- WTI is up 28c to $48.10/Bbl, and Brent is up 23c to $51.31/Bbl
- U.S. congressional negotiators reportedly closing in on a COVID-19 stimulus package (Reuters)
- The package is expected to be around $900 billion, which includes a $600-$700 stimulus check for individuals
- AEGIS notes the stimulus package is likely to impact oil prices on two fronts. Money injections are likely to pressure the dollar further downward from its two-and-a-half-year low while also increasing consumer spending in the short term, which should boost demand
- Indian refiners are currently operating at near full capacity amid strong transportation fuels demand (Bloomberg)
- The recovery mirrors that of China, where transportation fuels demand strengthened as the population became reluctant to use public transportation in favor of personal vehicles
- The nations top refiner, Indian Oil Corp, had its refinery run rates rise to 100% of designed capacity in November, up from 88% in October and 55% in early May, according to Bloomberg
- The market received supportive data reported by the EIA on Wednesday
- The EIA reported a draw of (-) 3,135 MBbls for the week ending December 11, well above the estimate of a (-) 1,088 MBbls draw
- Inventories for the U.S. are now at a surplus of 52.178 MMBbls to last year and a surplus of 45.21 MMBbls to the five-year average