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COVID-19 - News digest as of 04.12.2020

December 04/2020

1. Crude oil futures retreat after overnight rally on vaccine news, US stock draw

MOSCOW (MRC) -- Crude oil futures slipped during mid-morning trade in Asia Dec. 3 after rallying overnight following fresh reports of COVID-19 vaccine approvals in the UK, crude oil inventory draw in the US and as signs of progress on OPEC+ talks emerge, reported S&P Global. At 10:40 am Singapore time (0240 GMT), ICE Brent February contract was 13 cents/b (0.27%) lower from the Dec. 2 settle at USD48.12/b, while the January NYMEX light sweet crude contract was down 15 cents/b (0.33%) at USD45.13/b. The markers retreated slightly during early Asian trade Dec. 3 after rising 1.75% and 1.64% to settle at $48.25/b and USD45.28/b, respectively, on Dec.2 as outlooks improved amid COVID-19 vaccine optimism and an unexpected US crude inventory draw.

2. Brent hits nine-month high as OPEC+ commits to partial quota extension

MOSCOW (MRC) -- Oil prices settled higher Dec. 3 after an OPEC+ meeting ended with a compromise deal that would see production rising incrementally after December, reported S&P Global. NYMEX January WTI settled 36 cents higher at USD45.64/b, while ICE February Brent was up 46 cents at USD48.71/b. Unable to agree on a long-term production plan, OPEC and its partners will set output levels month to month, aiming to release crude gradually onto the market without tipping it into a supply glut during an uncertain recovery from the pandemic, ministers said Dec. 3. Front-month ICE Brent last settled higher March 5, while WTI finished just under its most recent high seen Nov. 25. The deal calls for the OPEC+ alliance to boost production by an initial 500,000 b/d in January, after which ministers will meet monthly to determine whether to adjust that for the month ahead.

3. Chevron makes USD14bn capital and exploratory budget for 2021

MOSCOW (MRC) -- Chevron Corporation has made a 2021 organic capital and exploratory spending program of USD14 billion and lowered its longer-term guidance to USD14 to USD16 billion annually through 2025, accoring to The Daily. This capital outlook will continue to prioritize investments that are expected to grow long-term value and deliver higher returns and lower carbon, including over USD300 million in 2021 for investments to advance the energy transition. Chevron remains committed to capital discipline with a 2021 capital budget and longer-term capital outlook that are well below our prior guidance, said Chevron Chairman and CEO Michael Wirth.
Author:Margaret Volkova
Tags:Asia, crude and gaz condensate, medicine, petrochemistry, Chevron, COVID-19, USA.
Category:General News
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