl for Aug.: Ministry
OTHER NEWS:
* AMLO Says Mexico’s State Company Got Oil Output Drop Wrong
* Shell’s Singapore-Based Oil Trading Manager Zheng Leaves Company
* Shenghong Petchem Hires Singapore-Based Oil Trader, Seeks More
* Venezuela Seizes Local Nitrogen Producer To Ease Fuel Shortages
PHYSICAL CRUDE NEWS:
* ASIA: Saudi Price Cuts Have Modest Impact; Margins Decline
* LATAM: AMLO Says Pemex Output Data Wrong; YPF Resumes Ops.
* US/CANADA: Mars Oil at 2-Week High Amid Platform Issues
* NSEA: Alta Bids Forties Higher; FPS Rate Reduced Earlier
* MED: Gunvor Offers Urals Lower; BTC Program Expected Soon
* WAF: Sonangol Offers Three Cargoes; IOC, Pertamina Tenders
OIL PRODUCT NEWS:
* EUROPE: Gasoil Bullish Bets Fall; Pernis; Lysekil
* ASIA: Refining Margins Slump; Shipments to Americas
ECONOMIC EVENTS:
* BTC loading program for October
ANALYST COLUMNS:
* Robust Seaborne Oil Exports Seen in Sept. After August Gain: IHS
* Oil Refining Margins Will Be Weak for Years If No Closures: FGE
OTHER FINANCIAL MARKETS:
* Asian Stocks Gain; Pound Holds to Brexit Drop: Markets Wrap
(Bloomberg Data/News)
Singapore 380 INDIC
Oct20 242.25 / 244.25
Nov20 243.75 / 245.75
Dec20 245.50 / 247.50
Jan21 247.50 / 249.50
Feb21 249.50 / 251.50
Mar21 251.50 / 253.50
Q4-20 243.75 / 245.75
Q1-21 249.50 / 251.50
Q2-21 255.50 / 257.50
Q3-21 260.00 / 263.00
CAL21 258.50 / 261.50
Rotterdam 3.5% INDIC
Oct20 229.75 / 231.75
Nov20 228.75 / 230.75
Dec20 229.00 / 231.00
Jan21 230.75 / 232.75
Feb21 232.50 / 234.50
Mar21 234.25 / 236.25
Q4-20 229.00 / 231.00
Q1-21 232.50 / 234.50
Q2-21 237.75 / 239.75
Q3-21 242.00 / 245.00
CAL21 240.50 / 243.50
Singapore VLSFO 0.5% INDIC
Oct20 297.75 / 302.75
Nov20 300.75 / 305.75
Dec20 303.50 / 308.50
Jan21 306.50 / 311.50
Feb21 309.25 / 314.25
Mar21 312.00 / 317.00
Q4-20 300.75 / 305.75
Q1-21 309.25 / 314.25
Q2-21 317.00 / 323.00
Q3-21 324.50 / 330.50
CAL21 320.00 / 326.00
Rott VLSFO 0.5% INDIC
Oct20 278.50 / 283.50
Nov20 281.25 / 286.25
Dec20 284.25 / 289.25
Jan21 288.00 / 293.00
Feb21 291.50 / 296.50
Mar21 295.00 / 300.00
Q4-20 281.25 / 286.25
Q1-21 291.50 / 296.50
Q2-21 300.50 / 306.50
Q3-21 308.75 / 314.75
CAL21 303.75 / 309.75
Sing 10ppm GO INDIC
Oct20 44.90 / 45.04
Nov20 45.48 / 45.68
Dec20 46.04 / 46.24
Jan21 46.60 / 46.80
Feb21 47.18 / 47.38
Mar21 47.73 / 47.93
Q4-20 45.45 / 45.65
Q1-21 47.17 / 47.37
Q2-21 48.82 / 49.02
Q3-21 50.34 / 50.54
CAL21 49.38 / 49.78
ICE Gasoil 10ppm INDIC
Oct20 338.03 / 340.03
Nov20 343.44 / 345.44
Dec20 348.13 / 350.13
Jan21 353.47 / 355.47
Feb21 358.66 / 360.66
Mar21 362.60 / 364.60
Q4-20 343.20 / 345.20
Q1-21 358.24 / 360.24
Q2-21 369.71 / 371.71
Q3-21 384.15 / 386.15
CAL21 376.03 / 378.03
Rott Hi5 Sing Hi5
Oct20 51.36 58.11
Nov20 55.11 59.61
Dec20 57.86 60.61
Jan21 59.86 61.61
Feb21 61.61 62.36
Mar21 63.36 63.11
Q4-20 54.80 59.45
Q1-21 64.95 63.11
Q2-21 71.61 66.11
Q3-21 73.28 68.20
CAL21 67.50 65.00