Crude oil has taken a breather today, following a week of increases after Saudi Arabia pledged to cut output in February by an additional 1 million bpd, but the continued increases in Covid-19 cases around the world seems to be putting a ceiling on prices for the moment. Everyone is waiting to see if President Elect Joe Biden will announce a new relief bill this week. If he does, this could spur new activity in the market. The rig count in the US continues to rise up to 275 (although a year ago there were 659 operational rigs).
Singapore is tight for about 10 days out now. Korea is very tight for the rest of the month and China is becoming tighter as more vessels move from the other ports. Fujairah is tight for about 5 days and suppliers are hoping more business may come their way as Qatar and the other Arab States have resolved their differences. This could bring another 2million MT back into the market. NWE stocks are increasing but barges still a little tight. Main Mediterranean barges looking 5-7 days out with some prompter slots. US Gulf avails remain strong with some suppliers needing 3-5 days notice. Panama avails are good with suppliers looking for 5-7 days notice.