Prices Stable As We Enter 2021

Last week was mixed with various holidays but generally prices have been stable to firm. As we start the new year, the role out of vaccinations for COVID-19 have been increasing. Most OPEC+ countries seem to be talking about postponing an increase in product levels until February, so this is supporting oil prices. Although, the increase in cases of the Corona Virus has put a damper on the prices rising today, US oil production has been under pressure, with demand in the US in November down 2 million barrels.

Singapore has been very tight over the festive period and earliest supply about 8-10 days out. Fujairah is only about 5 days, similar to the Mediterranean and NWE. HSFO is tight in Malta and we are hoping delivery dates will improve as we now gotten into the new year. Avails are strong in the US Gulf with many suppliers able to offer with a few days notice.  Avails are good in Panama with suppliers asking for about 5-7 days notice.