- WTI is trading slightly lower this morning as grim Chinese import data offset encouraging OPEC+ data
- The dollar index (DXY) bounced from its intra-week low of $90 by 50 pips to $90.509
- The EIA reported a drawdown in inventories of 3,248 MMBbls, in contrasts with the average Bloomberg survey estimate of 1,930 MMBbls
- OPEC+ cuts contribute to declining global inventories (Bloomberg)
- IF OPEC maintains adherence to the cuts, the cartel will pump an average of 25 MMBbl/d, well below the 26.79 MMBbl/d required to balance the market. According to the report, inventories should decline at a rate of 1.8 MMBbl/d
- OPEC's 2021 forecast remained the same; however, the group foresees a tighter 1Q2021 as consumption returns while rival output slows
- Chinese imports data shows 2020 was a record-year for energy imports (General Administration of Customs Data — PRC)
- Coal and gas shipments showed a surprise-surge in December, bringing the annual total to 300 MM Tons, its highest since 2013
- Total oil imports saw a 7% year-over-year increase in 2020. Still, concerning data came out showing China crude imports reached a 27-month low of 9.096 MMBbl/d in December