Moving Into A New Year

The run up to Christmas saw firmness in the crude market. This has continued today on news that President Trump has signed a coronavirus aid package and additionally, the start of a European vaccination campaign outweighed concern about weak near-term demand, caused by the emergence of a new variant of the virus in the UK, South Africa and now appearing in other countries as well.

 

Traders are watching OPEC+ meeting, which is to be held on 4th January.  OPEC+ is set to boost production by 500K bpd in January.

 

Singapore is tight on dates as owners had been booking early for Christmas and the upcoming New Year– many supplier looking 7th January onwards. Fujairah is better, as they are looking 1st January onwards. Med and NWE are looking 3-4th January onwards, although there are some prompter slots available but these could attract a premium. Avails in the USG are good with suppliers needing about 3-5 days notice. Panama avails are good with 5-7 days notice requested.

Wk53