The vaccination process begins

This week has seen the United States kick off its vaccination campaign against COVID-19, buying hopes that pandemic restrictions could end soon and lift demand at the world’s largest oil consumer. Prices also extended gains amid supply problems after a shipping firm said its oil tanker exploded after being hit by an external source while discharging at Jeddah port in Saudi Arabia.

Major European countries continued in lockdown mode to curb the spread of COVID-19 which has reduced fuel demand. For example, Germany, plans to impose a stricter lockdown from Wednesday to battle the virus. New restrictions in the UK also came into place today, seeing London enter the highest tier of restrictions within the population.

Avails earliest in Singapore supply looking OK with the 20th December but some suppliers looking 26th December already. Houston and New Orleans avails remain good with suppliers needing 3-5 days notice. Panama avails are good with 5-7 days notice requested.