- Oil rally and fuel glut push Asian refiners' margins below break-even
- Asian demand has rebounded sharply from its lows reached in April; Still, a large glut of product stocks remains as inventories in the East of Suez region are at their highest levels since June, according to Bloomberg
- The rally in crude prices has caused further strain on Chinese refinery margins as processing costs have risen. Complex refining margins in the Asian oil hub of Singapore, a proxy for the region, fell from $1.22/Bbl at the end of October to as low as -2 cents earlier this month, according to Bloomberg
- President Trump signals he may not sign the stimulus bill, describing it as "wasteful spending"
- The sitting president targeted the stimulus checks under the current legislation, saying they should be changed from $600 to $2,000. House Speaker Nancy Pelosi (D-CA) lauded the initiative and said Democrats would be ready to pass the measure unanimously later this week
- President Trump has not said whether he would veto the bill, though the late change in the administration's position will likely complicate the package's future
- EIA weekly data is due at 9:30 am CST
- U.S. Crude Inventories: - 2,899 MBbls (Avg. Bloomberg surveys)
- U.S. Gasoline Inventories: + 248 MBbls
- U.S. Distillate Inventories: - 1,538 MBbls
- U.S. Refinery Utilization: + 0.52% change