Oil product inventories at the UAE port of Fujairah remained relatively stable in the week to Dec. 28, drawing just 53,000 barrels, or 0.2%, from the previous week, the latest data from the Fujairah Oil Industry Zone showed.
China’s crude throughput fell slightly in December due to some maintenance works toward the year-end, the latest industry data and information collected by S&P Global Platts showed.
Asian naphtha is set to begin 2021 on a bullish note.
The LNG market enters 2021 with reports of a South Korean company planning to use LNG-cooled warehouses for bulk storage of COVID-19 vaccines as conventional cold distribution chains could be stretched.
Commodities 2021: Asian gasoline facing fragile new year as COVID-19 impact lingers, supply transitions
The Asian gasoline market is facing a fragile 2021, plagued by issues on the demand side carried over from 2020 while grappling with a wave of fresh supply from new outlets in the region while more refinery closures loom on the horizon.
Asia’s cash differentials for jet fuel narrowed their discounts on Tuesday, as the front-month time spread for the aviation fuel slimmed its contango structure.
Retail marine fuel spot markets entered the week of Dec. 28-Jan. 1 following a week of bullish demand, but liquidity may slow down heading into the end of the year as demand remains weak.
Oil prices climbed on Tuesday on hopes the United States will expand pandemic aid payments, a move that could spur fuel demand and stimulate economic growth.
Global crude oil markets have lost about a fifth of their value in 2020 as strict coronavirus lockdowns paralyzed much of the global economy, but prices have rebounded strongly from their lows as governments rolled out more stimulus.
A China-led economic recovery should boost demand for these commodities in 2021 after COVID-19 roiled global markets in 2020.