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Weekly Bunker Report: 05 November 2020

Keeping an eye on bunkers. Your weekly bunker update powered by InterContinental Bunkering.

Brent remains choppy as API data shows a Crude draw in the US but the short-term outlook remains uncertain as is the outcome of the US election.

West Texas Intermediate was up 0.3%, at $37.67 a barrel on Tuesday, after trading in a nearly $1 range. Brent crude was up 0.23%, at $39.74, after trading between $39.85 and $40.80.

It is the United ‘Waits” of America today as the election result remains tight after many news outlets had a clear Biden win. The markets are not enjoying this uncertainty as of yet, especially in the Oil market as participants are wary of the fragility of the situation as the UK wakes up to the news of a tight run race.

API reports of a crude draw of 8 million barrels, a stark contrast to the analyst expectations of a 890,000 barrel build. Prices again seem to be capped by the ever-present coronavirus infections that inadvertently wreak havoc on the global fuel demands around the globe although reports have Asian fuel demand near pre-Covid levels in all but jet fuel. (S&P Global Platts)
Russia and Saudi Arabia are looking closer into the possibility of delaying the revision of quotas on January 01, with both nations willing to reduced output levels in the new year to support price levels in order to ensure that prices do not crash, akin to what was see in the early stages of the first wave of the pandemic. (Reuters)

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