NEWS

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The OPEC Monthly Oil Market Report (MOMR) for  January released Thursday provides OPEC's outlook for crude oil market developments for the coming year with key developments impacting oil market trends in world oil demand and supply.

WTI Futures traded over $53 bbl ahead of  EIA reporting a draw in crude of -3247kbbl including-1975kbbl draw at Cushing. Gasoline grew +4395kbbl and a build with distillate +4786kbbl. US production unchanged at 11000 kbpd, still off record high of 13.10 mbpd. Oil Futures reached the highest prices since March 2020. 

The US in December lost 140K non-farm payrolls jobs with the resurgance of Covid-19 as we saw with the weaker ADP report.. Unemployment is recovering after the Coronavirus hit the economy as people return to work. The unemployment rate was unchanged at  6.7% from November.

Heading into the end of 2020 natural gas futures have fallen hard after a smaller draw than expected of -130 Bcf in gas storage last week and demand changes as winter takes hold. The focus is on the coronavirus effect on reopening, LNG and Mexican exports and the winter outlook for the US.

OPEC surprised this week ahead of EIA reporting a draw in crude of -8010kbbl but large product builds and +792kbbl build at Cushing. Gasoline grew +4519kbbl and a build with distillate +6390kbbl. US production unchanged at 11000 kbpd, still off record high of 13.10 mbpd. Oil Futures reached the highest prices since March 2020. 

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