DTN Oil Update
Oil, Fuel Futures Extend Losses as Glut Concerns Persist
SECAUCUS, N.J. (DTN) -- Crude and fuel futures extended their losses Monday after Venezuela's state oil company stated no impact to its operations from a cyber-attack while China reported it also had ample supplies from the Latin American country for its refineries.
Venezuelan state oil company PDVSA said its production had not been affected by a cyber-attack it accused the U.S. and domestic conspirators of, according to media reports.
China's imports of Venezuelan oil are also on track to grow this month and next due to a spate of shipments secured over the previous four months, reports said.
P[L1] D[0x0] M[300x250] OOP[F] ADUNIT[] T[]
Energy markets have been scrutinizing Venezuelan crude exports since a tanker bearing oil from that country was seized by U.S. forces last week. The tanker seizure came amid a massive pressure campaign against the regime of Venezuelan President Nicholas Maduro by the Trump administration which supports the Latin American country's democratic opposition leader Maria Corina Machado.
Russia, meanwhile, stated plans to extend diesel and gasoline export restrictions until February, limiting some of the downside in fuel futures on Monday.
Russia's proposed extension of its fuel export ban was revealed after Deputy Prime Minister Alexander Novak, who oversees the energy portfolio, led a meeting on the fuel market on Monday with participants from the energy ministry, the federal anti-monopoly service and oil company representatives.
Moscow has had a partial ban on diesel exports since late September, while extending restrictions on gasoline exports through the end of the year.
In China, crude oil imports were reported to have surged to a 27-month high of 12.38 million bpd last month. Data also showed a 3.9% year-on-year increase in November's refinery throughput.
The NYMEX WTI futures contract for January delivery was down $0.30 at $57.14 barrel (bbl), after a two-month low earlier at $56.96.
ICE Brent for February shipment slid $0.33 bbl to $60.78 bbl, registering a two-month bottom at $60.70.
Downstream, RBOB futures contract for January delivery slipped $0.0090 to $1.7431 gallon.
ULSD futures for delivery in January dipped $0.0047 to $2.1933 gallon.
