Good morning all. U.S. WTI crude futures fell 10 cents, or 0.3%, to $39.72 a barrel at 0148 GMT, trimming a 1.4% rise from Wednesday. Brent crude futures eased 6 cents, or 0.1%, to $41.97 a barrel, after rising 1.8% in the previous session. The market has moved up this morning after a fall in US stocks were reported yesterday seems to have indicated that demand is returning in the United States. The EIA reported a 7.2 million bbl draw in stocks from a record high last week. However the news that some American states have rolled back their plans to open up has capped gains, with Reuters estimating that cases in the country rose by nearly 50,000, the biggest one day spike since the start of the pandemic. OPEC has slashed oil production to the lowest level since the Gulf War in 1991, as it escalated efforts to revive global markets just as a resurgence of the coronavirus is threatening demand again. This has help give some much needed support to prices, but it is now simply a waiting game for the return of considerable demand.
MARKETS NEWS:
* Venezuelan Oil Exports Plunge to Lowest Since World War II
* Spain’s Gasoline Demand Fell 28% Y/Y in June: Pipeline Group
* U.S. Oil Imports From Saudi Drop by Most W/W Since Nov 2018
* Russia to Export 26 Cargoes of ESPO Crude in August: Program
* Libya’s NOC Asks Companies to Prepare for Oil Output Resumption
* Stockpiles of Medium Distillates Slide at Middle Eastern Oil Hub
* India’s June Fuel Sales at 85%-86% of Year-Ago Levels: Officials
* Angola to Cut Crude Exports In August to Lowest Since November
OTHER NEWS:
* The Toxic Legacy of 60 Years of Abundant Oil: Nigeria
* Exxon’s Dividend Burden Pushing Debt to Record, Goldman Warns
* Fear in Wuhan, Oil Crash: 10 Events That Shook Emerging Markets
PHYSICAL CRUDE NEWS:
* ASIA: Adnoc Seen Raising Murban OSP; Venezuela Output Dips
* LATAM: Venezuela Exports at WWII-Low; Output Slump
* US/CANADA: Exxon Faces Pressure To Release Private Outlook
* NSEA: Totsa Buys Brent at Higher Price; Quality Premiums
* MED: Shell Bids Urals at New High; June Flows to Asia Fell
* WAF: Angola Loadings to Drop to 9-Month Low; June Tracking
OIL PRODUCT NEWS:
* EUROPE: Tupras Restarts Izmir Refinery; Hellenic
* ASIA: Gas-to-Plastic Ventures Bleed; Naphtha Gains
* U.S.: Travel Restrictions Undercut Jet Fuel Markets
ECONOMIC EVENTS: (Times are Singapore. All estimates are medians of Bloomberg surveys.)
* 8:30pm, United States, Initial Jobless Claims, Jun 27, est. 1350k, prev. 1480k
* 8:30pm, United States, Trade Balance, May, est. -$53.2b, prev. -$49.4b
* 10pm, United States, Factory Orders, May, est. 8.7%, prev. -13.%
* 10pm, United States, Durable Goods Orders, May, est. 15.8%, prev. 15.8%
* Singapore onshore oil-product stockpile weekly data
* Insights Global weekly report on European refined product inventories in ARA region
ANALYST COLUMNS:
* Demand Growth for Oil Products Has Peaked, Citigroup Says
* Asian Naphtha Rallies on Less Middle East Supply, Demand Revival
OTHER FINANCIAL MARKETS:
* Stocks Rise With Nasdaq at Record on Vaccine Hope: Markets Wrap
Singapore 380 INDIC
Aug20 238.50 / 240.50
Sep20 239.50 / 241.50
Oct20 240.50 / 242.50
Nov20 241.50 / 243.50
Dec20 243.00 / 245.00
Jan21 244.75 / 246.75
Q4-20 241.75 / 243.75
Q1-21 245.50 / 247.50
Q2-21 247.75 / 249.75
Q3-21 249.50 / 252.50
CAL21 247.50 / 253.50
Rotterdam 3.5% INDIC
Aug20 226.75 / 228.75
Sep20 224.50 / 226.50
Oct20 222.50 / 224.50
Nov20 222.25 / 224.25
Dec20 223.25 / 225.25
Jan21 225.25 / 227.25
Q4-20 222.75 / 224.75
Q1-21 226.50 / 228.50
Q2-21 229.50 / 231.50
Q3-21 231.00 / 234.00
CAL21 228.25 / 234.25
Singapore VLSFO 0.5% INDIC
Aug20 307.25 / 312.25
Sep20 312.25 / 317.25
Oct20 317.00 / 322.00
Nov20 321.75 / 326.75
Dec20 326.00 / 331.00
Jan21 329.75 / 334.75
Q4-20 321.75 / 326.75
Q1-21 332.75 / 337.75
Q2-21 340.25 / 346.25
Q3-21 347.00 / 353.00
CAL21 343.25 / 349.25
Rott VLSFO 0.5% INDIC
Aug20 293.75 / 298.75
Sep20 297.25 / 302.25
Oct20 300.25 / 305.25
Nov20 303.25 / 308.25
Dec20 306.00 / 311.00
Jan21 309.00 / 314.00
Q4-20 303.25 / 308.25
Q1-21 311.75 / 316.75
Q2-21 318.75 / 324.75
Q3-21 324.75 / 330.75
CAL21 321.25 / 327.25
Sing 10ppm GO INDIC
Aug20 48.09 / 48.23
Sep20 48.04 / 48.24
Oct20 48.28 / 48.48
Nov20 48.54 / 48.74
Dec20 48.81 / 49.01
Jan21 49.16 / 49.36
Q4-20 48.55 / 48.75
Q1-21 49.51 / 49.71
Q2-21 50.57 / 50.77
Q3-21 51.58 / 51.78
CAL21 50.85 / 51.25
ICE Gasoil 10ppm INDIC
Aug20 362.28 / 364.28
Sep20 365.98 / 367.98
Oct20 368.71 / 370.71
Nov20 370.56 / 372.56
Dec20 373.26 / 375.26
Jan21 376.26 / 378.26
Q4-20 370.85 / 372.85
Q1-21 378.33 / 380.33
Q2-21 386.16 / 388.16
Q3-21 393.03 / 395.03
CAL21 388.80 / 390.80