Good morning all. Brent crude futures were unchanged at $43.41 a barrel at 0634 GMT while U.S. WTI crude futures fell 14 cents, or 0.3%, to $41.46 a barrel. Both benchmarks rose as much as 0.5% earlier in the session.
The US dollar dropped to its lowest rate against six other major currencies after a surge in its coronavirus cases, nudging up crude prices to counteract this move. That being said, the Senate Republicans proposed a $1 trillion virus package to help support the economy.
U.S. inventory data may show that refined product stockpiles declined last week, while crude oil stockpiles are expected to have held steady, five analysts polled by Reuters estimated. The API will release its predictions late tonight.
The closure of the U.S. Consulate in western China’s Chengdu, following the shutdown of China’s consulate in Houston, Texas, highlighted antagonisms between Washington and Beijing that are adding to jitters at a time when the coronavirus pandemic appears to be regaining its grip in parts of Asia, including Hong Kong, Japan and Vietnam as cases rise once again.
Total SE is exiting the U.K. refining business with the sale of its Lindsey refinery to Prax Group as the French oil major slashes costs and divests assets to weather the slump in demand caused by the pandemic.
MARKETS NEWS:
* Oil-Dollar Inverse Relationship at Strongest Since 2012: Chart
* Oil Market’s Structure Flashes Weakness Despite Steady Prices
* Rare Cargo of Angolan Dalia Crude Heads to Aliaga in Turkey
* NuStar Harlingen Oil Terminal Closed on Storm Power Failure
* U.S. Gasoline Demand Up 0.92% in Week Ending July 25: GasBuddy
* U.S. Gets First British Gasoline in Over a Month; Flows Rebound
OTHER NEWS:
* Four Rockets Hit Camp Taji, North of Baghdad: Al-Sumaria
* Comptroller of Currency Examining Bank Bans on Arctic Oil Loans
PHYSICAL CRUDE NEWS:
* ASIA: Oman Price Declines; Reliance Overtakes Exxon
* LATAM: President Energy Ships Argentine Oil; Mexico Hedge
* US/CANADA: U.S. Oil Output Confirms New Short-Term Normal
* NSEA: Litasco Sells STS Ekofisk Cargo; BP, Equinor Bid
* MED: Glencore Offers Urals at 3-Month Low; Surgut Tender
* WAF: Nigeria Sales Slow; Vitol Cuts Brass Price
OIL PRODUCT NEWS:
* U.S.: Corpus Christi Port Re-Opens With Restriction
* EUROPE: Total Sells U.K. Refinery; Gasoil Bets
* ASIA: Flows of Clean Fuels Slump; Storage Bets
ECONOMIC EVENTS: (Times are London.)
* 9:30pm: API weekly report on U.S. oil inventories
* EARNINGS: Pemex
ANALYST COLUMNS:
* Saudis Tap Alternative Fuel Oil Sources on Tight Supply: Vortexa
* U.S. Gasoline Demand Rose to 8.78M B/D Last Week: Descartes
* U.S. Oil Output Gain Confirms ‘New Short-Term Normal’ For Market
* Crude Oil in Floating Storage 244% Higher Than Year Ago: Vortexa
OTHER FINANCIAL MARKETS:
* Asian Stocks Push Higher; Gold Extends Rally: Markets Wrap
Singapore 380 INDIC
Aug20 247.00 / 249.00
Sep20 247.25 / 249.25
Oct20 248.25 / 250.25
Nov20 249.50 / 251.50
Dec20 251.25 / 253.25
Jan21 253.25 / 255.25
Q4-20 249.75 / 251.75
Q1-21 255.00 / 257.00
Q2-21 259.25 / 261.25
Q3-21 262.00 / 265.00
CAL21 263.75 / 269.75
Rotterdam 3.5% INDIC
Aug20 238.00 / 240.00
Sep20 235.50 / 237.50
Oct20 232.75 / 234.75
Nov20 233.00 / 235.00
Dec20 233.75 / 235.75
Jan21 235.75 / 237.75
Q4-20 233.25 / 235.25
Q1-21 237.50 / 239.50
Q2-21 241.75 / 243.75
Q3-21 244.25 / 247.25
CAL21 245.25 / 251.25
Singapore VLSFO 0.5% INDIC
Aug20 322.75 / 327.75
Sep20 323.50 / 328.50
Oct20 325.25 / 330.25
Nov20 327.25 / 332.25
Dec20 329.00 / 334.00
Jan21 332.25 / 337.25
Q4-20 327.00 / 332.00
Q1-21 334.75 / 339.75
Q2-21 341.50 / 347.50
Q3-21 347.25 / 353.25
CAL21 343.50 / 349.50
Rott VLSFO 0.5% INDIC
Aug20 305.00 / 310.00
Sep20 307.75 / 312.75
Oct20 310.25 / 315.25
Nov20 312.50 / 317.50
Dec20 314.50 / 319.50
Jan21 318.25 / 323.25
Q4-20 312.25 / 317.25
Q1-21 320.50 / 325.50
Q2-21 326.25 / 332.25
Q3-21 330.50 / 336.50
CAL21 327.50 / 333.50
Sing 10ppm GO INDIC
Aug20 49.82 / 49.96
Sep20 49.76 / 49.96
Oct20 49.95 / 50.15
Nov20 50.23 / 50.43
Dec20 50.51 / 50.71
Jan21 50.85 / 51.05
Q4-20 50.25 / 50.45
Q1-21 51.23 / 51.43
Q2-21 52.35 / 52.55
Q3-21 53.49 / 53.69
CAL21 52.69 / 53.09
ICE Gasoil 10ppm INDIC
Aug20 375.90 / 377.90
Sep20 379.01 / 381.01
Oct20 381.59 / 383.59
Nov20 383.13 / 385.13
Dec20 385.66 / 387.66
Jan21 388.80 / 390.80
Q4-20 383.45 / 385.45
Q1-21 390.89 / 392.89
Q2-21 398.66 / 400.66
Q3-21 403.44 / 405.44
CAL21 400.61 / 402.61
Rott Hi5 Sing Hi5
Aug20 65 74
Sep20 70 74
Oct20 75 75
Nov20 77 76
Dec20 78 76
Jan21 80 77
Q4-20 77 76
Q1-21 81 78
Q2-21 83 81
Q3-21 84 83
CAL21 83 82