- New COVID-19 strain sends 2021 oil outlook lower, according to a Reuters poll
- A poll of 39 economist forecast that crude prices will average $49.35/Bbl in 2021, up from the November consensus of $46.40/Bbl
- In an accompanying note, an economist commented "Additional lockdown measures and the careful OPEC+ dance of raising output will be the focal point for the first half of the year."
- The number of oil-directed drilling rigs was 267 during the last week of 2020 (Baker Hughes)
- The figure is the lowest end-of-year total since 2005, before the shale era began
- The Permian basin added two rigs, while the Denver-Julesburg, and the Eagle Ford rig count remained unchanged
- The EIA reported a draw of (-) 6,065 MBbls for the week ending December 25, well above the estimate of a (-) 2,449 MBbls draw
- Inventories for the U.S. are now at a surplus of 52.11 MMBbls to last year and a surplus of 42.30 MMBbls to the five-year average