- WTI is down 3c to $46.75/Bbl, and Brent is down 11c to $50.14/Bbl
- Oil is up nearly 40% since the end of November, strengthened by an improving global demand picture (Bloomberg)
- Global gasoline and diesel demand rose to a two-month high last week, according to Bloomberg
- AEGIS notes vaccine news has also lifted expectations for U.S. demand in 2021, while China and India’s robust purchasing of crude have helped offset COVID-induced demand loss in the near term. Both the prompt-month contract and the Cal 2021 strip reached their highest mark since March, settling at $46.78 and $46.82, respectively
- The number of supertankers headed toward the U.S. rose to the highest level since early September (Bloomberg)
- The number of ULCCs and VLCCs with the U.S. as their destination rose by two to a total of 24
- Supertankers headed to China fell by six to a total of 87
- The Trump administration announced on Thursday that it would auction off drilling rights in the Arctic National Wildlife Refuge in January (Reuters)
- The sale will take place on January 6 and will include nearly 19 million acres
- The move has already drawn heavy opposition as conservation and tribal groups, as well as a coalition of 15 states, have filed lawsuits
- Natural gas is up 4.8c to $2.601/MMBtu
- Natural gas prices are up 20c from the 2020 low of $2.399/MMBtu set on December 8 for the January contract
- Calendar 2021 has also bounced off its recent low of $2.52/MMBtu set on Monday, to now trade at $2.701/MMBtu
- The December weather forecast has slowly improved this week for the bulls, but is still trending warmer than normal
- U.S. natural gas storage fell by 91 Bcf/d for the week ended December 4, more than the average analyst estimate
- Inventories now stand at 3.848 Tcf according to the U.S. Energy Information Administration reported December 10
- Storage volumes now stand 309 Bcf, or 8.7%, more than the 3.539 Tcf a year earlier and 260 Bcf, Or 7.2%, above five-year average of 3.588 Tcf
