Petroleum futures were trading in the black in the overnight session on Monday amid news that the President has signed a coronavirus aid package and with the start of a European vaccination campaign, as well as gains in European equities and in US stock market index futures. It was a quiet morning with a quiet day ahead on the economic calendar.
Reuters reports that President Trump signed into law a $2.3 trillion pandemic aid and spending package on Sunday. Also supportive, Europe has launched a mass COVID-19 vaccination drive with pensioners and medics in line to get the first shots.
Asian stock markets closed mixed overnight with the Hang Seng down 0.27%, while the Shanghai Composite edged up 0.02% and the Nikkei rose 0.74%. European shares were trading in the black this morning with the FTSE 100 up 0.1%, the CAC 40 having added 1.1%, and the DAX having gained 1.5%. US stock market index futures were seeing gains of between 0.5% (Dow f) and 0.7% (S&P 500 f) as of this writing. The US dollar index was up 0.05%, which is unsupportive for crude oil prices.
Petroleum futures settled mixed near the unchanged mark on Thursday, in thin trade ahead of the holiday weekend, with modest gains in US equities, weakness in the US dollar, and news that the UK and the EU signed a Brexit trade agreement likely supporting. Brent closed 9 cents stronger at $51.29/bbl and WTI edged up 11 cents to settle at $48.23/bbl. On the product end of the barrel, RBOB fell 31 points, settling at $1.3789/g, and ULSD (HO) settled 75 points lower at $1.4900/g. New York Harbor HSHO, ULSHO and ULSD differentials held steady, per Platts, at -15.30c/g, -8.75c/g, and at flat, respectively. December propane prices, per Platts, rose as both Mt. Belvieu LST and non-LST propane prices gained 1.5 cents to 71.625c/g and 70.625c/g, respectively. Conway prices also added 1.5 cents to 68.500c/g.
Natural gas futures on NYMEX settled 9 cents lower at $2.518/mmBtu on Thursday, amid a downward revision to the two-week heating degree day outlook and a looser US market balance predicted for this week. The latest 1-5, 6-10, and 11-15 day EC outlooks all call for above-normal temperatures in both the Northeast and the Midwest.
